The movie with Dan Akroyd, Eddie Murphy, Jamie Lee Curtis and other stars was wickedly funny.
This, however, is neither comedy nor a laughing matter.
While China improves its business climate by lowering the burden of state confiscation, the US plans to increase it, and in some cases by a significant amount. Meanwhile, the House last night voted 237-170 to sink $15 billion into the American auto industry, with government officially owning part of three private auto makers in order to dictate to management how to run their businesses. Management welcomed the move, and in fact wanted Congress to buy an even bigger stake in these companies.
Which nation is capitalist? And which is Socialist? And which party is more of one than the other? It’s hard to tell, since 32 Republicans voted for partial nationalization, and 20 Democrats voted against it. Perhaps Senate Republicans can make the distinction a little more clear with a filibuster to block this new direction in American economics.
When one looks to Beijing for rational tax policies … well, that’s just a sad day for Americans, even if it does portend a brighter future for China.
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