AIBU to worry about who will pay for it all.

[Desperado40]

AIBU to be really anxious about the state and future of the economy? I worry about it much more than covid itself and the number of deaths in the UK. Adding brexit to the mix will be an absolute shitshow as well.

I just can’t help thinking about Theresa May’s quote “there isn’t a magic money tree”. Well, it looks like a whole Amazon rainforest of magic money trees have been found. I dread the future of my ds & dd as they will carry on paying for it all.

Yawn

It will be paid by all of us. Combination of tax rises and spending cuts. It’s going to be grim for most people. Mega rich won’t worry and probably make a profit

The tax the rich till the pips squeak mantra doesn’t work for the mega rich. Just means they can do a dodge and leave more for everyone else to fill in for

Yanbu. The future is very bleak for most of us. Id rather take my risk with covid.

Yes op, I agree with you. I also have children, two of whom are nearly finished studying and will need jobs. House prices are rocketing but there is just no way most of the young people will be able to buy anything without inheritance or major financial help.

The situation is dire and will get worse.

Me too, I find it so worrying

Yeah crazy how everyone is stressed to fuck about the economy and paying back this huge debt whilst at the same time house prices have rocketed. Just puts owning a house further away for everyone. Ridiculous the government through that stamp duty cherub in

I am incandescent that we are about to get a no deal Brexit inflicted on us right in the eye of the current storm.
January will be unspeakable.

Then austerity, misery and a shrunk economy for decades, with far greater inequality levels.

Yet that prick Johnson sounds so gleeful about it.

Public sector cuts and job losses.

Just remember that when you're all clapping and singing for the NHS.

Threw. When the economy is fucked don’t give a mega gift away in terms of stamp for those who less need it. Can see we push it helps builders, removal people, professionals on the transactions etc. But given they don’t seem to give a duck about retailers or hospitality it seems a joke

The younger generation will be crucified.

But yes, public sector cuts (services, salaries, jobs) will not be long materialising.

Surely that was obvious?

How much did the Falklands war cost? Iraq? Brexit?

I run a business that employs 28 people. The cost of furlough versus the cost of benefits is probably neutral. We’ll repay our CBILS loan if we can keep trading next year.

It’s a very small thing to grasp onto but just hope that because almost every country is fucked simultaneously it’s less bad ourselves. I’m not an economist though. I know you can’t just print money like Zimbabwe, but if everyone does (specifically the stronger economies) it might have less effect? Could do with someone with more expertise than me waffling. Brexit is just the additional shit show when we don’t need it currently

Jacob Rees Mogg
He can certainly afford it

He can certainly afford it

Hasn’t he shifted all his money to ROI?

It’s a very small thing to grasp onto but just hope that because almost every country is fucked simultaneously it’s less bad ourselves.

That’s not actually true though, China’s economy is growing strongly for example.

There was a reassuring thread a bit back where someone explained how inflation will make everything ok. At least, that's how I interpreted it!
The downside is that £100 of wages will only buy £60 of stuff. So we all will pay for it.

There was a reassuring thread a bit back where someone explained how inflation will make everything ok

It’s a nice idea, but fundamentally wishful thinking.

It depends on economies growing at a very significant rate which seems unlikely.

Well absolutely it won't just be us thats effected my ds is 8 and he'll likely still be paying for this shitshow in taxes as a young adult.

So long as Tory government is in power they'll find a way to reep back as much as possible, don't forget we wouldn't have been in this position if they hadn't already massively underfunded the nhs

Theres an episode of seriously called the magic money forrest addressing this very question. I havent listened yet so cant vouch for it.

Don’t get me onto China Keating otherwise I might buy into some of the conspiracies. I used to refuse to buy into them. This virus seems a perfect thing you’d create to fuck everyone if able to play the long game.

I know they lie but China, largest population in world c 1.7 billion, reported 17 (seventeen) new cases just now

The same as always- the poor will pay

I really agree with you OP - it is worrying. But I am hoping that perhaps going forward people will realise that they cannot spend what they do not have and will stop putting non-essential (ie anything else apart from mortgage/rent, car, bills, food etc) spending on credit to be paid off sometime in the future. I think many people have spent very extravagantly believing that their lives would continue unchanged. COVID (and Brexit) have shown that just isnt true.

But yes for those of us in paid PAYE, work taxes will increase, and I am absolutely sure that there will be lots of sneaky tax increases for the very long foreseeable future.

I do agree with what the Chancellor is trying to achieve, which is to keep people in employment for as long as possible, but I havent liked hearing about the dodges from well-off companies and individuals. I havent read anything that the chancellor has tried to stop that - he needs to. Why should I pay extra tax when some billionaire in Monaco has an entire team of lawyers to try to weedle out of their (supposed) commitment to the UK?

Ok they’re understated, and a communist state, but they’re not Norrh Korea and we have enough intelligence to get some real knowledge surely? Why hasn’t some reputable source delved into these crazy numbers lower than what Australia has with a stricter travel ban