Monday, 12 April 2010

Vat and whatnot

Quote of the day (for yesterday) had to go to Ed Miliband. He's accused the Conservatives of making unaffordable promises. Hey, Ed? Every minute of the day, our national debt goes up by over £300,000.

Even if we ignore or enormous pensions liability which we have no savings for (I'm glad they're still taking National Insurance from my monthly wage slip though), there is still the £780,000,000,000 debt. I think the time when Labour ministers could act indignant over unsustainable spending  is over.

Now, just because he's a massive hypocrite for saying it, doesn't  mean that Ed is wrong. He's correct, but tough, I reckon. Someone should tell him  to look up the laffer curve on wikipedia. It explains how  Reagan was able to lower tax yet continue previous levels of spending. The greater the growth, the more significant the tax returns. Labour could have done that too, except they put up tax when or economy was growing to the point that the treasury  gained an extra one trillion pounds, and yet here we are almost in that much debt still. In short, Ed really should worry more about stopping his party going to the left and being electorally bankrupt for the next 15 years, and less about the party who want the state to shrink from its current behemothic heights.

Incidentally, did anyone see Cable on the Politics Show on Sunday? He got aggressively fucked up. I can't link to it now, I'm on my phone, but I'll add it in later, it's great viewing.

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