Attacks on working people are happening all around the world, not simply here in the US. From Greece to Italy, from Portugal to Turkey the mass of the world’s citizens are not only feeling the pinch of plunder, but they are saying they will not take it anymore. Meanwhile, their so called ‘leaders’ work for their private interest friends to sort out the economy and place the burden of criminal activity on the backs of the working class. We can expect similar things to transpire here in the US as the country continues barreling towards neo-feudalism.
Now, we turn our attention once more to Britain where capitalism is truly on the ropes. This is the society Margaret Thatcher referred to as “a collection of individuals’. Thatcher was lip-sinking the words of Fredric Hayek, the reactionary economists who received the Nobel Prize in the early seventies for his work against any form of ‘collectivism’. Well, the chickens are coming home to roost and it is not a pretty sight. It never is.
Not only has ruling class policy towards Iran created higher gas prices in the Europe and the US, but as the gambling on future commodities heats up big time, five million of the country’s pensioners will be hit by an ‘outrageous’ £3billion ‘Granny Tax’ deeply hidden in the economic budget recently released. Over the next five years, pensioners with an income of between £10,000 and £24,000 will be paying an extra £3 billion in tax while richer pensioners are left unaffected. this is an all out attack on the public commons and specifically England’s form of social security.
The move comes as the government phases out a higher income tax allowance that is enjoyed by half the country’s pensioners. Pensioners have a doubly difficult time with low payments and no interest earnings on any money they have saved. From next year, people turning 65 will no longer qualify for the higher rate of £10,500-a-year. Instead, they will qualify for just a standard income tax allowance which was raised today to £9,205. All of this is an attempt by the ruling class and their lapdog politicians to further decimate the lives of workers by plunder.
The problem of savings devoid of interest is also one that plagues many citizens with savings. Government banks, as in Britain and the US, pay only a meager 1% if that in interest on savings. People who followed the precepts of capitalism, who labored hard under the wage labor regime now find that they are spending their savings for they cannot receive any interest on them.
The ruling class of England doesn’t care. They have nothing but contempt for the people they say they represent. The plunder of Britain’s pensioners will bring £3.3bn to government coffers over the next five years. The move by the government is designed to destroy the age tax relief that has been built into the British system since 1925.
The brunt of the new tax is going to be felt by elderly pensioners who have worked all their lives to build the British economy. Over the next five years, pensioners with an income of between £10,000 and £24,000 will be paying an extra £3 billion in tax while richer pensioners are left unaffected.
With the safety net being shredded by neo-liberal economics, more and more seniors can be expected to die early. Dying early fits in nicely with ruling class policies. It means less pay-out in pensions and less costs for pensions. The British ruling class is driving the mortality rate up and then tying payments and pensions to age which means that for many there will be no payout.
The ruling class of England said today, March 28th, 2012, that they will put the military in the street to stop any civil disobedience. As things heat up in England we should be reminded that capitalism is failing globally and that we continue to oppose capitalist austerity measures. If we don’t, we will mirror the economic and social problems in Britain.
You can read more at: Mailonline, http://www.dailymail.co.uk/news/article-2118214/BUDGET-2012-5m-pensioners-hit-outrageous-3bn-stealth-Granny-Tax.html