#AceDebtNews says this was recently sent to my news desk and relates to as they call it “doozy of a working paper “ available to download as PDF if you are willing to pay, basically l thought the following extract from the Washing Posts Wonk Blog says what is really important on austerity, as these two eminently qualified people state their own opinions on austerity of this government!
Òscar Jordà of the San Francisco Fed and Alan M. Taylor of the University of California-Davis have a doozy of a working paper out on the macroeconomic effects of austerity. The chart above has the money stat: According to their numbers, the U.K.’s experiment with austerity starting in 2010 led to a 3 percent reduction in growth. If true, that’s a big, big indictment of the Cameron government‘s policies.
: This is a link to a Money Week Video – Their intention being to sign you up for their magazine – but if time it is well worth a watch – beware you cannot stop it or roll-back just leave and close tab! This video long and drawn out as it is trying to put fear in us to invest wisely, with them of course and through their financial advisers advice even though they do not state this outright. Also going to the extent of adding a disclaimer to their video, to take independent advice! Also states from their point of view that this country is bankrupt and has been for a very long time! http://pro.moneyweek.com/myk-eob-tpr123/EMYKP909/?a=5&o=128929&s=133565&u=75227&l=428374&r=MC&g=0&h=true
Then thirdly this simple report in the New Statesman that our Chancellor of the Exchequer argues it is nothing to do with his policies, as so many Chancellors have done before over the last 40 years! Then pray tell me whose fault is it ,we have debts totalling X and as a percentage of our GDP they are Y and that we will never repay them as they cost Z . My why not putting figures for XYZ is simple: figures lie and so do politicians! We do not need a statement of what we owe, but we need a solution of what we owe, does anyone have this solution, well of course not, or if they do, then pray tell us all, do it for nothing and admit the truth!
Well read it all if you like and then leave your comments or share:
The Chancellor‘s claim that “the pace of fiscal consolidation has not changed” is not supported by any of the available data.
The Chancellor does not deny that growth has been much weaker than forecast, although it’s worth repeating the scale of this under-performance. In June 2010, the Office of Budget Responsibility predicted that by now the economy would be about 7 per cent larger, driven by a sharp rise in business investment and exports, while the deficit would have fallen by two-thirds. What has actually happened? In fact, GDP has grown at less than a third of that rate, business investment has fallen, and the path of deficit reduction bears no resemblance at all to the original projections (which is, as I’ll elaborate below, a good thing).
But, the Chancellor argues, this under-performance has nothing to do with fiscal policy:
My Personal View:
So as with all my articles l will give you my very simple understanding of all that has to be done in 5 very simple lines, l call this my `Five Steps to Becoming Debt Free’ l realise only a few will read it or even understand it, but most of all will never ever agree to it, WHY – simply wanton-greed and this will prevail until people either have nothing, or until they realise that wanting more will lead them into a pit of despair they will never ever get out of …….
1. Everyone does not owe anyone anything!
2. They do not want anything!
3. They make do and mend!
4. They only buy what they need!
5. They except the fact to live their life with less not more!
If l had never borrowed more than l could afford, would l now be in debt?
If l had never borrowed for things l did not need, would l now be in debt?
So if l had lived my life to satisfy my need , and not my want, would l now be in debt?
If you answer NO to any of these three question, then stop borrowing and lending more, and learn to manage what you have already borrowed!!!
Ace Related News :
- Nhs (scalpelinthesand.wordpress.com)
- Current Affairs : Austerity Drive | Government Austerity | P Chidambaram | Finance Minister | Metro Journalist (ametrojournalist.wordpress.com)
- Osborne won the battle on austerity, now Labour must look to the future (newstatesman.com)
- New figures cast doubt on George Osborne’s claims that Coalition austerity programme has been vindicated (independent.co.uk)
- British austerity was even worse than you thought (washingtonpost.com)
- By George, Britain’s Austerity Experiment Didn’t Work! (newyorker.com)
- Britons must prepare for more austerity (telegraph.co.uk)
- Why we face 50 years of austerity (and slashing immigration could make things much worse) (telegraph.co.uk)
- Britain in the 1930s and Britain Today (delong.typepad.com)
- On Fareed Zakaria GPS, George Osborne talks success of austerity in the U.K. (cnnpressroom.blogs.cnn.com)