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Ed Balls On Gdp Figures....

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http://www.guardian.co.uk/politics/2011/jul/26/gdp-george-osborne-economy

Balls responded to figures from the Office for National Statistics showing that the economy had grown by just 0.7% over the 12 months to June by accusing the chancellor of being "in total denial" over the state of the economy and called on Osborne to reverse his decision to raise VAT to 20% at the start of the year.

"People up and down the country will hear that, look at their own lives, their bills, local shops and think he doesn't understand what's going on" Balls said.

"These figures show that last year's recovery has been recklessly choked off by George Osborne's VAT rise and spending review.

"The economy has effectively flatlined for nine months and this is very bad news for jobs, living standards, business investment and for getting the deficit down.

"Just 0.2% growth over the nine months since this government's spending review and VAT rise compares to 2.1% in the previous nine months when the economic recovery was taking hold.

"Every other major economy in the world has faced challenges like high world oil prices but their economies have continued to recover while Britain has barely grown at all over the last nine months."

The Treasury and Downing Street denied reports there were tensions over economic strategy after the ONS said that the UK had so far recouped only 2.5 percentage points of the 6.4% drop in gross domestic product suffered during the UK's worst post-war slump.

Good to see Ed really does think the economy was recovering and it wasn't merely a blip in an economic depression.

Still there are too many dumb people who will really think there was some sort of recovery, the UK won't recover until it's economy painfully rebalances. No rebalance no recovery.

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The guy is a cretin of monumental proportion.

It doesn't help that the BBC quotes him as many times as they can and also use Mr. **** Blanchflower to substantiate his moronic views.

There's no winning with this lot.

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Blinky Balls, up to his old tricks again, lying about the economy and avoiding to mention his part in the downfall with his ex boss, Crash.

Labour must really hope that the public are as stupid as they treat them if they think we don't remember the 13 years of economic mismanagement and downright nasty statist agenda they pursued along with the erosion of our civil liberties.

Jog on Balls and take that weirdo you live with along with you. :angry:

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Blinky Balls, up to his old tricks again, lying about the economy and avoiding to mention his part in the downfall with his ex boss, Crash.

Labour must really hope that the public are as stupid as they treat them if they think we don't remember the 13 years of economic mismanagement and downright nasty statist agenda they pursued along with the erosion of our civil liberties.

Jog on Balls and take that weirdo you live with along with you. :angry:

Thirteen years of Labour misrule summed up in one paragraph :D.

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I love listening to Balls being interviewed. Especially when he contradicts himself one sentence after another, and deploys his special powers of selective memory.

Another politician who just can’t (or refuses) to ever join the dots.

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Blinky Balls, up to his old tricks again, lying about the economy and avoiding to mention his part in the downfall with his ex boss, Crash.

Labour must really hope that the public are as stupid as they treat them if they think we don't remember the 13 years of economic mismanagement and downright nasty statist agenda they pursued along with the erosion of our civil liberties.

Jog on Balls and take that weirdo you live with along with you. :angry:

+1

We call him Ed Ballsh*t B)

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+1

We call him Ed Ballsh*t B)

You could call him On the Ball. The FT picks up on this issue, See link for full text.

Britain isn’t just in very deep trouble. It’s doomed

In order to assess the deficit implications of lower growth, we have assumed that annual rates of growth are half of those projected by the OBR. On this basis, trend growth is 1.4%, and real economic output is 8% higher than in 2009-10, in comparison with the 16% assumed by the government.
If this were to happen, the government’s fiscal plans could indeed begin to unravel in pretty much the manner that its opponents predict. Instead of expanding by a real-terms £115bn, tax revenues would increase by only £50bn, putting a £65bn hole in the deficit reduction objective. Higher-than-expected spending on benefits could cost £11bn, and higher interest expense could absorb an additional £13bn. Instead of reducing the deficit by £134bn, tightening of only £45bn would be achieved, leaving the deficit at over 8% of GDP… .
[Maastricht Treaty*] debt would have risen to over 100% of GDP and, critically, would still be increasing… putting interest costs on an upwards trajectory Edited by Peter Hun

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This is like the serial arsonist critcising the fire brigade.....

Too many people in this country believe charlatans like him too :(

Frank

Shoot the messenger, however its looking like his message is right.

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But it's little George who's balls'd up the economic growth..............

You have no understanding of economics whatsoever.

Have you considered a career with the BBC?

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You have no understanding of economics whatsoever.

Have you considered a career with the BBC?

Clearly Labour got us into this mess, with some help from the global downturn.

However, you don't need to be an economist to understand that you need to nurse a patient back to health, not pull the plug on the life support machine.

If growth stalls, confidence drops and we get even deeper into debt. It's just common sense.

