The Conservative Party

Chippy_boy said:
It's like the matchday forum on here at times. 0-2 down and the loonies are all saying we've lost with 30 minutes still left to play. Only in this case we have 89 minutes left. The budget was less than 1 day ago FFS.
Click to expand...

It wasn’t a budget though mate.

It was a statement that flies in the face of what the BofE and markets are expecting.

Basically they have said the government is talking out of its arses on this.
 
Chippy_boy said:
It's like the matchday forum on here at times. 0-2 down and the loonies are all saying we've lost with 30 minutes still left to play. Only in this case we have 89 minutes left. The budget was less than 1 day ago FFS.
Click to expand...
The point is that the outcomes with supply side economics are already known. It simply does not work. Never has.

For example, when it was first tried out in the USA, productivity increased but the earnings of eight out of ten Americans either stagnated or fell.

From Paul Krugman’s NYT article:

‘Many of us expected Britain’s economy to go through a rough patch in the months, or maybe even years, ahead. What few foresaw, as far as I can tell, was a policy zombie apocalypse.​
I’ve written a lot over the years about zombie economic ideas — ideas that have failed repeatedly in practice, and should be dead, but somehow are still shambling around, eating policymakers’ brains. The pre-eminent zombie in American economic discourse has long been the belief that cutting taxes on the rich will create an economic miracle.​
That belief is still out there: Even as its infrastructure was collapsing to the point that its largest city no longer had running water, Mississippi tried to raise its economic fortunes with … a tax cut. But in America, zombie economics has lately been overshadowed by zombie beliefs about election fraud, the impact of immigration and so on.​
Britain, however, doesn’t (yet?) have an equivalent of the MAGA movement. What it does have is Liz Truss, a new prime minister who seems to be an ardent believer in economic fallacies from the Thatcher/Reagan era.​
Before I get to the economic plan that has produced chaos in Britain’s bond and currency markets, let’s talk about the myths that seem to have inspired her.​
The important point to understand is that there isn’t a serious debate about the proposition that tax cuts for the rich strongly increase economic growth. The truth is that there is no evidence — none — for that proposition.’​

Full article here (can’t post the entire content because there are graphs).

Wonking Out: The tax-cut zombie attacks Britain

messaging-custom-newsletters.nytimes.com
 
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