| Britain is spending £24k a year on every adult 12:34 - Jun 17 with 1588 views | Radlett_blue |
https://www.cityam.com/britain-cant-afford-to-spend-24000-on-every-adult/
If you hate austerity, please read this article. Our government (whatever the political colour) is slowly going to run out of money
This can be funded by borrowing, but the bond markets are already making this prohibitively expensive.
Higher economic growth would help, but how likely is this? Not very.
Higher taxation - there aren't enough super rich to fund the gap & if you tax middle to higher earners, you hurt the economy & your tax revenue falls.
No politicians are being honest about this as no-one votes for higher taxes or austerity.
The furore and u-turn over winter fuel payments show that the government doesn't have the political will to take even small, unpopular decisions.
|  |
| |  |
| Britain is spending £24k a year on every adult on 12:43 - Jun 17 with 1494 views | redrickstuhaart |
Austerity is part of the cause. If you persistently cut public services, fewer people work, fewer people work productively. |  | | |
| Britain is spending £24k a year on every adult on 13:05 - Jun 17 with 1385 views | Freddies_Ears |
| Britain is spending £24k a year on every adult on 12:43 - Jun 17 by redrickstuhaart |
Austerity is part of the cause. If you persistently cut public services, fewer people work, fewer people work productively. |
It doesn't help that no-one seems to accept the notion of shared responsibility. In the world as it is, it seems more a matter of "someone else must pay". Yet, the top 1% pay 30% of all income tax, and the next 9% pay a further 30%. Even on a relative basis, the bottom 50% pay a low marginal rate of income tax.
There must be room to do something with indirect taxation (VAT, fuel duty etc), where the burden fall disproportionately on the less well off relative to income; yet this is politically hard as no-one wants to pay more (the case of repeated govts refusing to increase fuel tax bring a perfect example).
So, we end up cutting spending. And not investing in infrastructure.
Some interesting data here: https://commonslibrary.parliament.uk/research-briefings/cbp-8513/ | | | |
| Britain is spending £24k a year on every adult on 13:23 - Jun 17 with 1306 views | thebooks |
It is absurd to state a government can run out of money.
This is an article from someone who works at the Centre for Policy Studies, a rightwing think tank which represents a narrow set of interests. Why would anyone share this as “fact”. |  | | |
| Britain is spending £24k a year on every adult on 13:25 - Jun 17 with 1300 views | Radlett_blue |
| Britain is spending £24k a year on every adult on 13:05 - Jun 17 by Freddies_Ears |
It doesn't help that no-one seems to accept the notion of shared responsibility. In the world as it is, it seems more a matter of "someone else must pay". Yet, the top 1% pay 30% of all income tax, and the next 9% pay a further 30%. Even on a relative basis, the bottom 50% pay a low marginal rate of income tax.
There must be room to do something with indirect taxation (VAT, fuel duty etc), where the burden fall disproportionately on the less well off relative to income; yet this is politically hard as no-one wants to pay more (the case of repeated govts refusing to increase fuel tax bring a perfect example).
So, we end up cutting spending. And not investing in infrastructure.
Some interesting data here: https://commonslibrary.parliament.uk/research-briefings/cbp-8513/ |
dead right. Indirect taxes on necessities such as fuel hurt the lower paid much harder.
Money to cover government spending has to come from increased tax revenue or from borrowing. Neither of those seem attractive options (borrowing more would actually be counter productive - ask Liz Truss).
So basically we (or the younger generation) are screwed. Other Western /European countries are actually in as bad or a worse position e.g. France, which has a huge number of state employees. | |
| |
| Britain is spending £24k a year on every adult on 13:27 - Jun 17 with 1270 views | textbackup |
£24k… decent. Can we take it in holiday vouchers? Or drinks tokens? |  |
| |
| Britain is spending £24k a year on every adult on 13:31 - Jun 17 with 1260 views | Radlett_blue |
| Britain is spending £24k a year on every adult on 13:23 - Jun 17 by thebooks |
It is absurd to state a government can run out of money.
This is an article from someone who works at the Centre for Policy Studies, a rightwing think tank which represents a narrow set of interests. Why would anyone share this as “fact”. |
the Greek government was running out of money & had to be bailed out by the rest of the EU.
A government doesn't suddenly "run out of money" but the bond markets act as "policemen" & continually borrowing more money (which is happening) becomes more expensive each year. | |
| |
| Britain is spending £24k a year on every adult on 13:39 - Jun 17 with 1215 views | J2BLUE |
I'm sure we could save a lot with increased spending efficiency without slashing things like benefits for the poorest people
I think there should also be a voluntary additional tax system where people can donate directly to funds for the NHS/defence.
I'm sure there are plenty of people out there grateful to the NHS who would like to make a contribution to ensure the future of the service and plenty of people who would like to see us rearm rapidly to try and prevent any future wars with countries like Russia.
