So..."We are stuffed!"
This rather takes what wind there is out of your colleague's sails, Barry. Still, he has thus ensured that whatever happens it's not his fault. He should be a politician.
But, let's return to the top...
"...excessive spending and taxing."
Whichever way one looks at this phrase it is certain that it is one word too long. The fun lies in choosing to omit the first or the third word. (we don't count the conjunction, OK?)
Reading through what this fellow has written there is little of importance until we reach, "better to increase the minimum wage to target lower earners and reduce corporation tax to compensate companies", this is at least an idea and not a bad one either. I would add a three or four day working week to this, to help with unemployment and training.
Companies and high earners need higher taxes and no mistake. The fortunate happen-stance of inclement weather on the day of Waterloo has done nothing to dampen the ardour of successive little Napoleons around the globe, many enjoying resources that we in the West require to to sustain our way of life and to grow. Wars cost money! Having a well educated workforce to hand costs money! Having a healthy workforce and a healthy, contented and 'flush' customer base too costs money!
And finally...
On the point of Death-Duties. From one of the worlds richest men and a fellow Fifer, one Andrew Carnegie...
"The man who dies rich, dies disgraced."
http://www.goodreads.com/author/quotes/23387.Andrew_Carnegie