One caveat to this is the provision of FREE Universal Health Care, which Sri Lanka provides and the USA does not and is a significant reason as to why I live in Sri Lanka. It is the one undeniable blemish of the USA.
The recent bailout of the US Banks is an indication that the government intervenes to save organizations when they make a mess of things in the USA and are in talks to bailout the large auto makers and sundry other large corporations in trouble. In Sri Lanka there is not even a government guarantee of the deposits in the Banks to say nothing of finance companies, while in the US a sum of up to US$250K is insured for each account in each of the banks.
Generous unemployment benefits, free education through high school and free school bus service, along with high federal and state taxes taxing the people to pay the large amount of government benefits are socialist practices. All agriculture is given heavy subsidies to produce mountains of food some of which the government purchases to give as US aid to other countries. The huge subsidies to oil companies for various purposes and tax credits for employment in certain fields are all indications of socialist practices. The enormous budget deficit created to pay for a war is itself a very irresponsible course of action that socialist countries take, while capitalist countries are far more fiscally conservative. The USA is the furthest from being capitalist. The looming crisis, which calls for more government intervention points to more socialist practices in the future.
Sri Lanka on the other hand with very low taxation, and no capital gains, wealth tax and death duties unlike in the US is a veritable tax haven when compared to the US. Unemployment assistance is negligible and so are a raft of opportunities for entrepreneurs to make a buck in Sri Lanka, all of which will be regulated by a whole host of laws and rules in the US.
Corruption is rife in Sri Lanka, a sure indication of capitalism. The rule of law is that of the underworld another capitalistic characteristic. There is less competition in Sri Lanka and businesses are making oligopolistic profits none of which would be permitted in the USA. It is easier to charge usurious rates of interest in Sri Lanka, which would be considered illegal in the US. All this is so convincing to verify the assumption made above. It is quite amusing that people are convinced otherwise.
The pepper conundrum – a farmers rant
3 months ago