The Labour Party. All discussion here please

[I1L2T3]

I said almost doubled. It doubled because the deficit didn't reduce as quickly as planned but still reduced by half. Had it reduced to zero by 2015 there would still have been 5 years in between of a decreasing deficit adding to the debt. In the context of £1.6tn the difference isn't significant, but like I said, maybe he should've gone further and faster, like sorting out tax credits, but remember he was hampered by Lib Dems in the last parliament.

 

£250bn isn't significant? Really?

 

Add decades of debt interest to that.

 

No he should not have cut deeper and faster. Imagine if he had. We'd still be in recession now and he'd have ended up boroowing even more.

 

In 2010 his plan was crazy. And dangerous.

[Eric Arthur]

Yes I agree he halved the deficit.

 

Problem is he missed his own target of eliminating it.

 

No he didn't.

 

You know that there's more don't you?

[I1L2T3]

No he didn't.

 

You know that there's more don't you?

 

He set out in 2010 to eliminate the deficit by 2015

 

In 2015 the deficit was £80bn

 

He missed his target

[WiseOwl182]

£250bn isn't significant? Really?

 

Add decades of debt interest to that.

 

No he should not have cut deeper and faster. Imagine if he had. We'd still be in recession now and he'd have ended up boroowing even more.

 

In 2010 his plan was crazy. And dangerous.

 

 

I think deeper and faster cuts would've helped him meet the target. Had Labour been in charge, the deficit and debt would be much bigger right now. I remember Ed Balls warning of 3 million unemployed and rising deficit if Osborne stuck to his plan. Economics is not an exact science but who was closer to the truth with hindsight? The electorate could see it too, hence the Tory majority.

[Eric Arthur]

He set out in 2010 to eliminate the deficit by 2015

 

In 2015 the deficit was £80bn

 

He missed his target

 

The structural deficit.

 

He also revised the 2010 emergency budget plan in the 2012 budget to a 50/50 chance of achieving it by 2018. All due to, yes you guessed it, finding out what Labour had actually left in the books once he had moved into Number 11.

 

You can't beat Osborne with a non-existent stick.

[I1L2T3]

The structural deficit.

 

He also revised the 2010 emergency budget plan in the 2012 budget to a 50/50 chance of achieving it by 2018. All due to, yes you guessed it, finding out what Labour had actually left in the books once he had moved into Number 11.

 

You can't beat Osborne with a non-existent stick.

 

Rubbish Eric.

 

His cuts caused the economy to flatline. His plan was predicated on the growth that he killed off.

 

He missed his target. Its very well documented.

 

The growth figures don't lie. Only Osborne does.

 

He's a debt denier.

[Eric Arthur]

He missed nothing. Come back in 2019.

[I1L2T3]

He missed nothing. Come back in 2019.

 

Rubbish.

 

His plan was to eliminate the deficit by 2015.

 

The wheels came off within 18 months.

[Eric Arthur]

Isn't rubbish, it is just the inconvenient truth for your point, which isn't even about the structural deficit that Osborne was talking about.

 

His plan changed in 2012 when the full facts were known that it was even worse than imagined so he revised it to a 50/50 likelihood by 2018.

 

Come back in 2019 to complain a bit if he guessed the wrong 50% chance.

[I1L2T3]

Isn't rubbish, it is just the inconvenient truth for your point, which isn't even about the structural deficit that Osborne was talking about.

 

His plan changed in 2012 when the full facts were known that it was even worse than imagined so he revised it to a 50/50 likelihood by 2018.

 

Come back in 2019 to complain a bit if he guessed the wrong 50% chance.

 

Eric, wriggle all you want but the fact is his target was 2015. He missed his target. He borrowed £250bn more than planned and doubled the debt in the process.

 

You have a flimsy grasp on the reasons for failure. The blame game won't work when Osborne only had himself to blame. I've had this bookmarked since 2012 and now is the perfect time to share it

 

http://blogs.lse.ac.uk/politicsandpolicy/plan-a-blunt-axe-blind-axeman/

 

Enjoy!!