Oh and yes, I know you can voluntarily pay extra tax now, but it all goes into the overall pot which I am not willing to do. |  |
| |
| Britain is spending £24k a year on every adult on 13:45 - Jun 17 with 1177 views | NedPlimpton |
| Britain is spending £24k a year on every adult on 13:39 - Jun 17 by J2BLUE |
I'm sure we could save a lot with increased spending efficiency without slashing things like benefits for the poorest people
I think there should also be a voluntary additional tax system where people can donate directly to funds for the NHS/defence.
I'm sure there are plenty of people out there grateful to the NHS who would like to make a contribution to ensure the future of the service and plenty of people who would like to see us rearm rapidly to try and prevent any future wars with countries like Russia.
Oh and yes, I know you can voluntarily pay extra tax now, but it all goes into the overall pot which I am not willing to do. |
You know you can donate to the NHS, right? |  | | |
Login to get fewer ads
| Britain is spending £24k a year on every adult on 13:48 - Jun 17 with 1151 views | itfcjoe |
| Britain is spending £24k a year on every adult on 13:39 - Jun 17 by J2BLUE |
I'm sure we could save a lot with increased spending efficiency without slashing things like benefits for the poorest people
I think there should also be a voluntary additional tax system where people can donate directly to funds for the NHS/defence.
I'm sure there are plenty of people out there grateful to the NHS who would like to make a contribution to ensure the future of the service and plenty of people who would like to see us rearm rapidly to try and prevent any future wars with countries like Russia.
Oh and yes, I know you can voluntarily pay extra tax now, but it all goes into the overall pot which I am not willing to do. |
End the triple lock, and actually reassess those people on disability benefits who just are never going to get back into work otherwise |  |
| |
| Britain is spending £24k a year on every adult on 13:49 - Jun 17 with 1136 views | NedPlimpton |
What a weird article
"by next year, public spending will equate to £24,095 for every UK adult. The average salary for a full-time worker, as of April 2024, was just over £37,000. In other words, public spending per adult equates to almost two thirds the average full-time salary"
Why draw a comparison between public spending and salaries, as if NI was the only form of taxation? No mention of corporation tax whatsoever. It's almost as if they want the poorest to bear the brunt [Post edited 17 Jun 13:53]
| | | |
| Britain is spending £24k a year on every adult on 13:50 - Jun 17 with 1124 views | J2BLUE |
| Britain is spending £24k a year on every adult on 13:45 - Jun 17 by NedPlimpton |
You know you can donate to the NHS, right? |
I didn't until I just googled it.
Thank you! | |
| |
| Britain is spending £24k a year on every adult on 13:53 - Jun 17 with 1095 views | NedPlimpton |
| Britain is spending £24k a year on every adult on 13:50 - Jun 17 by J2BLUE |
I didn't until I just googled it.
Thank you! |
The good thing (although possibly over bureaucratic thing) is that it's split by Trusts, so you can donate to something which may be closer to your heart | | | |
| Britain is spending £24k a year on every adult on 14:04 - Jun 17 with 1001 views | lowhouseblue |
| Britain is spending £24k a year on every adult on 13:23 - Jun 17 by thebooks |
It is absurd to state a government can run out of money.
This is an article from someone who works at the Centre for Policy Studies, a rightwing think tank which represents a narrow set of interests. Why would anyone share this as “fact”. |
"It is absurd to state a government can run out of money."
i guess in a very literal sense it's true that governments can print money. but that doesn't mean that the money created has value or enables the government to do things in the real world. money is a veil laid over real resources - the real resources a government can deploy are finite however much money it creates. |  |
| And so as the loose-bowelled pigeon of time swoops low over the unsuspecting tourist of destiny, and the flatulent skunk of fate wanders into the air-conditioning system of eternity, I notice it's the end of the show |
| |
| Britain is spending £24k a year on every adult on 14:53 - Jun 17 with 831 views | BtreeBlueBlood |
£200 a day for everyone- travelodge are definitely cheaper! |  | | |
| Britain is spending £24k a year on every adult on 14:58 - Jun 17 with 793 views | J2BLUE |
| Britain is spending £24k a year on every adult on 14:53 - Jun 17 by BtreeBlueBlood |
£200 a day for everyone- travelodge are definitely cheaper! |
£200 a day? | |
| |
| Britain is spending £24k a year on every adult on 15:28 - Jun 17 with 729 views | CoachRob |
| Britain is spending £24k a year on every adult on 14:04 - Jun 17 by lowhouseblue |
"It is absurd to state a government can run out of money."
i guess in a very literal sense it's true that governments can print money. but that doesn't mean that the money created has value or enables the government to do things in the real world. money is a veil laid over real resources - the real resources a government can deploy are finite however much money it creates. |
Sorry, have to downvote Friedman's BS every time even if you do mention real constraints. Commercial banks create 97% of all money. I'm sure you will want to stop this and have the central bank create all money as per the textbook(Thatcher actually tried full Monetarism and it was a total disaster). Loanable funds has to be one of the worst theories I have come across in economics as when you model it dynamically you get no economic activity.
You should read Nick Stern's paper on how rubbish Neoclassical economists are at climate change and the assumption about people solving an Euler equation when wandering around Asda making consumption choices. How does anyone sit for three/four years learning this stuff and not ask if it's a little far-fetched?
