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  • It’s Beginning to Look a Lot Like the 1970s

    In Britain, London’s buried under eight inches of snow, the trains don’t work, the economy’s collapsing, and a Labour government’s put the nation deeper in debt that it has been in thirty years. The Adam Smith Institute, preferring to laugh instead of cry, jokes that it looks like the 1970s all over again.

    And the strikes are back too. In late January, workers walked off the job at the Lindsey oil refinery. Sympathy strikes – technically illegal – followed at power stations and refineries around Britain. The cause of the unrest: a decision to sub-contract work at the plant to an Italian firm, which brought in Italian and Portuguese staff.

    Prime Minister Gordon Brown wowed the crowds in 2007 with the slogan “British Jobs for British Workers.” Protectionism as patriotism: it sounds like the Stimulus Bill’s Buy American provisions, or then-Senator Obama’s 2007 “Patriot Employers Act.” And like President Obama, Brown has been forced to backtrack, as his government acknowledges that Britain has more to lose than to gain from a trade war.

    The refinery did meet the strikers’ demands that it guarantee ‘British jobs.’ That guarantee will last just as long as it takes the increased costs it imposes to work through to the refinery’s bottom line.

    The wider and better remedy would be to reduce Britain’s 28 percent corporate tax rate and to bring simplicity and stability to its tax regime. Nothing has done more to hurt job creation in Britain than the expansion of the state and the cost of the regulations imposed on businesses by Gordon Brown.

    And if anyone should learn that lesson soon, it’s the U.S.: an $800 billion Stimulus Bill, combined with our 40 percent corporate tax rate, is a recipe for putting the U.S. on the road back to the 1970s. At least we’ll have company when we get there.

    Posted in International [slideshow_deploy]

    9 Responses to It’s Beginning to Look a Lot Like the 1970s

    1. lec says:

      We went from a cowboy president to a clown president.

    2. Matt, Colorado says:

      You say that the U.S. should learn this lesson. I am convinced that the average American voter is completely unable to think for themselves. The vast majority being victims of the public indoctrination….er..uh… education system they haven't learned the lessons of history from as recent as the Jimmy Carter era. Most likely because causes of the double digit inflation and unemployment are not even admitted to, let alone taught to our children.

      Our great grand children will still be paying the bill, in so many ways, for the actions of this batch of politicians.

    3. peter, new hampshire says:

      We didn't elect Obama because of a stellar reccord of accomplishment… most voted for him because of celebrity, charm and his rockstar status. He is the most unexamined candidate we have ever had. It's like waking up next to someone you met at a party the night before and realizing that you have made a HUGE mistake. Most hope he does great things. I really hope that he does. So far, he reminds me of Jimmy Carter. I hope that we don't return to the seventies, with severe inflation, double digit unemployment and gas rationing.

    4. Tom, Kentucky says:

      Before it's over we would like to have the Carter years back. The goal of socialism is to destroy corporate america and enslave the people with welfare and entitlements. The more people dependent on the government the better. It wins elections. It should not surprise anyone that Obama is a socialist. All the signs were there but the people were too stupid to pay attention. Now we pay the piper. Marxist Socialism defines Obama. It ultimately removes God from society and enslaves the people through taxes.

    5. Rod, Minnesota says:

      unfortunately to many voters drank from the cup of obama. Those of us that don't believe in big government will see our freedoms dwindle. Our country has allowed those who believe that they are owed something to overtake sound thinking. Bush may not have made some people happy but he was allot better than what we currently have. The current administration is weak. The world leader will take advantage of that. Our founding fathers are rolling over in their graves right about now.

    6. Rinda, North Dakota says:

      I feel like Rip Van Winkle! I went to bed last night in America and I woke up this morning in Russia.

    7. Earl B, Georgia says:

      I woke up the day after Election Day and to my worst fears this one term United States Senator from Illinois became our President. The Mainstreet Media(CNN, MSNBC, ABC, CBS, NBC and others) did not scutinize this fools credentials and his questionable associations with many radicals and such. I guess the brain dead Americans who voted for him yearn for the days of high unemployment and double digit inflation of the 1970's. Welcome, America to Jimmy Carter's Second Term in office some thirty plus years later! We'll suffer along with you for the next four or eight years. But, don't worry you can just leave the bill for our children and their grandchildren!

    8. Sheila Byrne, Sacram says:

      Find the stimulus package and set fire to it. Never trust all your money and your income to some glib, lying rock star who promises everything but has nothing to offer.

      By the way, Americans need to stop voting for pretty men (I won't list them) and find some homely person like Lincoln who cares about the country and the welfare of its people.

    9. Stephen Warren says:

      I agree that we need to stop voting for pretty men and their lofty ideals and fluff and return to the sensibilities and providence of our Father in Heaven that blessed this country because of our collective obedience and trust in him. We should require pre-television days history and biblical reading of our kids in our homes so we can turn the tide. The public system will not do it for us. May the peace of God be with us as we live in these tumultuous times.

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