Cameron has managed to switch the agenda from market failure to public debt. If that sticks, it’s a recipe for a Tory landslide.
Horribly true.
And a disaster for the UK, however looked at.
2 Responses to “The cuts agenda is a brilliant diversion”
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Sorry, but I have known Seumas for 37 years, ever since he was my mentor at a somewhat exclusive private school, and he was a fan of Chairman Mao back then, which tells you all you need to know. Smart kid, but totally misguided view of the world.
“And the sharp increase in government debt is now somehow attributed to a burst of Labour fecklessness, rather the billions spent bailing out the banks and paying for the slump.”
The billions actually borrowed to bail out the banks is measured in the tens of billions, whereas the increase in national debt is a couple of hundred billion a year for the next few years. The guarantees under the Asset Protection Scheme are extremely unlikely to be called because the government takes a second loss. They are used to reduce the value of risk weighted assets, but they don’t actually require any finance unless they are eventually called (by which time the banks would have gone to the wall with their first losses).
Alex
Seems like Seamus matured
Seems unlikely all do….
And your analysis does not stack
Heard of QE?
And are you really saying the deficits are unrelated to banks
If so, to quote a Republican ‘You lie’
R