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Balls On Newsnight : Conflating Deficit With Debt

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Balls just said on Newsnight : "We want to halve the deficit. That's a fundamental difference between us and the Tories. If you have a mortgage you pay it off over 20 years. People understand this is too far and too fast."

er, correct me if I'm wrong, but a mortgage is a debt, NOT a deficit. A deficit is an expansion of the debt. Where do labour get these guys?

Or is he just being disingenuous.

Well, obviously the latter. He knows that his supporters are so thick they don't know the difference.

Edited by Sledgehead

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He just compared the deficit with a mortgage - saying it made more sense to pay it off over 25 years than 4 years.

Completely unchallenged by Jeremy Vine [edit] Gavin Esler. Unbelievable.

Edited by Constable

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Balls just said on Newsnight : "We want to halve the deficit. That's a fundamental difference between us and the Tories. If you have a mortgage you pay it off over 20 years. People understand this is too far and too fast."

er, correct me if I'm wrong, but a mortgage is a debt, NOT a deficit. A deficit is an expansion of the debt. Where do labour get these guys?

Or is he just being disingenuous.

Well, obviously the latter. He knows that his supporters are so thick they don't know the difference.

Exactly, they're not that stupid and there seems to have been a concerted effort by the labour party to confuse the 2 issues.

Sadly most of the journo's on the likes of Newsnight are too stupid to pick up on it :(

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Exactly, they're not that stupid and there seems to have been a concerted effort by the labour party to confuse the 2 issues.

Sadly most of the journo's on the likes of Newsnight are too stupid to pick up on it :(

Martha Cairney did exactly the same with Cleggover when she had him on TWATO.

Lazy, Lazy, Lazy.

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He just compared the deficit with a mortgage - saying it made more sense to pay it off over 25 years than 4 years.

Completely unchallenged by Jeremy Vine. Unbelievable.

Exactly. That's the really troubling aspect: not challenged. If the journalists of today simply had the brains/balls to challenge the politicians, bankers and other lying scumbags then it might cause the sheep watching to think. But instead it's presented as fact.

This country is f..

I thought things were bad 2008/9 but actually now things are getting really out of hand. It's a super combination of the politicians/bankers/other schemers and the useless journalism and the brain-dead sheep we have now as the public. Staggering. I'm leaving in 2012.

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Gavin Esler is the journalist, obviously has no clue. I sent this to Newsnight just after the interview ended, please feel free to contact the BBC with similar comments

I know that Ed Balls is a skillful politician but I'm surprised Gavin Esler couldn't do better in his interview. He was swatted away like an insect by Ed Balls.

Regarding Ed's point about "paying off the mortgage in 4 years". We are not talking about paying off the entire mortgage but paying off the extra credit card debt so we can still afford to pay off the mortgage. BBC journalists, please understand the difference between deficit and debt (accumulated deficits). Currently the amount of debt we have is growing and will continue to grow throughout this parliament, all Osbourne is doing is reduced the amount this will grow by (the deficit). Government debt is the same as personal debt, take on too much and you find any further borrowing extremely expensive or impossible.

We are not even talking about spending cuts over the next 4 years but reducing the amount we are increasing government spending. We will still be spending more at the end of the parliament.

Ed also forgets that the financial crisis had its epicenter in London in toxic mortgage products designed by AIG. Why was AIG designing these products in London? Probably because of Ed Balls regime of "light touch regulation". The UK government increased public spending on the back of a property and banking bubble so although receipts may have looked sound they were built on sand as we discovered when the whole ponzi scheme collapsed. Ed is completely disingenuous about this and obviously treats the public as fools.

Regarding last year's growth, this probably had something to do with the 200 billion the last government printed and was not real growth. We are now paying for it in higher inflation. Ed Balls is like a man who sees the traffic lights turn red and rather than slowing down puts his foot hard on the accelerator.

