Romney and GOP Want USA to Follow Ireland & Iceland

Discussion in 'Economy' started by Dante, Jul 6, 2012.

  1. Dante
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    Dante On leave Supporting Member

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    Romney and GOP Want USA to Follow Ireland & Iceland...into the economic toilet because on the way their the rich get richer and the wealthiest of the rich get to live like the Robber Barons of old. Romney: Going forward into the past Herbert Hoover's America

    All we hear is sacrifices need to be made, cutbacks in public spending are needed. Taxes need to be lowered. All this will make America a great economic engine. Really?
    Look to Ireland and Iceland.


    Ireland: Why Ireland's Economic Boom Is No Miracle by Brian Beary - The Globalist ... ... The Irish Economic Miracle and Tax Policy | Angry Bear - Financial and Economic Commentary ... The Irish Economic Miracle - Reuven Brenner - National Review Online

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    To begin, the obvious: In 1986, Ireland slashed spending in areas such as health expenditures, education, agricultural spending, roads and housing, and the military, while abolishing agencies such as the National Social Services Board, the Health Education Bureau, and regional development organizations. By 1993, government non-interest spending declined to 41 percent of GNP, down from a high of 55 percent of GNP in 1985. Subsequently, it significantly lowered corporate tax rates to 12.5 percent, at a time when the lowest corporate rates in Europe were 30 percent and U.S. rates stood at 35 percent. Since 2004, Ireland also has offered a 20 percent tax credit on research and development.

    But the true miracle came when, due to these policy changes, Ireland attracted capital and pools of ambitious young people from around the globe.


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    Iceland: ... The iceman cometh - Management Today

    Thor is Iceland's first billionaire and a portion of his cash found its way into Landsbanki. He bought 45% of the bank in 2002 and made his father chairman...'Respect is the number one thing that occupies my mind,' Thor said last year. 'Power, money, that's just the road to respect. After all, money disappears, friends die, and you die yourself, but your reputation remains.' He has obviously been reading that MT favourite, The Viking's Guide to Good Business...How did Thordur feel with all this going on around him? It must have been grim. Not a bit of it. 'I was pretty confident the whole thing would level out,' he says. 'The fundamentals were and remain sound. Nothing really happened that indicated we were facing a serious crisis.'

    There are those who would like to suggest that Iceland is the next economic miracle state. Its flat taxes, high income, large overseas investment portfolio; all are hailed as signs of its success.

    Iceland’s economic miracle – inflation and interest rates of 13.75% » Tax Research UK

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    http://www.lisproject.org/conference/papers/olafsson-kristjansson.pdf

    The Income Inequality in a Bubble Economy -- The Case of Iceland 1992-2008
     
    Last edited: Jul 6, 2012
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