The raw, REAL* amount of what we literally spend in GBP (£).
You see that red bar? That means it’s going UP.
Real is the technical term for that chart.
As a % of GDP, we’re spending as much as the last Labour government.
2010 is when the Tories got in. Note that spending went up.
If you want to know why it’s been forced to stabilize, the notion of slagflation might come in handy.
GDP has sucked.
This is why the Tories got in. This is not temporary.
I think this chart’s my favourite. Longitudinal data of economic parasitism.
Guardian readers citing stats out of historical context to make history-based arguments are hilarious.
Austerity spending is a contradiction in terms. Balanced budgeting is no more a bad thing than an addict complaining you’ve stopped enabling him. The inflation is caused by extant liabilities we must continue to pay out for; we can scarcely afford current welfare etc. (not including pensions, which we can never afford as unfunded). Let alone to add new ones in like a student with Daddy’s credit card during Fresher’s Week. The money simply isn’t there and it never will be. Pensions must be funded first. The economy is stagnant as you saw by GDP, we’re barely breaking even and this was a long-term plateau long before Brexit. Compared to other countries, like the US I was duffing up yesterday, we’re actually doing okay.
Public spending for “Social Protection” started at 0.7 percent of GDP in 1900 and has now reached over 15 percent of GDP.
But it’s the military dragging us down, right?
We must stop funding attack helicopters, shouldn’t we, Sue, 57, from Brighton?
In terms of Gross Domestic Product UK defence spending was 2.85 percent of GDP in 2000. But from 2002 to 2009 defence spending was constant at about 2.65-2.70 percent GDP. Since the Great Recession, defence spending been in steady decline, breaking below 2.4 percent GDP in 2016.
Read it and weep you intellectually dishonest douches.
Welfare (NOT including pensions) is more than DOUBLE military expenses.
Health Care 18%
I know you’re allergic to maths but bar charts and pie charts are kiddie tier.
Education, for example, we suck at harder than ever.
The schools that still teach (by rote) are killing us.
Here to agree with me is famed conservative Paul Krugman.
He supposedly thinks austerity is BS and it shouldn’t even be tried because it won’t work. He thinks it’s a myth too.
“But won’t this lead to budget deficits? Yes, and that’s actually a good thing.”
This is how you can tell Krugman isn’t actually an economist or economist isn’t actually a job. Numerical psychic is not a job.
” in effect, an economy in which the public is trying to save more than businesses are willing to invest. In such an economy the government does everyone a service by running deficits and giving frustrated savers a chance to put their money to work. “
You can’t put money to work when nobody wants to work with it.
That is what investment literally is. Random spending isn’t investment.
I don’t invest in half a dozen shots, I blow it. Investments are carefully calculated for perceptible gains. Not moral gains, actual fiscal cash in the bank gains.
“However, I accept that this week’s Queen’s Speech does contain one very serious flaw: it marks the moment when the British Government abandoned any serious attempt to control spending.”
“There is, in fact, no limit to the proposals for public spending put forward by Jeremy Corbyn and his front bench, who are clearly basing their economics on the existence of ‘magic money trees’.
Suddenly, the dominating narrative in public life is that, instead of trying to live within our means as a nation, we should cast off ‘austerity’.”
The Guardian’s battle screech.
That aside, now that Britain’s so-called austerity has become the focus of intense debate, it is important to expose the myth that the nation’s finances have been cut to the bone under the Tories. That suggestion is nonsense — for the simple reason that there has been very little austerity at all.
Last week, Sir Nicholas Macpherson, Permanent Secretary at the Treasury from 2005-2016, wrote an exceptionally important article for the Financial Times. He noted that gross public debt actually rose as a proportion of national income between 2010 and 2016, from 76 per cent to 89 per cent.
As Sir Nicholas wrote: ‘Britain never experienced austerity.’ As someone who ran Britain’s most important financial institution for 11 years, he is in a position to know.
It’s fake news.
“between 2010 and 2016, from 76 per cent to 89 per cent.”
Again, 2010 – the year the Tories got in. Since the Tory Party got in, +13% has already been spent. That is a 100% true statement.
I love it when new guys assume I can’t math.
Why do you think my predictions work out? They’re not opinions.
You know what has been good for the economy?
It is still too early to to say that Brexit has damaged the performance of the economy because the slowdown might reverse once the squeeze on incomes passes.
What would the FT know?
We haven’t actually left yet. The Left predicted we’d all be eating our pets like Venezuela by now. Marginal growth is still going up!
The EU waits to see our terms of disengagement. Then the investments will flow.
The decline also reflects an error that the Office for National Statistics has identified that understated incomes in its data, which is due to be rectified soon.
Since when did Communists care about savings they can’t steal?
The cause of the decline in living standards is more closely linked to a rise in inflation rather than a fall in average wage growth, but both have played a part. And with social security benefits for non-pensioners frozen, real income growth is also likely to have fallen.
