Postpone some of the cuts?

Generali

LauraW10 wrote: »

http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=as_FClQkGgOc

Stiglitz is a behavioral economist. Asking his views on this topic is like asking an oncologist about your heart disease: they'll have learned about it at school but (s)he wouldn't be an expert.

StevieJ

IronWolf wrote: »

You've said a lot of ridiculous things, but this has to be one of the best.

So your way to get out of debt faster is to add £150bn a year to the national debt.


Either back up your stupid statements with some real facts, or stop spouting rubbish.

I don't think she said that did she?

StevieJ

Generali wrote: »

Stiglitz is a behavioral economist. Asking his views on this topic is like asking an oncologist about your heart disease: they'll have learned about it at school but (s)he wouldn't be an expert.

Dejà vu

Generali

StevieJ wrote: »

Dejà vu

....all over again!

LauraW10 reminds me of a mother in law who only hears the bits that she agrees with. Stiglitz is likely to know as much about this as a typical grad school economist.

LauraW10

Generali wrote: »

LauraW10 reminds me of a mother in law who only hears the bits that she agrees with. Stiglitz is likely to know as much about this as a typical grad school economist.

Joseph Eugene Stiglitz, ForMemRS, FBA, (born February 9, 1943) is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is also the former Senior Vice President and Chief Economist of the World Bank

So are you saying that a professor at Columbia and the chief economist of the World Bank knows nothing more than an undergraduate?

That's lame by anyone's standards.

Generali

LauraW10 wrote: »

That's lame by anyone's standards.

I give up. You win the internet.

Well done.

IronWolf

We can quote economists all day, thats not evidence, if you want to back up your case against cuts you need to provide some solid facts

IT IS now clear that the UK economy entered the recession with a large structural budget deficit. As a result the UK’s budget deficit is now the largest in our peacetime history and among the largest in the developed world.


In these circumstances a credible medium-term fiscal consolidation plan would make a sustainable recovery more likely.


In the absence of a credible plan, there is a risk that a loss of confidence in the UK’s economic policy framework will contribute to higher long-term interest rates and/or currency instability, which could undermine the recovery.
In order to minimise this risk and support a sustainable recovery, the next government should set out a detailed plan to reduce the structural budget deficit more quickly than set out in the 2009 pre-budget report.

The exact timing of measures should be sensitive to developments in the economy, particularly the fragility of the recovery. However, in order to be credible, the government’s goal should be to eliminate the structural current budget deficit over the course of a parliament, and there is a compelling case, all else being equal, for the first measures beginning to take effect in the 2010-11 fiscal year.


The bulk of this fiscal consolidation should be borne by reductions in government spending, but that process should be mindful of its impact on society’s more vulnerable groups. Tax increases should be broad-based and minimise damaging increases in marginal tax rates on employment and investment.


In order to restore trust in the fiscal framework, the government should also introduce more independence into the generation of fiscal forecasts and the scrutiny of the government’s performance against its stated fiscal goals.



Signed,



Tim Besley, Sir Howard Davies, Charles Goodhart, Albert Marcet, Christopher !!!!arides and Danny Quah, London School of Economics;
Meghnad Desai and Andrew Turnbull, House of Lords;
Orazio Attanasio and Costas Meghir, University College London;
Sir John Vickers, Oxford University;
John Muellbauer, Nuffield College, Oxford;
David Newbery and Hashem Pesaran, Cambridge University;
Ken Rogoff, Harvard University;
Thomas Sargent, New York University;
Anne Sibert, Birkbeck College, University of London;
Michael Wickens, University of York and Cardiff Business School;
Roger Bootle, Capital Economics;
Bridget Rosewell, GLA and Volterra Consulting

StevieJ

IronWolf wrote: »

We can quote economists all day, thats not evidence, if you want to back up your case against cuts you need to provide some solid facts

Is that your take on we 'can quote economists all day'? or is that your attempt at providing some facts?

IronWolf

StevieJ wrote: »

Is that your take on we 'can quote economists all day'? or is that your attempt at providing some facts?

Thats my quoting economists.

Sir_Humphrey

Stiglitz is not a behavioural economist, and the debt to GDP ratio is nowhere near 150%