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George Osborne Is Out Of His Depth


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#1 Injin

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Posted 20 April 2011 - 09:46 AM

http://www.guardian....-economy-growth

Can you remember the last time a British chancellor sounded so shrill? After 18 years of measured tones from Tory grandees followed by 13 years of Scottish gravitas, we are not used to hearing our chancellor sounding excitable and impulsive. Yet if George Osborne's recent outburst on AV and the Electoral Reform Society has received most attention, it is his rush to give partisan interpretations of events in Europe and the US that has caught my ear.

First he made the extraordinary claim that Britain could have gone the same way as Portugal if it were not for his deficit reduction plan. Leave aside the fact that Portugal is locked into the eurozone so has no exchange-rate flexibility and the same interest rates as growing countries like Germany or that Britain's debt is more long term than any advanced economy.

Osborne's logic is that if only Portugal had made cuts and tax rises on the scale and speed of his plan, it would not be facing this crisis. Yet Portugal has had austerity packages including two VAT rises in the last year. But just like Ireland and Greece, it has found that it does not matter how much the government cuts spending or raises taxes if it cannot create jobs and growth, its deficit problem and the loss of market confidence will get worse, not better.

This scaremongering didn't work, so last weekend we witnessed the rather desperate and unstatesmanlike sight of a British chancellor using an International Monetary Fund meeting in Washington to make a partisan attack on the opposition back home.

Osborne claimed President Obama's plan to cut the US deficit went further than his and left Labour isolated in the world. But Labour's plan to halve the deficit over four years is what all the major economies agreed to do at the G20 last year. And while Obama says he wants to eliminate the deficit in 12 years, Osborne wants to do it in four.

The reality is that it is Osborne himself who is isolated. He is going further and faster with deficit reduction than any other major economy in the world, and on a foundation of stalled growth and higher unemployment the opposite of what we have seen in the US.

But there is a deeper concern about what's happening in America and the events of the last fortnight. A highly partisan Republican Congress is pushing for a deficit reduction plan that includes drastic cuts to education, healthcare and social security while preserving tax breaks for the very richest.

etc more plausible sounding excuses for firing up te printer at the link


Your next chancellor wants printy printy.

Theres a reaonable point in there somewhere about not cutting taxes for the rich while cutting medicine for the poor, probably.
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#2 SHERWICK

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Posted 20 April 2011 - 09:55 AM

http://www.guardian....-economy-growth



Your next chancellor wants printy printy.

Theres a reaonable point in there somewhere about not cutting taxes for the rich while cutting medicine for the poor, probably.


"followed by 13 years of Scottish gravitas"

:blink:

What's he on about?
The mighty neo liberal steam roller that crushed all before it from the 1980s to the beginning of the new millennium has morphed in recent years into a Charlie Carioli clown car that now can not go two yards without loud bangs, smoke pouring out of the engine and the doors dropping off. (by stormymonday_2011, posted amidst the Barclays Libor crisis on 02/07/2012)

Polster: why did you vote labour?
Labour voter: because I hate Margaret Thatcher
Polster: how old were you when she left Downing st?
Labour voter: 3
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#3 WageslaveX14

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Posted 20 April 2011 - 09:58 AM

"followed by 13 years of Scottish gravitas"

:blink:

What's he on about?


I read that same line and couldn't read any further. If Balls becomes chancellor, it's time to leave the UK.

#4 Executive Sadman

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Posted 20 April 2011 - 10:17 AM

The reality is that it is Osborne himself who is isolated. He is going further and faster with deficit reduction than any other major economy in the world, and on a foundation of stalled growth and higher unemployment the opposite of what we have seen in the US.

Well, ed, maybe because every other major economy in the world (other than the US which has leeway due to its reserve currency status) has n't inherited nigh on 15% GDP scorched-earth liebour deficits, just an idea.

