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America borrows it's way out of a debt crisis.
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But the UK has borrowed more than the US. If US borrowing has go them 'out of recession', why has our borrrowing failed to do so?
Because we are still cutting spending in real terms, which is the wrong thing to do.
You can't cut your way out of a depression, and continued below trend growth makes reducing the deficit far harder.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
The terrible apostrophe clanger in the thread title confirms what I have always known: Graham and Hamish are the same person.0
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chewmylegoff wrote: »The terrible apostrophe clanger in the thread title confirms what I have always known: Graham and Hamish are the same person.
:rotfl:
I'd so love that to be true. Opposite ends of the country. Opposite sides on everything else.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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vivatifosi wrote: »:rotfl:
I'd so love that to be true. Opposite ends of the country. Opposite sides on everything else.
Being able to pull that off, for so long, would be spectacularly funny.
Or a serious multiple personality disorder.
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Because we are still cutting spending in real terms, which is the wrong thing to do.
You can't cut your way out of a depression, and continued below trend growth makes reducing the deficit far harder.
You don't magically conjure sustainable growth simply by increasing spending either. Look how mediocre GDP growth in the Noughties was in the UK when we were having a binge in government and consumer credit-led spending.0 -
You don't magically conjure sustainable growth simply by increasing spending either. .
You have to spend on the right things.
But you certainly don't magically conjure sustainable growth by cutting spending.
As we have seen.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »You have to spend on the right things.
Precisely, so the austerity vs. growth argument is a complete red herring.0 -
You don't magically conjure sustainable growth simply by increasing spending either. Look how mediocre GDP growth in the Noughties was in the UK when we were having a binge in government and consumer credit-led spending.
It simply kept the country going for abit longer as we borrowed form the future to pay for the present. Some of it did go into patching up previous under spending , which saved some money for the previous administrations giving the illusion that they were in control previously.
We simply don't have a strong economy with enough work to keep everybody in the manner they were led to aspire to. What we have had was built on sand. We lost the solid stuff decades ago."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Precisely, so the austerity vs. growth argument is a complete red herring.
Far from it.
Austerity, ie, reducing spending in real terms, doesn't work.
We've seen that.
Increasing spending to kickstart the economy does work, as America has shown.
You can argue all day long about what kind of spending is better, about which projects will deliver the better returns, etc.
But the key factor is still to increase spending in real terms.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
The kick start is unlikly to keep ongoing growth though. They will have to keep on borrowing and spending more.HAMISH_MCTAVISH wrote: »Far from it.
Austerity, ie, reducing spending in real terms, doesn't work.
We've seen that.
Increasing spending to kickstart the economy does work, as America has shown.
You can argue all day long about what kind of spending is better, about which projects will deliver the better returns, etc.
But the key factor is still to increase spending in real terms.
Not so bad as I believe the US could near enough double their level of public spending before they reach what we have in the UK per capita.0
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