IMF endorse coalition spending cuts

[mj.scuba]

http://www.bbc.co.uk/news/business-11419937

 

The International Monetary Fund (IMF) has said the UK economy is "on the mend" and has backed the coalition government's plans to cut spending.

 

The IMF described the deficit reduction plan as "essential" in supporting the UK's debt position, and said it "supported a balanced recovery".

 

The body also said that the UK economy would continue to recover at a moderate pace while the cuts were implemented.

 

 

So, a ringing endorsement from the IMF. What say you about that you coalition bashing lefties?

 

 

 

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[wednesday1]

Let's hope that the cut's don't have the same effect that they're having in Ireland.

[hard2miss]

They will get every endorsement after Cleggs pledge in the US to pay the world more of our cash while everyone here is getting the P45.

[Vague_Boy]

They will get every endorsement after Cleggs pledge in the US to pay the world more of our cash while everyone here is getting the P45.

 

Oh we will be sending the world more of our cash, but not in the form of flood aid.

 

Budget 2010: Interest bill on UK government debt set to soar

 

More than 10p in every pound of tax Britons pay will within four years go straight on the Government's ballooning debt interest bill, according to figures underlying the Budget calculations, it has emerged.

 

LINK

 

Now given that there was no deficit at all in 1998-1999, who is to blame for all this recently acquired debt?

 

The Coalition, who have been in power since May 2010, or the previous government, in power from 1997 to 2010?

 

And who should actually be blamed for the urgent measures needed to deal with all this debt? The Coalition, who have inherited the mess, or the previous government, who caused it?

 

As ever, many people seem to have the memory of a goldfish with severe cranial trauma.

 

"while everyone here is getting the P45"

 

Not everyone on here is unable to survive without gorging themselves on the public sector teat. Some of us create our own employment.

[wednesday1]

Oh we will be sending the world more of our cash, but not in the form of flood aid.

 

 

 

LINK

 

Now given that there was no deficit at all in 1998-1999, who is to blame for all this recently acquired debt?

 

The Coalition, who have been in power since May 2010, or the previous government, in power from 1997 to 2010?

 

And who should actually be blamed for the urgent measures needed to deal with all this debt? The Coalition, who have inherited the mess, or the previous government, who caused it?

 

As ever, many people seem to have the memory of a goldfish with severe cranial trauma.

 

"while everyone here is getting the P45"

 

Not everyone on here is unable to survive without gorging themselves on the public sector teat. Some of us create our own employment.

 

 

 

Some cut's were needed but many of the cut's that will be made are because the Tories simply don't believe in the public services, the current situation gives them all the excuses they couldn't have dreampt of to 'roll-back' the state.

[hard2miss]

Not everyone on here is unable to survive without gorging themselves on the public sector teat. Some of us create our own employment.

And you Tories with the money will no doubt sail through this while the common bloke foots the bill and keeps you in pocket.

 

To be honest I voted lib dem so to some degree Im one of you lot

(don't worry, it won't happen again)

[Wildcat]

Let's hope that the cut's don't have the same effect that they're having in Ireland.

 

Indeed, this is what the IMF were saying earlier on this year

 

http://www.imf.org/external/pubs/ft/survey/so/2010/car071410a.htm

 

.... hmm looks familiar? It looks pretty much exactly the same as what they are saying about the UK economy....

 

This is the outcome a few months later....

http://www.independent.co.uk/news/business/news/irish-response-to-crisis-will-make-economy-stall-2089646.html

 

As Stiglitz pointed out years ago the IMF's record has been one of creating financial crises. They are the last people anyone should be taking advice from.

[Wildcat]

Oh we will be sending the world more of our cash, but not in the form of flood aid.

 

 

 

LINK

 

Now given that there was no deficit at all in 1998-1999, who is to blame for all this recently acquired debt?

 

The Coalition, who have been in power since May 2010, or the previous government, in power from 1997 to 2010?

 

And who should actually be blamed for the urgent measures needed to deal with all this debt? The Coalition, who have inherited the mess, or the previous government, who caused it?

 

As ever, many people seem to have the memory of a goldfish with severe cranial trauma.

 

"while everyone here is getting the P45"

 

Not everyone on here is unable to survive without gorging themselves on the public sector teat. Some of us create our own employment.

 

'No deficit at all in 1998-1999'?

 

Not only so far as I can see does your article not say that. Even if it did it would be obviously wrong.....

 

http://www.ukpublicspending.co.uk/downchart_ukgs.php?year=1990_2010&state=UK&view=1&expand=&units=p&fy=2010&chart=G0-total&bar=0&stack=1&size=m&color=c&title=UK%20National%20Debt%20As%20Percent%20Of%20GDP

 

1998 it was reducing but was at 40.14% of gdp and for context after Gordon Brown's reckless spending it was at 36.25% of gdp.

 

Your narrative is totally wrong..... but not as wrong as your obvious mistake of talking about no deficit at all in 1998..... considering all your financial\economic links I really find it hard to believe you can make such a huge mistake.

 

ps 'As ever, many people seem to have the memory of a goldfish with severe cranial trauma' - did you intend that to be most obviously a reference yourself?

[mj.scuba]

Some cut's were needed but many of the cut's that will be made are because the Tories simply don't believe in the public services, the current situation gives them all the excuses they couldn't have dreampt of to 'roll-back' the state.

 

The state does need rolling back.

[Alex C.]

'No deficit at all in 1998-1999'?

 

Not only so far as I can see does your article not say that. Even if it did it would be obviously wrong.....

 

http://www.ukpublicspending.co.uk/downchart_ukgs.php?year=1990_2010&state=UK&view=1&expand=&units=p&fy=2010&chart=G0-total&bar=0&stack=1&size=m&color=c&title=UK%20National%20Debt%20As%20Percent%20Of%20GDP

 

1998 it was reducing but was at 40.14% of gdp and for context after Gordon Brown's reckless spending it was at 36.25% of gdp.

 

Your narrative is totally wrong..... but not as wrong as your obvious mistake of talking about no deficit at all in 1998..... considering all your financial\economic links I really find it hard to believe you can make such a huge mistake.

 

ps 'As ever, many people seem to have the memory of a goldfish with severe cranial trauma' - did you intend that to be most obviously a reference yourself?

 

There was no deficit though, there can't of been.

 

A deficit is when there is more government revenue than government expenditure - therefore you can only spend money on cutting the national debt if there is a surplus - otherwise, you'd be borrowing more and increasing it. If it's going down, there has to have been a surplus to pay for that.

 

Or am I missing something?