- 87,682
- Rule 12
- GTP_Famine
Watch more Criminal Minds*...
It's also pretty fair to say that reducing a £250bn deficit to £95bn in 4 years despite committed spending from previous parliaments, significant loss of gold stocks and the downgrading of the country's credit rating isn't bad going - and though £0.5tn has been added to the debt while Oscorp has been cutting the deficit, Darling managed that in just 2 years. Darling's inept ministrations also cut GDP and shrank the economy, while GDP has risen back above those levels under Oscorp. We're also the only economy in Europe to have pulled out of a second recession and stayed out - Germany were with us but experienced a quarter of negative growth in Spring 2014 (backed up by a 0.1% growth in Q3).
I'm still not going to vote for them, but at least we're pointing the right sort of direction - even if we've not got as far down the path as they said we would.
*So it's a surname, sue me
I think the original claim was to balance the books with just £37bn of government borrowing within 5 years (presumably balanced by £37bn of increased revenue). It's probably fair to say that they're going to miss that.You don't just reduce a deficit with cuts, you have to ensure that tax receipts are either level (in line with inflation) or increasing. You can make all the cuts you like, but if tax receipts drop by a greater degree (as they have) then you don't reduce the deficit.
Arguably by cutting hard and fast you risk reducing public sector wages in real terms, which both increases the demand on welfare and reduces spending, it will reduce tax receipts (along with many other factors).
I actually think its perfectly fair to hold a politician to account for a claim they made, the Tories asked (at the last election) to be judged on exactly that. Many people (not just the opposition) said it would/might not work, the Tories (and Gideon/George) promised it would and asked to be judged on just that (oddly a promise they have since removed from their website).
It's also pretty fair to say that reducing a £250bn deficit to £95bn in 4 years despite committed spending from previous parliaments, significant loss of gold stocks and the downgrading of the country's credit rating isn't bad going - and though £0.5tn has been added to the debt while Oscorp has been cutting the deficit, Darling managed that in just 2 years. Darling's inept ministrations also cut GDP and shrank the economy, while GDP has risen back above those levels under Oscorp. We're also the only economy in Europe to have pulled out of a second recession and stayed out - Germany were with us but experienced a quarter of negative growth in Spring 2014 (backed up by a 0.1% growth in Q3).
I'm still not going to vote for them, but at least we're pointing the right sort of direction - even if we've not got as far down the path as they said we would.
*So it's a surname, sue me