Anyone seen this article by John Ross: The Fallacy of Osbornomics
www.guardian.co.uk/commentisfree/2011/jan/10/george-osborne-tories-deficit-cuts
because if I hear another person talking about the 'need to make cuts because of overspending by Labour' I'll go crazy.
In sort, any deficit is a result of 'inadequate tax take' - which I guess explains this bizarre phrase I keep hearing - 'competitive tax regimes'.
Ross puts it succinctly:
"When he was justifying the VAT increase on the Today programme, Osborne neglected to mention that during this parliament a series of taxes will be cut ? benefiting high earners, corporations and banks. These are roughly equal to the estimated revenue from the VAT hike ? rubbishing the claim government policy is driven by a "structural" requirement to cut the deficit. Osborne's argument that the urgent task is deficit reduction is therefore false. Even worse, the logic of his "voodoo budgeting" is not deficit reduction but income transfer from poor to rich."
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structural deficit is a myth
37 replies
telsa · 12/01/2011 09:08
OP posts:
sarah293 ·
12/01/2011 09:10
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