Labour market is still saturated with EU workers’ competition. Cannot be called yet.
Every indicator of the number of people in the labour market has been positive since the EU referendum. The unemployment and underemployment rates are down, while participation in the labour market, the employment rate and vacancies are all up.
With such a clear and positive picture, the best data are simply the headline unemployment rate, which has fallen from 4.9 per cent to 4.5 per cent in the past year, to reach its lowest level since 1975.
Maths is hard for Commies, especially when it doesn’t go the way they hoped (which it always does).
In recent months the gap between the world’s two most important currencies diverged as the euro gained against a weakening dollar. Sterling has also gained, but not as much.
Which economy isn’t totally fucking itself over with immigrated dead weight?
It’s a long game, padre.
UK firms expect higher pay rises, as Brexit hits investment plans – as it happened
Exactly as I predicted. More workers making money, oh no!
Why? Stable currency. Exactly as I predicted. The EU is doomed largely from the Eurozone.
Don’t believe me? Despite ever-expanding debt, they’re predicting growth.
Magical pixie growth.
EC slashes UK growth forecasts but sees best eurozone growth in a decade – business live
“European Commission says Brexit uncertainty will hurt UK investment, but the rest of Europe is doing ‘significantly better than expected’”
Well I see no reason for bias in that sentence!
Meanwhile, someone a little more objective.
IMF downgrades eurozone growth post-Brexit
This is what you’re celebrating?
Let’s compare to the reserve currency so you can really see what I mean.
Yes, so strong… such growth, much potential…
While America is screwed, nobody is as screwed as the EU/Eurozone.
A little known and very recent piece of news, which should be making headlines but isn’t, while negotiations are ongoing.
The eurozone’s top bank supervisor, Daniele Nouy, on Tuesday urged the sector to press ahead with cross-border mergers, arguing tie-ups would help forge a stronger European finance industry.
If it’s already strong….
Don’t bother with logic.
Have you ever run in a three-legged race? They’re essentially arguing that if you yoke a lame man to a fit one, the lame one will be fit. This is formally known as magical thinking and colloquially known as “batshit insane”.
The theoretical term is Communism.
No, really. This principle is international collectivism. Marx never said that was possible but whatever, why let that stop them, surely they know Marxism better than Marx.
The cognitive dissonance of objecting to national state power because it’s too big and corrupt while advocating for supranational state infrastructure.
“This society would be based on the common ownership”
This requires dissolving national borders and class boundaries. The former is easier than the latter, because, as we know from HBD, class is largely genetic (see intergenerational studies). Maybe that’s why they always shoot people, because the productive won’t just get down and act quietly parasitic like their fellow countrymen. What treason. It isn’t as if humans evolve and continue to mutate and diversify at different rates in myriad ways, is it? Don’t be absurd, we’re interchangeable cogs, that is totally respectful of our human rights and special snowflakeness (the sudden explosion of the latter in the young is culturally related to the popularity of the former position) i.e. no cogs are allowed to be sparkly.
“The EU was set up by the founding fathers, an important man called [Altiero] Spinelli, an Italian, who was an ex-communist, he designed the Maastricht Treaty and the Single European Act, why?
Is there any such thing as an ex-Communist?
“He said because this is a political project, bringing the nations of Europe closer and closer together to create a place called Europe and the design of this was such that politicians who come and go could not actually override this decisions of the bureaucracy because otherwise we would never get there.”
Opposing democracy? Lovely.
“Dictatorship implies absolute power — one person who takes control — of a political situation”
Despots order things. The EU has done this.
“If the government has complete and absolute power over the people, that’s totalitarianism. This is a repressive, unfree type of society.”
That can’t be legal? Already is, babycakes.
Over democracy, what does the EU have?
The doctrine of supremacy. It isn’t even hiding the Orwell there.
In a series of important rulings the European Court of Justice (ECJ) has developed the doctrine of supremacy of European Union (EU) over national law.
trans. Over national populations.
EU law is absolutely supreme even over provisions of national constitutions.
No voting out of this one.
They changed the wikipedia page when the Brexit referendum was announced.
It used to be Supremacy. You can still find it via search.
Click through to see…
But I’m totally imagining things, right?
Krzysztof Karoń, Polish publicist, spoke on Telewizja Republika where he accused the European Union of writing its “communist agenda” into its own laws.
He said: “In March this year the European Commission signed its white paper, which was dubbed the Rome Declaration.
“The only binding manifesto of the EU became the communist manifesto from 1941.”
“It is written in the programme that ‘the first goal is to erase borders dividing Europe into sovereign states’ and that ‘every single undertaking must be verified under this first point’.”
He underlined that in his view this is the root of all political problems sweeping through the continent.
I wrote this today because a lot of this is new today.
GUARDIANISTA, GREAT NEWS!
Don’t worry about austerity, we never had it.