Of course the young like socialism – they’re taught to

It beggars belief that Jeremy Corbyn can, with a straight face, announce that capitalism has failed and we’d all be better off under socialism. ‘The super-rich are on borrowed time,’ he said at the Labour party conference. He’s going to tax the rich until their pips squeak, overlooking the fact that the coalition government’s decision to lower the top rate of tax from 50 per cent to 45 per cent actually boosted tax revenues. The taxes paid by the top 1 per cent of income earners are now responsible for 28 per cent of the total tax take, higher than it ever was under Labour. Coincidentally, 28 per cent of the total amount the government spent in 2016-17 was on welfare — things like social security benefits, disability benefits, incapacity benefits, housing benefit, child benefit etc. In effect, the rich are paying for the services that sustain the poorest people in our society.