Ed is correct about fuel increases though, the govt could reduce duty rather than vat if it wanted and the "rules is rules" line is a red herring. Osbourne obviously finds the extra receipts quite handy.

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I don't think throughout this crisis that this distinction has been clarified or explained.

I would love to see someone grab Balls by the collar and go 'look you slimeball, the deficit is the annual overspend, and thanks to your ineptitude, you lying !@#!, that is huge, but the debt, which is all the accumulated deficits, and I remind you that the last time you balanced the budget was 2002, is ginormous and will probably never be paid off. You have wrecked the economy, whilst troughing for England, so enough of your ********, Balls. Shut the [beeeeeeep!] up!'

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He just compared the deficit with a mortgage - saying it made more sense to pay it off over 25 years than 4 years.

Completely unchallenged by Jeremy Vine. Unbelievable.

A typical piece of "language they'll understand" rubbish.

A more accurate analogy would be to say that house you got a 200k mortgage on today, well it'll be a 400k mortgage in 5 years time...and the interest will be higher..

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I don't think throughout this crisis that this distinction has been clarified or explained.

I would love to see someone grab Balls by the collar and go 'look you slimeball, the deficit is the annual overspend,

I've seen Balls talk on the deficit before and he knew exactly what it is.

He's a slimy deceitful little shit.

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Actually it's a bigger exageration than even all we've mentioned above. Labour don't want to halve the whole deficit, just the structural part.

Indeed, the Tories, far from being the slashers par excellence Labour make them out to be, merely want to remove this structural element from our deficit, leaving much hoped for economic growth and the accompanying boost in tax receipts to wipe out the rest of the deficit (the cyclical part).

It really ain't much to ask for!

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Balls just said on Newsnight : "We want to halve the deficit. That's a fundamental difference between us and the Tories. If you have a mortgage you pay it off over 20 years. People understand this is too far and too fast."

er, correct me if I'm wrong, but a mortgage is a debt, NOT a deficit. A deficit is an expansion of the debt. Where do labour get these guys?

Or is he just being disingenuous.

Well, obviously the latter. He knows that his supporters are so thick they don't know the difference.

Disingenuous. Socialists like him assume that the proles are stupid. Evidence suggests they may be right.

Edited by Tiger Woods?

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So basically what balls is saying is under labour you don't owe anyone money in the short term; all your debts even your overdrafts, arrears etc count as one big debt to be paid off in 20 years or more.

Does this new rule apply to labour councils I wonder because those constituents could be council tax free until they collect their state pensions.

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I've seen Balls talk on the deficit before and he knew exactly what it is.

He's a slimy deceitful little shit.

Don't make the mistake of thinking that you can't be stupid and deceitful.

Ed Balls is a liar, but he is also thick, and very arrogant.

I'm not sure he does understand the difference between debt and deficit, not clearly anyway.

I think that his party sees economic issues as simply irrelevant. Their ideology is all about 'helping ordinary people', particularly certain victim groups, by handing them other peoples money.

Deep down, they think they should just be able to spend whatever they like on their 'good works'. Any criticism of spending comes from evil conservatives who just want to see poor children starve.

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Let's be honest - those of us who following policies through the New Labour era know full well Ed Balls has been at the thick of it.

It was a backwards step to appoint someone with so much baggage as shadow chancellor - he came into the role with little credibility and seems to be determined to destroy the rest.

How... anyone in their right mind could have listened to him banging on about reducing the deficit slowly over many years and think he has a valid plan to move the economy forward bemuses me. Balls should know better than anyone that it was under New Labour that the deficit and borrowing quantities soared.

This situation is partly his own mistake that he is criticising and what is still worse is that he seems oblivious to the fact that it was this laisez faire approach to economics i.e. 'maintain the status quo' that created the circumstances that the coalition now face.

Frankly i think that for the forseeable future the ConLibs will be laughing at any attack from Balls as they have over a decade of evidence to show he has been complicit in our national economic fiasco.

