Man in a Shed: Something is going on with Labour's economic truth denial policy

Thursday, March 31, 2011

Something is going on with Labour's economic truth denial policy

Apparently Ed Balls is almost about to admit that there might have been a tiny little itsy bitsy structural deficit, which could (just technically amongst less generous commentators mind you) have been considered to have happened whilst Labour were in power. ( Apparently its in the New Statesman somewhere ).

So Denial not working for the two Eds so well then ?

My guess is Labour have been stung by the torrent of abuse they have received for supporting the public sector dinosaurs and their rent a thug supporters on #march26.

I bet the private polling is in.

I bet they realise people have seen through their lies and deceit.

So we'll perhaps be getting a new position shortly.

They had better move quickly before Portugal really blows up and the public become even more incredulous of Labour Debt Denial policy.

2 comments:

Cascadian said...: The pigeons are coming home to roost, I think people are finally beginning to understand that continuously increasing expenditure on public services have not yielded the required results.

Now all we have to do is convince camoron.

Blogs like yours showing the national debt counter make the point far better than a thousand articles. I see each family now owes GBP39000. That is an understandable statement.; 6:09 am
Wildgoose said...: We're all in it together.; 7:26 am

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The pound in your pocket

"We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists." James Callaghan

“The trouble with theoretical economists is that they don't understand that when you have a deficit, you can only finance it by borrowing, and you've got to persuade people that it's worth lending money to you and that they'll get their money back... there's no way of escaping it.” Dennis Healey during the 1976 Stirling Crisis.

"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens ... Lenin was certainly right. There is no subtler, no surer means of over-turning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." John Maynard Keynes, 1920.

"To preserve [the people's] independence, we must not let our rulers load us with perpetual debt. We must make our selection between economy and liberty, or profusion and servitude." Thomas Jefferson, President of the United States of America,1801-1809.

Inflation is taxation without legislation .. Milton Friedman