Just when you thought that Ritchie was the apotheosis of ignorance and stupidity in his TUC papers along comes a US trade unionist to prove us all wrong:
Damon Silvers is policy director of AFL-CIO, the US labour federation
We have seen the smiling face of the credit bubble that promises infinite riches – money enough to pay City and Wall Street bonuses, to fill tax coffers without taxing those bonuses
I\’m sorry, but when have Wall Street or City bonuses ever been untaxed?
The marginal tax rates in both cases are around 50% (Wall Street pays NY State and NYC income taxes on it for a higher total rate than London I think).
This is good too.
\”The AFL-CIO has endorsed President Obama for a second term because we see his economic vision pointing towards a future that works, while Mitt Romney and Paul Ryan represent the political power of the winners in the losing game of financialisation.\”
Labour unions endorse Democratic candidate. A complete surprise, eh?