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Even the IMF now recognizes the failure of neoliberal policies

Discussion in 'The War Room' started by PubliusVentidius, Jan 19, 2020.

  1. PubliusVentidius Brown Belt

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    This is as if the Pope came out with ''you know, maybe that Jesus thing we have been pushing for centuries is a bit iffy''.

    https://www.theguardian.com/busines...-raise-taxes-on-the-rich-to-tackle-inequality

    ''Raising income tax on the wealthy will help close the growing gap between rich and poor and can be done without harming growth, the head of the International Monetary Fund has said.
    Kristalina Georgieva, the IMF’s managing director, said higher marginal tax rates for the better off were needed as part of a policy rethink to tackle inequality. In a sign of how the IMF has moved away from the tax-cutting approach that once formed a central part of its policy advice, Georgieva said there needed to be a different approach to tackling what had become “one of the most complex and vexing challenges in the global economy”.
    The IMF chief, writing in a blog, said: “Inequality of opportunity. Inequality across generations. Inequality between women and men. And, of course, inequality of income and wealth. They are all present in our societies and – unfortunately – in many countries they are growing.”
    In the 1990s, the IMF was at the heart of the Washington consensus – a free-market approach to running economies that included the belief that tax cuts for the better off would have trickle down benefits through greater innovation and higher growth. The IMF functions as the global lender of last resort, bailing out countries in financial difficulty and issuing policy advice alongside its interventions.
    The world’s 26 richest billionaires – including Amazon founder Jeff Bezos and Facebook’s Mark Zuckerberg – own as many assets as the 3.8 billion people who make up the poorest half of the planet’s population, according to Oxfam. In a report last year, the charity said a global wealth tax on the 1% would raise an estimated $418bn (£325bn) a year – enough to educate every child not in school and provide healthcare that would prevent 3 million deaths.
    “Tackling inequality requires a rethink,” Georgieva said, adding: “Despite the political difficulty of implementing reforms the payoffs for growth and productivity are worth the effort. “Progressive taxation is a key component of effective fiscal policy. At the top of the income distribution, our research shows that marginal tax rates can be raised without sacrificing economic growth.”
    The IMF managing director, who succeeded Christine Lagarde last year, said higher taxes on the better off, the use of digital tools to boost tax collection, and reducing corruption would help fund government spending to expand opportunities for those “communities and individuals that have been falling behind.”
    Tax and spending policies should also have a gender dimension, Georgieva said. “While many countries recognise the need for gender equality and women’s empowerment, governments can use gender budgeting to structure spending and taxation in ways to advance gender equality even further – increasing women’s participation in the workforce and, in turn, boosting growth and stability.”
    The IMF has often been criticised by development campaigners for insisting on public spending cuts as part of its rescue packages for countries in financial distress. Georgieva said the IMF recognised that social spending policies are increasingly relevant in tackling inequality. “When done right they can play a fundamental role to mitigate income inequality and its detrimental effects on inequality of opportunity and social cohesion.
    But the IMF has shifted it stance amid evidence of weak growth, a concentration of wealth among the top 0.1% of the population, and a falling share of national output going to workers. In recent years, it has produced research disputing the Washington consensus belief that countries could have lower inequality or faster growth but not both.
    “Education, for example, prepares young people to become productive adults who contribute to society. Healthcare saves lives and can also improve the quality of life. Pension programmes can allow the elderly to preserve their dignity in old age.” She added that many less well-off countries needed to scale up social spending if they were to have a chance of meeting the UN’s 2030 17 sustainable development goals (SDGs), which include reducing inequality.
    “In key areas such as health, education, and priority infrastructure, we estimate that emerging market economies will require additional spending every year – reaching about 4 percentage points of GDP in 2030.”
    Georgieva said the IMF could not tackle inequality on its own. “We envision this as a partnership of international organisations, academics, country authorities, civil society and the private sector working together to enhance social spending policies and lay the groundwork for achieving the SDGs.''
     
  2. Jesus H. Sherdog My likes died for your sins Yellow Card

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    It’s about time.

    As for your comparison to the Pope, it’s insane that economics could ever be compared to religion in that way, but unfortunately it does seem that some are that dogmatic with their economic theories.
     
  3. Farmer Br0wn Farmer Br0wn belt

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    The IMF wants higher taxes?


    I for one am shocked, shocked I say!
     
  4. Smelly Crotch Banned Banned

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    IMF? The Impossible Mission Force is real?

    [​IMG]
     
  5. KONG-D'SNT-TAP Banned Banned

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    You’re a welfare queen so you don’t have to worry about it. You’re broke and sitting here complaining billionaires will pay more in taxes.
     
  6. Rod1 Titanium Belt

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    Completely non-sequitur but OK.
     
  7. All in the game yo You keep it boring, String.

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    No. It’s Mainly Fiscal.
     
  8. ElKarlo Yellow Card Yellow Card

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    I believe full globalization will happen. But it's to be a slow and gradual one. Not one pushed and forced upon us all. Which creates problems and blow back
     
  9. RetiredSlave Red Belt

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    Not sure if serious. Suspicious of ulteriors.
     
  10. xcvbn Gold Belt

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    Neoliberalism is globalism is unfettered capitalism

    We need to seriously think about what a post-capitalist society should look like because we can’t just keeping hitting the reset button every couple generations
     
  11. xcvbn Gold Belt

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    A globalization that respects borders may be a good approach, but the current approach that says capital has open borders(tax evasion) and labor is subject to closed borders(illegal/exploited labor) is not working. And the only people seeming to suffer are those in the low income brackets.
     
    Last edited: Jan 19, 2020
  12. Ruprecht Hands Of The Judges Staff Member Senior Moderator

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    Recognising the failure of Neoliberalism eh?
    So what are they saying about privatisation, public infrastructure projects, public sector debt and building indigenous industries with tariff protection before opening them to global markets?
     
  13. BarryDillon Banned Banned

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    LMAO.
     
  14. Headkicktoleg Banned Banned

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    So you want to reduce taxes?
     
  15. Headkicktoleg Banned Banned

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    Globalization is great for people who earn $1 a day. It's awful for the developed world. Anyone who can post on this website would be severely hurt if there was true worldwide globalization
     
  16. HAWTRIDDUM Gold Belt Platinum Member

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    Religion, at least in terms of the Vatican, seems like a business to me.
     
  17. ultramanhyata Reclimbing Like Mountain

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    Yeah, bro, extreme wealth inequality and the billionaire class are the only things protecting us from globalization.
     
  18. ultramanhyata Reclimbing Like Mountain

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    Farmers getting subsidies: "It's not welfare if you're working hard!"

    Retail workers getting SNAP: "If you had a real job you wouldn't be on welfare!"
     
  19. Happy Man Banned Banned

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    Stop ALL immigration and seal the border, deport all illegals, and those retail workers are gonna Make a living wage.
     
  20. Gandhi War Room Deep State Platinum Member

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    I agree with your post, sort off.

    It has made the world richer overall, and the benefits have gone to the the very bottom and the very top. The middle (the the poor and middle in western countries) have seen little of the benefits.
     

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