And the Beeb is a fine institution - after all someone has to provide some balance against the right wing press.

Edited by Phil S

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However, you don't need to be an economist to understand that you need to nurse a patient back to health, not pull the plug on the life support machine.

If growth stalls, confidence drops and we get even deeper into debt. It's just common sense.

You've swallowed Ed B0llocks line completely: it sounds like common sense but unfortunately life is a bit more complicated.

The idea that the miniscule cuts made to date are responsible for the poor growth is a nonsense; even Paul Mason made that point.

The idea that there is a "plan b" that could have growth rushing ahead is also a nonsense, and if tried would probably result in the bond markets classing us alongside the various PIIGS, meaning even deeper and quicker cuts than already planned.

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Clearly Labour got us into this mess, with some help from the global downturn.

However, you don't need to be an economist to understand that you need to nurse a patient back to health, not pull the plug on the life support machine.

If growth stalls, confidence drops and we get even deeper into debt. It's just common sense.

And the Beeb is a fine institution - after all someone has to provide some balance against the right wing press.

ALL of the growth appears to be what they borrowed over and above their target.

Government spend is a major component of GDP "growth".

Therefore, simply cutting the spending will, £ for £, cut the GDP....I know people cant bear the thought of no growth, but there you are...following the GDP BS with deficit spending is, mathematically doomed.

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The guy is a cretin of monumental proportion.

Thread closed.

I was going to ask why he's given the oxygen of publicity.. then actually wondered why he's given oxygen at all.

Edited by exiges

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It's the chase for growth that's the mistake.

The growth at the start of the century was mostly just private debt (that can't really be paid back), this has now been replaced with public debt (that can't really be paid back). What we need is a contraction in debt and GDP and some proper rules so we can't get in this mess again.

The govt think they can cut spending, borrow less and still see growth! This is madness. Can't happen.

That's not to say the cuts aren't correct, but why does everyone need to pretend that growth is important, desired or even possible.

Contraction, deflation. Embrace it. They won't. They'll continue to borrow and print 'cos that ever works out!

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And the Beeb is a fine institution - after all someone has to provide some balance against the right wing press.

...do you live in Moscow ...and work for PRAVDA... :rolleyes:

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The idea that there is a "plan b" that could have growth rushing ahead is also a nonsense, and if tried would probably result in the bond markets classing us alongside the various PIIGS, meaning even deeper and quicker cuts than already planned.

There is no plan B, there is NOTHING any government can do, as the FT put, the UK is doomed. It just might be lucky and escape, its current AAA status may save it if US loses its AAA.

But I don't think it will.

Edited by Peter Hun

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Clearly Labour got us into this mess, with some help from the global downturn.

However, you don't need to be an economist to understand that you need to nurse a patient back to health, not pull the plug on the life support machine.

If growth stalls, confidence drops and we get even deeper into debt. It's just common sense.

And the Beeb is a fine institution - after all someone has to provide some balance against the right wing press.

So you solve a debt crisis with more debt?

What Balls is claiming if you want a medical analogy is treating alcohol poisoning with more alcohol. Or treating cancer by giving the patient more cancer cells whilst hitting them with a hammer.

If you see the bubble then the contraction is unavoidable, which is why Keynes advocated spending money to control the bust. However the proviso for this was that you saved during the boom? Did we save anything during the boom? Or did we deficit spend during the boom further artificially inflating the bubble?

There is no pain free exit from the bust.

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Blinky Balls, up to his old tricks again, lying about the economy and avoiding to mention his part in the downfall with his ex boss, Crash.

Labour must really hope that the public are as stupid as they treat them if they think we don't remember the 13 years of economic mismanagement and downright nasty statist agenda they pursued along with the erosion of our civil liberties.

Jog on Balls and take that weirdo you live with along with you. :angry:

Short and very much to the [point. Excellent. Ed Balls went to Harvard, excellent qualifications to speak to the average joe or to join new Labour (new tories)

Edited by faloos

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.... new Labour (new tories)

...Gordon Brown could never be described as a Tory not even a new Tory....but then again he was not even into New Labour...he saw them as the people who did him out of the leadership after Smith's death....yet Brown ended up putting the ship on the rocks and letting us all suffer ...pure Labour ...new or old.... :rolleyes:

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...Gordon Brown could never be described as a Tory not even a new Tory....but then again he was not even into New Labour...he saw them as the people who did him out of the leadership after Smith's death....yet Brown ended up putting the ship on the rocks and letting us all suffer ...pure Labour ...new or old.... :rolleyes:

Short sighted guff, frankly. This crisis has been brewing since the 1920's at least.

Regarding the OP -

Balls knows exactly what he's doing and is far from an idiot - the goal is power, not the communication of understanding. Our next chancellor is batshit for power and can't wait to printy printy.

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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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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