The Myth of record debt!

Really2

Good article and how the media spin on data can make things look a lot worse than the past.

http://news.bbc.co.uk/1/hi/magazine/7733794.stm

PS I am not a Labour supporter just a very good article on data spin.
Looks like downturn is the new spin after HPI.

chucky

you made that article up!!

Really2

chucky wrote: »

you made that article up!!

No you did.:D

StevieJ

Those BBC lefties are at it again.

abaxas

What a load of crap, it's all in the accounting.

I agreed that is isn't a 'record', however if you include PFI it is! Also remember this figures are not including NR/BB.

Spin by selecting a subset of data not the raw data itself.

Really2

abaxas wrote: »

What a load of crap, it's all in the accounting.

I agreed that is isn't a 'record', however if you include PFI it is! Also remember this figures are not including NR/BB.

Spin by selecting a subset of data not the raw data itself.

I was thinking more of where the start point of graphs are set etc.
It does say about northern rock if you read the full artcle.

RecoveringAlcoholic

I have posted this before.

Ignore the experts in their air-conditioned ivory towers.

They should get out on the streets.
Count the number of For Sale boards you pass on the way to work.
How many empty new build properties are near you?
Listen to conversations in supermarket queues.
Visit your local court.
Check out mortgage fraud.
Look at the queues outside your local CAB when they open in the morning.
How many people do you know who have been made redundant this year?
Count the number of empty units in your local shopping centre.
Chat to your local car dealer.
Visit the Bankruptcy Board on this site.

Really2

RecoveringAlcoholic wrote: »

I have posted this before.

If I did that I would honestly say it would not seem bad at all.
Is that what you are saying.

WTF?_2

http://www.timesonline.co.uk/tol/com...cle5141436.ece

Personal debt, too, has risen to levels never before seen - up by 70 per cent in a single decade. It is now the highest of any leading economy: higher as a proportion of income than any G7 country has seen. The Labour Government wallowed in the feel-good factor of this easy money: it made it popular, won elections, so Labour let it rip. The IMF tried - repeatedly - to warn Tony Blair and Mr Brown of the dangers ahead, only to be told it was “mistaken” and “wrong”. It was not.

http://www.mform.co.uk/news/article....416&rss=google

Public debt is set to rise to around 50 per cent of GDP once the costs of the banking bailout are included, according to a thinktank.

In a report for the Centre for Policy Studies, author Charlie Elphicke claims debt will climb to 50 per cent of GDP and if off-sheet liabilities are included, the debt would total 127 per cent of GDP.

This figure is significantly higher than at the beginning of the last economic downturn in the early 1990s, when government debt hit 26 per cent of GDP.

The last time the public finances were in quite such a desperate state was in 1977-78 when it stood at 49 per cent, the report claims.

Personal debt (mortgages, loans and credit cards) is also now at an alarming level, Mr Elphicke said.

This now stands at £1,408 billion – the equivalent of £58,000 per household – equal to the entire GDP of the UK.

http://www.telegraph.co.uk/finance/f...sponsible.html

(George Osborne, shadow chancellor)
"The truth is that we have got the highest levels of personal debt in the world. The truth is that the pound has fallen by a record amount against other currencies. I am telling the public the truth."

Not really much to add to that lot - personal debt is out of control. Fact.

Really2

Quote:
Public debt is set to rise to around 50 per cent of GDP once the costs of the banking bailout are included, according to a thinktank.

In a report for the Centre for Policy Studies, author Charlie Elphicke claims debt will climb to 50 per cent of GDP and if off-sheet liabilities are included, the debt would total 127 per cent of GDP.

This figure is significantly higher than at the beginning of the last economic downturn in the early 1990s, when government debt hit 26 per cent of GDP.


This exactly the kind of spin i am talking about, this (figure) is if every bank takes all the money and does not pay any of it back.

WTF?_2

Really2 wrote: »

Quote:
Public debt is set to rise to around 50 per cent of GDP once the costs of the banking bailout are included, according to a thinktank.

In a report for the Centre for Policy Studies, author Charlie Elphicke claims debt will climb to 50 per cent of GDP and if off-sheet liabilities are included, the debt would total 127 per cent of GDP.

This figure is significantly higher than at the beginning of the last economic downturn in the early 1990s, when government debt hit 26 per cent of GDP.


This exactly the kind of spin i am talking about this is if every bank takes all the moeny and does not pay any of it back.

.... Well, if you apply that line of thinking to debt in general then you can stop counting up any and all debt as presumably it will be paid back?

Congratulations on winning the Olympic 'metal contortionism' event.

Still, inflation never a problem. Debt never a problem. You should join the government.

Ps. Don't even start thinking about PFI or Public Sector Pensions. Good going.