If the very rich people then spend the money here and it 'trickles down', I don't see the problem.
Trickling Down!
- Thread starter Eebo
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And in 2010 he probably wanted a 55" screen, now it would be 85" OLED - these super rich people always want the latest stuff.
bluethrunthru
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and that is going to drive our economy? So British contractors fitting a few S. Korean and China produced tv's is our road to recovery ? Why didn't Kwarteng tell us this economic miracle only he had known about?
Well don't get me started on "S. Korean and China produced tv's" this is just a result of 'globalisation' which I am opposed to. The fact we rely on other countries for our energy needs is going to be a massive issue in the winter - yet we are sitting on 800 years worth of coal.
bluethrunthru
Well-Known Member
well as it stands we and Europe did produce white goods - had we kept on doing so they would now be unaffordable.
That coal is mostly unable to be mined. Post the strike and the shut down of the mines it was decided by the then govt there was no need to mothball and maintain accessibility to coal reserves despite warnings from commentators at the time
So you think that very rich people will spend the extra money in the local economy?
Firstly, exactly how many trips to B&Q or the local sandwich shop do you think it would take them to spend the extra money they have just been gifted??
Secondly, the reality is that they are more likely to take it out of the country.
They might spend it on a super-yacht or a Country Estate.
Not sure how many super-yacht boatyards there are near you, but there are none in my area.
And if it goes on a Country Estate then that money is going to another rich person.
No wonder we have Liz Truss in charge with voters like you
west didsblue
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Why would they?
An average Man City first team player takes home £4M after tax - more than enough to buy a new 85 inch OLED TV every week if he wanted. Thanks to this announcement the government are borrowing an additional £400K just to allow him to take home £4.4M.
Do you honestly think that person is going to spend the extra money in the local economy. Much more likely it will get invested to bring them in even more money or spent on foreign property etc. It’s delusional to think that any significant amount is going to trickle down.
urban genie
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Every government that has used this method has not got the desired effect, it is known as zombie economics as it is a dead carcas of an economic sollution but still lingers about killing the income for the majority
It has been proven rather than spend the increased wealth the rich store it into tax havens and don't spend it on the economy.
It is a backwards failed idea only an idiot would a use, but then kwasi is such
Ok - I don't want to fall out with fellow blues fans. I expressed an opinion, I have been advised I am wrong, but let us see in the next 18 months - 2 years.
Alan Harper's Tash
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The Tories have been shite for 12 years straight.
They‘re on their 4th leader in 6 years.
Let’s see if this new moron is any better and give her 2 years.
Lol.
They‘re on their 4th leader in 6 years.
Let’s see if this new moron is any better and give her 2 years.
Lol.
This is true, but you would think that Starmer and Labour would put the boot in and aim for a massive swing to get them into power with a big majority.
Why is that not happening, why are they aiming for a hung parliament and some sort of coalition?
Alan Harper's Tash
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meltonblue
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TVs etc are brown goods, white are the kitchen stuff, Italy and Spain produce a lot.
bluethrunthru
Well-Known Member
we did produce both - telly's and fridges - I think the Sinclair C5 was assembled in an old white goods factory wasn't it?
C5 wasn't white goods.
ZenHalfTimeCrock
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There’s no need to wait.
Trickle-down has never worked whenever and wherever it has been tried, even under Reagan when tax rates were a lot higher.
Paul Krugman explains why it is regarded as a species of what is known as ‘zombie economics’ very clearly here.
Opinion | Wonking Out: The Tax-Cut Zombie Attacks Britain (Published 2022)
A new prime minister with bad old ideas shocks markets.
And here is John Quiggin from his book Zombie Economics:
‘For those at the bottom of the income distribution, there have been no gains at all…Median real earnings for full-time year-round male workers have not grown since 1974. For males with high school education or less, real wages have actually declined.’
Lastly, this is John Gray from his seminal 1998 work False Dawn: the Delusions of Global Capitalism:
‘The United States is the only advanced society in which productivity has been steadily rising over the past two decades while the incomes of the majority - eight out of ten - have stagnated or fallen.
….The average weekly earnings of the 80 per cent of rank and file working Americans, adjusted for inflation, fell by 18 per cent between 1973 and 1995, from $315 a week to $258 dollars a week. At the same time, between 1979 and 1989 the real annual pay of American corporate chief executives (CEOs) increased by 19 per cent, or two thirds in post tax terms.’
If your interest has been piqued by the budget and this thread, there are some very good books that go into all the variations of macroeconomic theory without making things baffling for a layperson.
I can say that because I am a layperson. About ten years ago, on the old and now defunct TES (Times Educational Supplement) forum, there were a couple of contributors who were poised like velociraptors to pounce on anyone who espoused left-wing thinking.
That got me curious because I wanted to know whether they were right. Eventually, after a lot of reading, I found out that their Hayek and Friedman-inspired neoliberal views were deeply questionable.
If you want to follow the same trajectory and see where you end up, start with Ha Joon Chang’s Economics: The User’s Guide.
He is opposed to neoliberal economics but is very even-handed in his presentation of macroeconomic theory in that book.
John Gray is also very good.
Who knows? You may end up as a devotee of Hayek and come back on here giving us a hard time.
Last edited:
There’s no need to wait.
Trickle-down has never worked whenever and wherever it has been tried, even under Reagan when tax rates were a lot higher.
Paul Krugman explains why it is regarded as a species of what is known as ‘zombie economics’ very clearly here.
Opinion | Wonking Out: The Tax-Cut Zombie Attacks Britain (Published 2022)
A new prime minister with bad old ideas shocks markets.www.nytimes.com
And here is John Quiggin from his book Zombie Economics:
‘For those at the bottom of the income distribution, there have been no gains at all…Median real earnings for full-time year-round male workers have not grown since 1974. For males with high school education or less, real wages have actually declined.’
And here is John Gray from his seminal 1998 work False Dawn: the Delusions of Global Capitalism:
‘The United States is the only advanced society in which productivity has been steadily rising over the past two decades while the incomes of the majority - eight out of ten - have stagnated or fallen.
….The average weekly earnings of the 80 per cent of rank and file working Americans, adjusted for inflation, fell by 18 per cent between 1973 and 1995, from $315 a week to $258 dollars a week. At the same time, between 1979 and 1989 the real annual pay of American corporate chief executives (CEOs) increased by 19 per cent, or two thirds in post tax terms.’
If your interest has been piqued by the budget and this thread, there are some very good books that go into all the variations of macroeconomic theory without making things baffling for a layperson.
I can say that because I am a layperson. About ten years ago, on the old and now defunct TES (Times Educational Supplement) forum, there were a couple of contributors who were poised like velociraptors to pounce on anyone who espoused left-wing thinking.
That got me curious because I wanted to know whether they were right. Eventually, after a lot of reading, I found out that their Hayek and Friedman-inspired neoliberal views were deeply questionable.
If you want to follow the same trajectory and see where you end up, start with Ha Joon Chang’s Economics: a User’s Guide.
He is opposed to neoliberal economics but is very even-handed in his presentation of macroeconomic theory in that book.
John Gray is also very good.
Who knows? You may end up as a devotee of Hayek and come back on here giving us a hard time.
I am just on here to learn - and get some boost from people who have one thing in common with me (Citizens) at a really difficult time in my own life.
I am not here to give anyone a 'hard time' I can assure you of that.
ZenHalfTimeCrock
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Well whatever is bothering you I hope that things get better. In the meantime, here is Ha Joon Chang’s little blue book. His advice is worth taking note of.
