The Labour Party. All discussion here please

[RonJeremy]

It's a lot better than running a deficit. Save some money for the hard times. Just like Labour did. erm sorry I mean didn't

[ghost rider]

It's a lot better than running a deficit. Save some money for the hard times. Just like Labour did. erm sorry I mean didn't

 

I have always run my life with a surplus and it has worked for me.Basic stuff that people need to learn, save for a rainy day and do not overspend.I am glad my parents drummed this in to me at an early age and the country should also be run the same way.I have never had a credit card or loan but have managed to buy a house and a car and have at least one holiday every year.My mortgage is now paid for as well.This can all be achieved by working hard and saving and investing your money.I have no fancy Iphone or designer clothes or the latest hot hatch car but I have a secure future and no debts.I know which I prefer to have.

[*_ash_*]

I have always run my life with a surplus and it has worked for me.Basic stuff that people need to learn, save for a rainy day and do not overspend.I am glad my parents drummed this in to me at an early age and the country should also be run the same way.I have never had a credit card or loan but have managed to buy a house and a car and have at least one holiday every year.My mortgage is now paid for as well.This can all be achieved by working hard and saving and investing your money.I have no fancy Iphone or designer clothes or the latest hot hatch car but I have a secure future and no debts.I know which I prefer to have.

 

The problem is that today many people don't think like this.

[Vague_Boy]

....save for a rainy day and do not overspend.

 

I've always been a saver. I don't know why, parental influence perhaps? Or maybe that's just the way I'm wired.

 

Some people I know definitely aren't like that. But that's just the way they are, some people find that cash burns a hole in their pocket no matter what their good intentions might be.

 

As a government though, why bother saving real money when you can create it out of thin air (Quantitative Easing) or borrow like crazy and leave it for the next lot to sort out.

 

All that borrowing he did is no longer Crash Gordon's problem is it? Or Alistair Darling. Soon it won't be George Osborne's problem either.

 

Quantitative Easing. Borrow from yourself to pay yourself. Happy days!

 

Now what that means is that the Bank of England, which is owned by the government, has paid HM Treasury, which is part of the machinery of government, £325 billion to buy debt issued by the government. I agree that it is true that the nominal value of the debt purchased may not have been the same as sum paid for it: I have not got a statistic on that. But although that point is important it does not change the substance of the matter. The reality is, as I have explained before, this means that in any proper accounting system that produced a single set of accounts for the government that debt that was repurchased would have been considered to be cancelled. That’s because you can’t meaningfully owe yourself money, and yet that is precisely what is happening here.

 

LINK

 

What could possibly go wrong?

[I1L2T3]

It's a lot better than running a deficit. Save some money for the hard times. Just like Labour did. erm sorry I mean didn't

 

Well, Osborne runs a deficit every year, misses all his own targets, breaks all his own rules and has doubled our national debt.

 

He's not exactly the best person to be delivering lectures

[TJC1]

Surely just tax more. Osborne isnt in favour of this tactic.

Recently the governments behaviour is bizarre. In 2010 osborne mocked this very same suggestion from Brown.

 

Strange. Beginning to doubt both the left and right with these purely ideological and ill thought, ill conceived ideas.

 

---------- Post added 14-10-2015 at 23:05 ----------

 

It's a lot better than running a deficit. Save some money for the hard times. Just like Labour did. erm sorry I mean didn't

 

Labour spunked a load of public money up the wall but borrowing has never been higher than under the conservatives.

pick the bones out of that. I cant.

[999tigger]

Its meaningless, just as they can vote for this agreement they can repeal it. One government cant bind another.

[TJC1]

I've always been a saver. I don't know why, parental influence perhaps? Or maybe that's just the way I'm wired.

 

Some people I know definitely aren't like that. But that's just the way they are, some people find that cash burns a hole in their pocket no matter what their good intentions might be.

 

As a government though, why bother saving real money when you can create it out of thin air (Quantitative Easing) or borrow like crazy and leave it for the next lot to sort out.

 

All that borrowing he did is no longer Crash Gordon's problem is it? Or Alistair Darling. Soon it won't be George Osborne's problem either.

 

Quantitative Easing. Borrow from yourself to pay yourself. Happy days!

 

 

 

LINK

 

What could possibly go wrong?

 

Its not just about saving. Its about investment. Housing, training and infrastructure.

Its like any Business that wants to grow. A mixture of prudent saving and re-investment.

[I1L2T3]

I have always run my life with a surplus and it has worked for me.Basic stuff that people need to learn, save for a rainy day and do not overspend.I am glad my parents drummed this in to me at an early age and the country should also be run the same way.I have never had a credit card or loan but have managed to buy a house and a car and have at least one holiday every year.My mortgage is now paid for as well.This can all be achieved by working hard and saving and investing your money.I have no fancy Iphone or designer clothes or the latest hot hatch car but I have a secure future and no debts.I know which I prefer to have.

 

Yes, my household runs a surplus too. Most years. Like you we don't spend freely. The infrastructure of our house is reasonable. A few jobs need doing here and there but perfectly servicable. We've paid off the mortgage. Our transport is OK. The car is aging but well maintained and paid off.

 

But here is the thing. You household and my household are not wholly representative. I know three families that operate like mine. I know umpteen others that live month to month, nice houses, professional jobs, nice cars, big debt, one pay packet away from oblivion.

 

There is no typical household but let's work with the houseld/government analogy for a minute.

 

George Osborne has doubled our national debt. Every year he takes out a new credit card, spends to the limit but not to worry when he runs out of credit he goes and gets another new credit card. Year after year he repeats this, never paying down the debt. How long before he goes to Wonga? Like the family one pay packet from oblivion he's put the country in a position where we are one major global economic crisis from oblivion.

[TJC1]

Its meaningless, just as they can vote for this agreement they can repeal it. One government cant bind another.

 

True. Its too much like political postuering.

Osborne will be wise to focus on hitting his mark this time.