And the consequences of austerity are.
The £200 billion shortfall in the UK economy thanks to George Osborne’s austerity
The £200 billion shortfall in the UK economy thanks to George Osborne’s austerity
Why did Labour accept austerity?
- Thread starter Humberto
- Start date
Thread Title said:
Because they were shit scared of how dominated by propaganda the mainstream media was. Plus, some in Labour became initimidated -- feeling utterly unable to challenge dodgy-newspaper propaganda
Because they didn't know what to do, and voted with the crowd
mikey mikey
Active Member
Chuka Umunna has decided that there is such a thing as "neo-liberal". That's a break from the "that buzzword is meaningless" directive.
Moreover, he thinks that perhaps it isn't the best direction for a left-wing party. Which is odd, cos I thought that the accusation of neo-liberal was a slur against members of the PLP.
Chuka Umunna: The Labour alternative
Other stunning insights include:
But oddly he seems to have forgotten his liking for austerity
Labour confusion on austerity? Chuka Umunna clashes with Jim Murphy
Moreover, he thinks that perhaps it isn't the best direction for a left-wing party. Which is odd, cos I thought that the accusation of neo-liberal was a slur against members of the PLP.
Chuka Umunna: The Labour alternative
Other stunning insights include:
But oddly he seems to have forgotten his liking for austerity
Labour confusion on austerity? Chuka Umunna clashes with Jim Murphy
Sasaferrato
Super Refuser!
Yes, you do. If you don't, debt rises to the point where almost all income is going to service it. (I speak to people in this situation day after day, and it is getting worse.)
£60Bn per annum is going to service the UK's £1.5Tn debt mountain.
It really isn't a 'so what' matter. GB has lost its AAA rating, which makes borrowing more expensive. This has a knock on effect on the currency, and as a huge percentage of our food is imported, food costs go up. This hits the poorest hardest, as a greater proportion of household income is spent on food. Inflation also rises, leading to a hell of a lot of people who are just coping, not coping anymore.
That said, the household 'belt tightening' is more necessary than national 'belt tightening'.
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Sasaferrato
Super Refuser!
Perhaps then the role of the BBC should be reviewed, especially regarding the license fee extortion. Mrs Sas and me were just talking about this the other night, barring the rugby, we haven't watched a single program on the BBC for weeks. I do like R4 though.
A nation can issue its own currency.
The yield on governement debt / gilts is still at historically low levels. UK Govt Bonds 10 Year Note Generic Bid Yield Analysis - GUKG10
Inflation is also low. Though with the reduction in the value of the £ imports are becoming more expensive. United Kingdom Inflation Rate | 1989-2017 | Data | Chart | Calendar
Government debt as a percentage of GDP increased due to the dodgy loans and practices of the financial services industry which led to the financial crisis of 2008.
Austerity means that the elderly, disabled, sick and disadvantaged are forced to pay the price.
not-bono-ever
meh
it ha never been cheaper to spend
Sasaferrato
Super Refuser!
Sasaferrato
Super Refuser!
How true. And as inflation rises, it becomes more difficult to eat, and repay the debt.
I'm sure that there are people on here that have a greater experience of problematic debt, but I'm routinely speaking to people who are spending 25% of household income repaying debt. Who are paying the minimum each month on Credit Cards, and are into overdraft by the second week of every month.
It is grim.
FridgeMagnet
Administrator
National economy is completely different from household budgeting. Governments are simply nothing like households. They don't get money in the same way, they don't spend it in the same way, they don't borrow it in the same way; the relationships between everything are entirely different. The "household budget" thing is low quality propaganda, used to justify cuts.
not-bono-ever
meh
i have been on about this for years with people IRL fridgemangent, fucking years- and most people dont get it
not-bono-ever
meh
my comment about cheaper to spend cuts both ways - it was / is also a massive opportunity to borrow for *free* and spend it on infrastructure= this is just keynsian orthodoxy - yet we chose the shittier path
Puddy_Tat
naturally fluffy
and if an increasing proportion of the population are on the dole or in shit wage zero hour jobs, they don't pay so much income tax, or spend money, which in turn means less tax revenue on purchases, and less jobs / income in sectors that try to sell stuff to people.
on most indicators, the economy was starting to improve in early 2010.
then something happened. i can't quite recall what...
on most indicators, the economy was starting to improve in early 2010.
then something happened. i can't quite recall what...
belboid
Exasperated, not angry.
it's also a straightforward lie considering how the government (any of the last thirty+ years) has told us how individuals and households should get themselves into massive debt via a mortgage and student loans.
belboid
Exasperated, not angry.
nothing wrong with inflation if productivity and wages are going up too. Great way of wiping out debt.
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