Red Pete Posted April 3, 2012 Share Posted April 3, 2012 All the crap we are being fed regarding the national debt. Hear the real truth in Osbourne's own words. Just click onto ste below. Subject: Finally! The IMF, OECD & even #Osborne admits the last Govt didn't cause the deficit or overspend. | Scoop.it http://www.scoop.it/t/deficit-myth Finally! The IMF, OECD & even #Osborne admits the last Govt didn't cause the deficit or overspend. http://www.scoop.it Banking Crises Deniers Link to comment Share on other sites More sharing options...
mediumfast Posted April 4, 2012 Share Posted April 4, 2012 Why can politicians never just answer a question yes or no? Link to comment Share on other sites More sharing options...
Tony Posted April 4, 2012 Share Posted April 4, 2012 The OP bears no relation to the linked content. The last government admitted it that it was them. Liam Byrne even left a helpful little note. Link to comment Share on other sites More sharing options...
Petminder Posted April 4, 2012 Share Posted April 4, 2012 Why can politicians never just answer a question yes or no? It not just politicians that avoid answering questions, there is a whole plethora of unelected civil servants that never answer questions. In the video who is asking the question and how did they get into the position of being able to ask the questions. Link to comment Share on other sites More sharing options...
Mecky Posted April 4, 2012 Share Posted April 4, 2012 All the crap we are being fed regarding the national debt. Hear the real truth in Osbourne's own words. Just click onto ste below. Subject: Finally! The IMF, OECD & even #Osborne admits the last Govt didn't cause the deficit or overspend. | Scoop.it http://www.scoop.it/t/deficit-myth Finally! The IMF, OECD & even #Osborne admits the last Govt didn't cause the deficit or overspend. http://www.scoop.it Banking Crises Deniers Can't have that can we? We'd better censor the Internet so people would be non the wiser. Link to comment Share on other sites More sharing options...
brianthedog Posted April 4, 2012 Share Posted April 4, 2012 I'd always trust a post on economics written by someone called Red Pete... Link to comment Share on other sites More sharing options...
I1L2T3 Posted April 4, 2012 Share Posted April 4, 2012 There is a simple question to be answered. How does the finances of a country go from not great but not awful in 2007 to catastrophically bad by the end of the next year? The simple answer is the cost of bailing out the banks, the costs caused by the recessionary environment after 2007 (i.e. reduced tax receipts, increased unemployment) and the short-run fiscal stimulus measures. We can really only be certain that the Tories would not have applied the stimulus but they would have bailed out the banks and they would have had to manage the country's finances through a deep recession. The stimulus costs were piddling in comparision to the bailout anyway. Taking the finances in 2007 before the crisis we know they were not in as good a state as they could have been. And it is clear that the Treasury had been forecasting badly, as had the (independent) BoE. It has also been made clear by senior Labour figures that spending plans should have been reined in a bit after 2005. We didn't cope well when the crisis struck but we were absolutely not alone in struggling with the demands of a once in 70-80 years economic event. The UK was fairly unique in that the financial services sector had grown to dominate the economy, a process deliberately started by Tory governments in the 1980s and allowed to continue and spiral out of control by Labour. Labour made serious mistakes but I have zero confidence that if the Tories had been in power in 2007-8 we'd be any better off. IMO we'd probably be in an even worse situation than now. Link to comment Share on other sites More sharing options...
Jim Graham Posted April 4, 2012 Share Posted April 4, 2012 Labour made serious mistakes but I have zero confidence that if the Tories had been in power in 2007-8 we'd be any better off. IMO we'd probably be in an even worse situation than now. The problem was that if Labour had been allowed to continue we would have been a lot worse off now. The sun might shine out of Brown's backside as seen from South Yorkshire but, thankfully, the rest of the country saw it differently. When Labour pushed the economy off the cliff in 2008 they buried their heads in the sand and refused to make any savings in public services. Consequently they had to borrow £350bn between 2008 and the election and that was on top of the money they borrowed to bail out the banks. They hoped they could get away with it and win the election. Thankfully for the economy they lost. If the Tories had been in power they would have started cutting the public sector straight away in 2008 and so the national debt would be a lot less now so we would be paying a lot less interest. But then if they had been in power in 2008 the cost of the public sector would not have been out of control. Link to comment Share on other sites More sharing options...
I1L2T3 Posted April 4, 2012 Share Posted April 4, 2012 The problem was that if Labour had been allowed to continue we would have been a lot worse off now. The sun might shine out of Brown's backside as seen from South Yorkshire but, thankfully, the rest of the country saw it differently. When Labour pushed the economy off the cliff in 2008 they buried their heads in the sand and refused to make any savings in public services. Consequently they had to borrow £350bn between 2008 and the election and that was on top of the money they borrowed to bail out the banks. They hoped they could get away with it and win the election. Thankfully for the economy they lost. If the Tories had been in power they would have started cutting the public sector straight away in 2008 and so the national debt would be a lot less now so we would be paying a lot less interest. But then if they had been in power in 2008 the cost of the public sector would not have been out of control. You can pretend all you want that the 2008 crisis was entirely caused by Labour but you are delusional if you think the current state of our finances is because of public spending after 2008. The only thing Labour did that the Tories wouldn't have done is stimulus but compared to Germany and the US the stimulus applied here was small anyway. The key to the whole crisis was banking failure. Simple as. Link to comment Share on other sites More sharing options...
f0rd Posted April 4, 2012 Share Posted April 4, 2012 All the crap we are being fed regarding the national debt. Hear the real truth in Osbourne's own words. Just click onto ste below. Subject: Finally! The IMF, OECD & even #Osborne admits the last Govt didn't cause the deficit or overspend. | Scoop.it http://www.scoop.it/t/deficit-myth Finally! The IMF, OECD & even #Osborne admits the last Govt didn't cause the deficit or overspend. http://www.scoop.it Banking Crises Deniers Labour lost, get over it. Link to comment Share on other sites More sharing options...
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