- pye

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So basically what balls is saying is under labour you don't owe anyone money in the short term; all your debts even your overdrafts, arrears etc count as one big debt ..

Not that hard to swallow for a nation hooked on offers that trumpet "0% and nothing to pay in your first year".

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UP: please contact Newsnight with your complaints: newsnight@bbc.co.uk.

They don't like getting lots of "feedback" at the BBC so maybe it will make them realize that not everyone is thick out there.

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Both words begin with a 'D', and we're talking about a politician.

I think it's safe to say he doesn't know the difference (another 'D' word children).

In fact, I would happily bet money that 50% of all MPs don't know/understand the difference.

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I think Balls is being pretty clever actually. The Tories are regularly portraying the Labour government as having "maxed out the nation's credit cards". We hear it again and again and again. Until the Tories stop using silly soundbites that portray this as a debt problem too Labour will exploit the situation in this way.

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sent this

Couldn’t believe that nobody from the BBC challenged Ed Balls last night on the difference between deficit and the debt, it was an open goal from a yard out without the goalkeeper being anywhere near for the presenter, or did he miss it on purpose as many independent political commentators may think.

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sent this

Couldn’t believe that nobody from the BBC challenged Ed Balls last night on the difference between deficit and the debt, it was an open goal from a yard out without the goalkeeper being anywhere near for the presenter, or did he miss it on purpose as many independent political commentators may think.

No political party wants you to know what's going on. Why else does all this stuff have a magical seperate language to everyone elses finances?

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Balls is appealing to his voting public...many on benefits and public sector pay...and that includes the PFIs and private sector groups sucking on the teat of mother taxpayer..

Imagine yourself working in one of the organisations...you are told, that you do a very important job, vital for public wellbeing, and that without your hard work, dedication and professionalism, society would grind to a halt amid escaping prisoners, closed hospitals and uncared for housebound patients.

the cuts proposed threaten two things...one...your own job, pension and lifestyle..and two...are an attack on society itself.

Now, when you realise this, the larding on of further Communist BS by a public figure, one seeking your vote, makes perfect, Orwellian, sense,

And as usual, the Tories have no plan, no policy, to counter this nonsense...they couldnt do it in opposition, they cant do it now. Indeed, Diversity, a Labour creation, is flourishing and growing out from the public sector as CURRENT POLICY.

They couldnt oppose labour in opposition, and they cant oppose it in power....They need to kill the roots of this cancer....and do it soon....they could have done it by letting a few banks go bust and GDP fall...but no, GDP positive is a sign to the labour cohort that things are fine....and we dont need no cuts.

Im starting to think the Conspiracy Theory of both left and right being the same as having plenty of merit.:ph34r:

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Balls is appealing to his voting public...many on benefits and public sector pay...and that includes the PFIs and private sector groups sucking on the teat of mother taxpayer..

Imagine yourself working in one of the organisations...you are told, that you do a very important job, vital for public wellbeing, and that without your hard work, dedication and professionalism, society would grind to a halt amid escaping prisoners, closed hospitals and uncared for housebound patients.

the cuts proposed threaten two things...one...your own job, pension and lifestyle..and two...are an attack on society itself.

Now, when you realise this, the larding on of further Communist BS by a public figure, one seeking your vote, makes perfect, Orwellian, sense,

And as usual, the Tories have no plan, no policy, to counter this nonsense...they couldnt do it in opposition, they cant do it now. Indeed, Diversity, a Labour creation, is flourishing and growing out from the public sector as CURRENT POLICY.

They couldnt oppose labour in opposition, and they cant oppose it in power....They need to kill the roots of this cancer....and do it soon....they could have done it by letting a few banks go bust and GDP fall...but no, GDP positive is a sign to the labour cohort that things are fine....and we dont need no cuts.

Im starting to think the Conspiracy Theory of both left and right being the same as having plenty of merit.:ph34r:

Mp's work for the public sector.....

And official opposition is still part of the government.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • up 5%



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