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The myth of Austerity Part III
Wookster
Posts: 3,795 Forumite
The IFS has reported on the state of Britain's finances. They don't look good, to put it mildly.
A few surprisingly points are:
(Labour are still saying that the Chancellor is cutting too far too fast, even though his current spending plans are more generous than Labour's own deficit reduction plans).
Welfare will rise to 32.5% of all spending, up from 28.5%, and of that pot, not even 25% is means tested!
85% of taxes arise from the top 50% of income earners!
It's looking more and more like Osborne has totally lost control of the nation's finances!
Stephanie Flanders summary here:http://www.bbc.co.uk/news/business-21322701
Telegraph take here:
http://www.telegraph.co.uk/news/politics/9852053/George-Osborne-will-need-to-raise-taxes-to-plug-64bn-black-hole.html
A few surprisingly points are:
our current chancellor's policy is even too loose to meet the terms of Labour's own Fiscal Responsibility Act of 2010, which imposed legal sanctions for failing to meet various debt and borrowing criteria.
(Labour are still saying that the Chancellor is cutting too far too fast, even though his current spending plans are more generous than Labour's own deficit reduction plans).
Welfare will rise to 32.5% of all spending, up from 28.5%, and of that pot, not even 25% is means tested!
85% of taxes arise from the top 50% of income earners!
It's looking more and more like Osborne has totally lost control of the nation's finances!
Stephanie Flanders summary here:http://www.bbc.co.uk/news/business-21322701
Telegraph take here:
http://www.telegraph.co.uk/news/politics/9852053/George-Osborne-will-need-to-raise-taxes-to-plug-64bn-black-hole.html
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Comments
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(Labour are still saying that the Chancellor is cutting too far too fast, even though his current spending plans are more generous than Labour's own deficit reduction plans).
Seriously - are you trying to blame this on the opposition? Two years in, the buck has to stop with the government for !!!!!!. Stop apologising and making excuses for them these guys are !!!!!.....what a f****** mess.
PS I've thanked your post only because the Links are good ;-)Turn your face to the sun and the shadows fall behind you.0 -
Turn your face to the sun and the shadows fall behind you.0 -
posh*spice wrote: »Seriously - are you trying to blame this on the opposition? Two years in, the buck has to stop with the government for !!!!!!. Stop apologising and making excuses for them these guys are !!!!!.....what a f****** mess.
PS I've thanked your post only because the Links are good ;-)
That's nonsense too, it takes far more than two years to sort out the sort of economic and public financial shambles left after thirteen years of Labour. There is no quick fix, that's just left wing propaganda -- like the above post.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
posh*spice wrote: »Seriously - are you trying to blame this on the opposition? Two years in, the buck has to stop with the government for !!!!!!. Stop apologising and making excuses for them these guys are !!!!!.....what a f****** mess.
PS I've thanked your post only because the Links are good ;-)
No, I think he's pointing out that Ed Balls's current pronouncements are a load of bobbins.0 -
GeorgeHowell wrote: »That's nonsense too, it takes far more than two years to sort out the sort of economic and public financial shambles left after thirteen years of Labour. There is no quick fix, that's just left wing propaganda -- like the above post.
Explain to me exactly why you think the deficit is rising?If you keep doing what you've always done - you will keep getting what you've always got.0 -
No, I think he's pointing out that Ed Balls's current pronouncements are a load of bobbins.
Ed Ball's isn't making any pronouncements - he's way to clever for that
- he did say that the Tory plans wouldn't work because they ignored growth - he was right about that... If you keep doing what you've always done - you will keep getting what you've always got.0 -
Why assume increased government spending equals growth?0
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GeorgeHowell wrote: »That's nonsense too, it takes far more than two years to sort out the sort of economic and public financial shambles left after thirteen years of Labour. There is no quick fix, that's just left wing propaganda -- like the above post.
Alistair Darling realised that. It's a pity George Osbourne didn't.
One of the bits of propganda peddled about by the right wing that Labours plans were to spend, spend, spend.
Labours plans involved cuts, just not so deep and so fast as to cripple consumer confidence.0 -
Austerity is just one of those things that sound good but only do damage. It's a bit like killing the patient to destroy the cancer.0
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