I can't help but feel somewhat annoyed at the reaction to the budget by the press. In an otherwise rather dry non-event the biggest issue appears to have become the 50% tax on earnings for those on over £150,000 a year.
There are three things that really anger me about the reaction of the press. Firstly, the changes don't apply until this time next year, so it's not exactly the most pressing economic issue and thus is distracting from the huge economic issues, like the the fact the UK economy will be shrinking by 3.5% this year or that 2.1 million people are now unemployed. Which are infinitely more worrying than the salaries of people who are very well paid.
Secondly, these people earn £150,000 a year. They protest about being taxed half their income, but they can only earn these hugely inflated wages because of where they work and so surely the state facilitates their wages and deserves a hefty cut. Also to think that other people (those who earning much less) should have to fit the bill at a time of economic crisis while they go on earning comparatively obscene salaries.
Don't get me wrong, I understand the argument that entrepreneurs need an incentive, but to me that doesn't hold much weight. If these people are purely driven by the zeroes on their bank balance, then their company is unlikely to be doing a great service to society and is likely to be ripping people off and taking advantage or exploiting someone. Sure hard workers deserve to be paid more than not so hard workers and really hard workers should be paid considerably more than those who put no effort in, but a company that is purely driven by financial incentives is likely to skimp on quality if they can make larger profits and frankly if these kind of entrepreneurs will leave the country or not do it any more then surely that is a good thing. Real entrepreneurs who create business opportunities that are needed or useful to society are likely to be driven by a desire to be useful and help society alongside the quality of life that earning say £100,000 can give you. So the argument that it will hurt us all is contrived at best. If there is a finite amount of money, high wages for one person means someone else is on a lesser salary. Also lots of people work hard. I have worked very hard all this last week doing research, a bit of writing and sorting the post at a tabloid newspaper, I haven't been paid a cent and had to outlay about £90 for the pleasure. There are many people in much harder financial situations, who work much harder than me or law partners or big money auditors and struggle to put food on the table. The superwealthy don't realise how good they have it. The saddest element of all this is that much of the money will be used to soak up the debts accrued for solving this financial crisis, rather than redistributing it as public money or relief to poorer people.
Finally, the most frustrating element of the whole thing is the allegation, especially prevalent in today's right-wing press, that Labour have gone back to their socialist roots. Come off it!!! The last time Labour were socialist was in the late 1980s. The whole party is full of career politicians with no sense of right or wrong and conservatives thinly veiling themselves in Labour's torn and worn clothing. Government Ministers are manipulated by their unaccountable and highly paid consultants and media advisors (see In The Loop). They are not going left, they are trying to desperately trick the conservatives into opposing the budget and look like they are blocking a resolution to the economic crisis, to try and attempt to score a cheap political victory in their slow and dreadful decline ahead of their upcoming election defeat. It really depresses me if this is the compassionate socialist party in our country. We need another choice for our politics. Usually this would be the point to make a hopeful remark like "bring on the revolution" but I personally can't see that happening at all.
How depressing...
