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Budget 2015: Gordon Brown's Tax Credits Monster Must Be Slain - Frank Field

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No cuts to see tomorow it's a complete fudge.

+1

Osborne pulled the same trick in 2010, his first budget was all about how deep the cuts were going to be but in reality he borrowed more in 5 years than Labour did in 13 and he barely made a scratch in the deficit. Still, the compliant media will report the story Osborne wants them to tell and Boomer homeowners in the south of England will lap it up.

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From the bbc link


Mr Osborne is set to promise "bold" policies that will "secure Britain's future".Mr Osborne is set to promise "bold" policies that will "secure Britain's future".

"Bold" policies :lol:

Fine words and jam tomorrow as usual but the things mentioned by the bbc seem to be pretty superficial and don't seem to contribute much at all to rebalancing the UK's economy away from jobsworths, makejobs, handouts and debt etc.

Edited by billybong

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Osborne pulled the same trick in 2010, his first budget was all about how deep the cuts were going to be but in reality he borrowed more in 5 years than Labour did in 13 and he barely made a scratch in the deficit. Still, the compliant media will report the story Osborne wants them to tell and Boomer homeowners in the south of England will lap it up.

Yep - talks the talk, doesn't walk the walk. MSM report on the talk, not the walk.

I predict another £500Bn borrowed in the next 5 years from our austere, frugal and stern chancellor.

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Yep - talks the talk, doesn't walk the walk. MSM report on the talk, not the walk.

I predict another £500Bn borrowed in the next 5 years from our austere, frugal and stern chancellor.

Hear, hear.

I also agree that he'll borrow more while pretending he's cutting. Like Yellen pretending to raise rates when she can't.

He knows the media will never call him out on it. Fortunately two Conservative minded people at work have both said austerity was for nothing and it was a complete con. Hopefully the truth is starting to emerge.

WTC's are a symptom of a much bigger problem; asset inflation and the busted flush of trickle down economics. Brown and Osbourne's housing boom alone has impoverished more people than WTC ever could.

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> Hopefully the truth is starting to emerge.

The truth is that all this government spending - blue or red - is happening so as to keep interest rates above zero. When this simple fact starts getting discussed properly whether by politicians or the many ne'er-do-wells on internet forums we'll know that some truth is appearing in debate. This applies in the UK/EU/US/China etc.

The reason that the borrowing - which is really just equivalent to printing money (debt guaranteed by a printing press is money) cannot stop is because the general public cannot stomach either asset price declines or a negative return on risk free (deposit insured) investments.

Its a general collective failure of foresight and imagination, not a result of policy by whomever is holding the stupid red brief case.

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Yep - talks the talk, doesn't walk the walk. MSM report on the talk, not the walk.

I predict another £500Bn borrowed in the next 5 years from our austere, frugal and stern chancellor.

Yes but it ought to be, say, £750bn (made up number). Borrowing more does not mean it isnt "austerity" if the amount he should be spending is bigger than he amount actually spends.

The point is "expansionary austerity" always was a fictional construct.

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No cuts to see tomorow it's a complete fudge.

Some tinkeing for new claimants coming into the tax credit system.

http://www.bbc.co.uk/news/uk-politics-33437115

Without exception, the people I know who voted Conservative did so because of the promise of benefit cuts, I can't imagine that any of them will be daft enough to vote for these jokers again if they renege on that promise.

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Yes but it ought to be, say, £750bn (made up number). Borrowing more does not mean it isnt "austerity" if the amount he should be spending is bigger than he amount actually spends.

The point is "expansionary austerity" always was a fictional construct.

The great thing about the "everything would be fine if only we borrowed x more" argument is that for any value of actual borrowing there always exits a value x which is higher. Hence when we do borrow more, one simply trots out the same statement with a higher value of x. Since we can never actually borrow the ever increasing x the theory can never be disproved.

Edited by goldbug9999

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The great thing about the "everything would be fine if only we borrowed x more" argument is that for any value of actual borrowing there always exits a value x which is higher. Hence when we do borrow more, one simply trots out the same statement with a higher value of x. Since we can never actually borrow the ever increasing x the theory can never be disproved.

It kind-of gets disproved when a country goes bust on it. Like the UK in 1976, or Greece in 2009.

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Without exception, the people I know who voted Conservative did so because of the promise of benefit cuts, I can't imagine that any of them will be daft enough to vote for these jokers again if they renege on that promise.

They will be.

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The great thing about the "everything would be fine if only we borrowed x more" argument is that for any value of actual borrowing there always exits a value x which is higher. Hence when we do borrow more, one simply trots out the same statement with a higher value of x. Since we can never actually borrow the ever increasing x the theory can never be disproved.

It's just a massive bet on inflation basically. Might pay off, might not.

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