Why any sane politician would want to follow the US's lead is beyond me. Why no mention of Germany? They seem to be the ones actually running a sound economy. The US is all smokes and mirrors. Yes, the US has GDP 'growth', but only because they lie about inflation.
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#5 General Congreve

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Posted 20 April 2011 - 11:16 AM

once in a while,Blinky reaches the right conclusion,but as ever,it's for totally the wrong reasons.

you can jsut imagine the damage he'll do when labour get a 50 seat majority with 25% of the vote at the next election.


Damage? Come off it, it'll be a gift from the gold gods :ph34r:
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#6 Goat

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Posted 20 April 2011 - 11:30 AM

The reality is that it is Osborne himself who is isolated. He is going further and faster with deficit reduction than any other major economy in the world, and on a foundation of stalled growth and higher unemployment the opposite of what we have seen in the US.

Said the offical mouthpiece of the Labour party
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#7 Bloo Loo

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Posted 20 April 2011 - 11:34 AM

Gravitas??

isnt that a sort of salmon?
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#8 Reck B

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Posted 20 April 2011 - 11:46 AM

When did they change the definition of gravitas from seriousness, weight, dignity and importance to ignorance, self-importance and utter failure?
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#9 davidg

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Posted 20 April 2011 - 11:46 AM

"followed by 13 years of Scottish gravitas"

:blink:

What's he on about?


"13 years of a Scotchman pulling policies out of his ass" is what he meant.

#10 Olebrum

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Posted 20 April 2011 - 12:27 PM

The man who was so impressed with the Irish 'miracle' economy and thought it
would be simply spiffing if the UK followed that route.
The economic genius that is Osborne Osborne.

mwahahaha.
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#11 SHERWICK

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Posted 20 April 2011 - 12:29 PM

The man who was so impressed with the Irish 'miracle' economy and thought it
would be simply spiffing if the UK followed that route.
The economic genius that is Osborne Osborne.

mwahahaha.


to be fair, everyone in the world, except us on HPC, was impressed by the Irish 'miracle' at the time.
The mighty neo liberal steam roller that crushed all before it from the 1980s to the beginning of the new millennium has morphed in recent years into a Charlie Carioli clown car that now can not go two yards without loud bangs, smoke pouring out of the engine and the doors dropping off. (by stormymonday_2011, posted amidst the Barclays Libor crisis on 02/07/2012)

Polster: why did you vote labour?
Labour voter: because I hate Margaret Thatcher
Polster: how old were you when she left Downing st?
Labour voter: 3
(by Robo1968, posted 10/05/2010)

From BBC HYS 15/05/2009:
"Last year, my MP's second home claim was 5,000 more than my total salary and now I find out that he's trying to charge me for cleaning his swimming pool!"

"Whatever your argument it's wrong." bendy, 21/02/2014

#12 MrFlibble

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Posted 20 April 2011 - 12:33 PM

The reality is that it is Osborne himself who is isolated. He is going further and faster with deficit reduction than any other major economy in the world, and on a foundation of stalled growth and higher unemployment the opposite of what we have seen in the US.


Would that be the same deficit reduction that involves the deficit growing month on month or are we talking about another one?

Cutting further and faster my hairy ass, I've seen snails move faster...
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#13 South Lorne

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Posted 20 April 2011 - 01:43 PM

"followed by 13 years of Scottish gravitas"

:blink:

What's he on about?


...Mr Odd Balls is beyond his depth...he drowned ...the fool..... :rolleyes:
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#14 Eddie_George

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Posted 20 April 2011 - 02:00 PM

I think you'll find a degree in Modern History more than qualifies Osborne for the position of Chancellor of the Exchequer.

#15 South Lorne

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Posted 20 April 2011 - 02:02 PM

I think you'll find a degree in Modern History more than qualifies Osborne for the position of Chancellor of the Exchequer.


....your irony is not amusing....all he needs is common sense....and that is far far away.... :rolleyes:
The market goes up. The market goes down. It is all about timing. (unless it's rigged)




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