Forward into the seventies

Britain, Dalrymple notes, has several very severe problems, and this is evident the moment you leave a prosperous area whose residents are likely to vote Conservative. Among the problems are

  • stagnation of productivity
  • precariousness of income
  • deficiencies in public services
  • low cultural and educational level of much of the population
  • inadequacy of the housing stock

Yet

the only solution heard to these problems is more government expenditure. The Conservatives went in for this — Theresa May refused to rule out tax increases, for example.

Socialist calamity looms

Thus an alarming aspect of the election was

the recrudescence of the politics of envy and resentment.

The Labour party under Jeremy Corbyn

radiated dislike of the prosperous, even the modestly prosperous.

The party’s solutions to the country’s problems were supposedly to be paid for by higher taxes on the richest 5% of the population.

This proposal overlooked the fact that the top 1% of earners already pay almost three times as much in income tax as the bottom 50% combined, and the fact that wealth is dynamic rather than static, resembling more the bloom of a grape than a cake to be sliced. Taxes on capital (in other words, state expropriation) were Corbyn’s obvious next step, with capital flight the equally obvious consequence.

None of this worried the young,

who had as yet no stake in property, only what are sometimes called ideals. The Labour party offered them and others the beguiling vision of living perpetually at the expense of others — Bastiat’s definition of the state. The Laffer curve meant nothing to them; punishing the prosperous was more important and gratifying than understanding how to maximise tax receipts.

Dalrymple comments:

The election could take Britain back more than 50 years.

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Comments

  • Anonymous  On June 12, 2017 at 20:12

    also – think you’re prob’ missing a million and one points. Anyone that comes from the North will all tell the same tale, spend a while out of the area where you grew up, go back there and everyone is basically god smacked, floored by what ‘globalisation’ has left behind. All the ‘brightest and the best’ along with anyone else with any nous, are all out by 18, an over-generous welfare state mops up what’s been left behind by incentivising welfare dependency. Those ‘best and the brightest’ all migrate towards some really very very very tiny little pockets of wealth and opportunity, the ones with some nous move toward the less wealthy and also none-to-plentiful surrounding areas, hey presto, MASSIVE housing crisis hitting the young and abandoned wastelands everywhere else.
    Our young are now all abandoning the country en masse, so now we’ve become addicted to immigration, that’s created a mess and is unsustainable.
    so, to quickly bring this to an end, that whole – ‘our country has low educational and cultural capital’ is just rubbish. Our graduates can’t get housing, so they leave. We don’t lack the skills, we lack those willing to live 2 to a room in an ex-local authority flat paying £550pm to live surrounded by a pound shop and kebab shop hell in London for years.

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