andikay Posted June 23, 2011 Share Posted June 23, 2011 A critical article explains it here: Monetarism, the Chicago School, Supply Side Economics all fundamentally didn't work. http://www.npr.org/templates/story/story.php?storyId=100018973 Reasonable cuts...lol 40% slashing of spending is vandalism Public sector Pensions are deferred pay.. It is like someone telling you that they have gone in to negotiation with your employer and are now imposing a cut in your pay back dated to the very first year of your employment. Everything you banked on the calculations you used to justify remaining in employment torn up before your eyes. As for sustainability...The cost of public sector pensions is falling. As noted in the Hutton Report, public sector pensions cost 1.9% of GDP today, but will fall to 1.4% by 2060. Both the National Audit Office and Public Accounts Committee reports agree. http://leap-lrc.blogspot.com/2011/06/public-sector-pensions-facts.html But he still recommended that Millions of workers in the public sector should work longer for lower pensions, Lord Hutton's independent review said linking their pensions to career average earnings, rather than final salaries, would make them "affordable". Link to comment Share on other sites More sharing options...
Tony Posted June 23, 2011 Share Posted June 23, 2011 Let me correct that obvious error for you it is reckless spending cuts that is the absolutist ideological position. Spending is optional Balancing the books isn't. Link to comment Share on other sites More sharing options...
Cyclone Posted June 23, 2011 Share Posted June 23, 2011 you were taking about keynesian tax cuts, I was directly addressing your point. I only made that point because previously you were claiming that monetary policy (ie interest rate control) as a means of affecting the economy had failed. I was making the point that nobody has ever claimed to be able to control the economy (through any means) and that interest rates are just one tool for affecting the economy alongside other tools which the government makes use of. Reckless spending cuts would be ideological, sensible, needed spending cuts aren't. Link to comment Share on other sites More sharing options...
Keith Rich Posted June 23, 2011 Share Posted June 23, 2011 If you think that it is in debt just who do you think it owes money to? What would happen if we refused to pay this imaginary debt anyhow? Lets just let it all collapse around us and have a new beginning! What have we got to lose? Debt perhaps? Who do we owe this money to...? I have never got an answer to this question Link to comment Share on other sites More sharing options...
E-clips Posted June 23, 2011 Author Share Posted June 23, 2011 Who do we owe this money to...? I have never got an answer to this question Me neither. Nobody knows. Link to comment Share on other sites More sharing options...
andyofborg Posted June 23, 2011 Share Posted June 23, 2011 Who do we owe this money to...? I have never got an answer to this question We owe it to a great many people and institutions. The Office of Debt Management and Treasury will know because they arrange for the interest to be paid Link to comment Share on other sites More sharing options...
joiner andy Posted June 23, 2011 Share Posted June 23, 2011 Who do we owe this money to...? I have never got an answer to this question i know the answer to this:) we owe it too....mr NOBODY! Link to comment Share on other sites More sharing options...
E-clips Posted June 23, 2011 Author Share Posted June 23, 2011 We owe it to a great many people and institutions. The Office of Debt Management and Treasury will know because they arrange for the interest to be paid They probably pocket all the interest. It all seems very underhand and totally covert to me. I can just imagine the tory politicians conversation..... "Pssst......we got all the mugs thinking that they owe billions.....:hihi:........time to open a new offsore bank account I think....guffaw, guffaw, what what" "Oh yes Rupert darling let us take all their money again, they are only workers anyhow!:hihi:.....we deserve their money!" Link to comment Share on other sites More sharing options...
andyofborg Posted June 23, 2011 Share Posted June 23, 2011 They probably pocket all the interest. It all seems very underhand and totally covert to me. I can just imagine the tory politicians conversation..... "Pssst......we got all the mugs thinking that they owe billions.....:hihi:........time to open a new offsore bank account I think....guffaw, guffaw, what what" "Oh yes Rupert darling let us take all their money again, they are only workers anyhow!:hihi:.....we deserve their money!" they certainly pay some interest because I receive some twice a year Link to comment Share on other sites More sharing options...
andikay Posted June 23, 2011 Share Posted June 23, 2011 Who do we owe this money to...? I have never got an answer to this question NS&I is a government department offering saving and investment schemes to the general public. It is not like saving with a bank or building society. Instead you are lending money to the government to finance public spending. Because NS&I is backed by HM Treasury, you can rest assured that all your capital is 100 per cent secure, however much you invest. NS&I Premium Bonds Like most others, the UK government borrows money by issuing bonds. In the UK, these government bonds are called gilts. Link to comment Share on other sites More sharing options...
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