There was even one person on here trying to claim Neoclassical economics is free from ideology. All economics is ideological. |  | | |
| Britain is spending £24k a year on every adult on 16:13 - Jun 17 with 614 views | lowhouseblue |
| Britain is spending £24k a year on every adult on 15:28 - Jun 17 by CoachRob |
Sorry, have to downvote Friedman's BS every time even if you do mention real constraints. Commercial banks create 97% of all money. I'm sure you will want to stop this and have the central bank create all money as per the textbook(Thatcher actually tried full Monetarism and it was a total disaster). Loanable funds has to be one of the worst theories I have come across in economics as when you model it dynamically you get no economic activity.
You should read Nick Stern's paper on how rubbish Neoclassical economists are at climate change and the assumption about people solving an Euler equation when wandering around Asda making consumption choices. How does anyone sit for three/four years learning this stuff and not ask if it's a little far-fetched?
There was even one person on here trying to claim Neoclassical economics is free from ideology. All economics is ideological. |
yes all economics is ideological. yes banks create liquidity. if you can't see the difference between monetary variables and real resources you're missing the point. yes of course they interact in complex ways, which is what most of macro is about, but they are not one and the same. real constraints are real. your obsession with bad mouthing neo-classical economics, rather than ever discussing how real economies actually work, is very weird and completely blinkered.
i assume your penultimate sentence is yet another attempt at a snide put down aimed at me. what i would have argued is that 'neoclassical economics' is essentially a framework into which you can plug any variety of assumptions to produce almost any policy implication you may choose. the ideology of particular economists causes them to choose a particular policy implication, but that's their choice it's not inherent to the methodology. | |
| And so as the loose-bowelled pigeon of time swoops low over the unsuspecting tourist of destiny, and the flatulent skunk of fate wanders into the air-conditioning system of eternity, I notice it's the end of the show |
| |
| Britain is spending £24k a year on every adult on 16:14 - Jun 17 with 624 views | Ryorry |
| Britain is spending £24k a year on every adult on 13:45 - Jun 17 by NedPlimpton |
You know you can donate to the NHS, right? |
I didn't, cheers :) |  |
| |
| Britain is spending £24k a year on every adult on 18:32 - Jun 17 with 417 views | stonojnr |
| Britain is spending £24k a year on every adult on 13:23 - Jun 17 by thebooks |
It is absurd to state a government can run out of money.
This is an article from someone who works at the Centre for Policy Studies, a rightwing think tank which represents a narrow set of interests. Why would anyone share this as “fact”. |
Well especially as they can just print money, but that's kind of where the problems start | | | |
| Britain is spending £24k a year on every adult on 18:43 - Jun 17 with 373 views | jasondozzell |
USA and Britain after WW2.
Dent to GDP ratio far higher than we have now.
Look that they did to create prosperity and rebuild the countries. They didn't say 'oh we can't afford this'.
We desperately need that now but everyone has been brainwashed by Thatcherite doctrine and an obsession with someone getting more than them that they think doesn't deserve it. |  | | |
| Britain is spending £24k a year on every adult on 18:48 - Jun 17 with 343 views | thebooks |
| Britain is spending £24k a year on every adult on 18:43 - Jun 17 by jasondozzell |
USA and Britain after WW2.
Dent to GDP ratio far higher than we have now.
Look that they did to create prosperity and rebuild the countries. They didn't say 'oh we can't afford this'.
We desperately need that now but everyone has been brainwashed by Thatcherite doctrine and an obsession with someone getting more than them that they think doesn't deserve it. |
“Anything we can actually do we can afford.”
Unfortunately, too many decades of first Thatcher and then Osborne and Reeves. A purely political bit of window dressing that basically just says no to everything.
And they wonder why fascism is on the rise. | | | |
| Britain is spending £24k a year on every adult on 18:50 - Jun 17 with 330 views | Swansea_Blue |
| Britain is spending £24k a year on every adult on 13:23 - Jun 17 by thebooks |
It is absurd to state a government can run out of money.
This is an article from someone who works at the Centre for Policy Studies, a rightwing think tank which represents a narrow set of interests. Why would anyone share this as “fact”. |
Yes, wise to question the source and accuracy. They recently published a brief on the supposed cost of long-term migrants on the economy that was wildly inaccurate. You’d certainly want every bit of evidence they present and every claim scrutinised by independent people (it probably has been on social media - academic and industry experts pull their stuff apart all the time), |  |
| |
| Britain is spending £24k a year on every adult on 18:56 - Jun 17 with 299 views | jasondozzell |
| Britain is spending £24k a year on every adult on 18:48 - Jun 17 by thebooks |
“Anything we can actually do we can afford.”
Unfortunately, too many decades of first Thatcher and then Osborne and Reeves. A purely political bit of window dressing that basically just says no to everything.
And they wonder why fascism is on the rise. |
Exactly! The 2019 election was the last chance and look what the political estab, media and 'sensible' centre did..
Feels like we're doomed now. | | | |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
