And I added balance. lol
Shockinglybadteacher …… I do not think that Labour are “wild eyed idealists”, arguably they mean well, but if nothing else the last 13-years of Labour proves they are inept running an economy, as they always overspend and have no idea how to promote the Private Sector that pays for it all – so I repeat they will always run the economy down into debt and emergency measures, that will ALWAYS affect every person, but the poor the most.
As Mr Miliband has just announced ‘no return to tax and spend’, he has done that for a ‘credibility’ reason, but frankly it will take more than that.
Firstly, let me clarify what the Private Sector is, basically it is the part of the economy not controlled by the State, ranging from a City hedge fund, a factory, down to a small business owned by one person e.g. a high street shop, all (usually) paying Corporate Tax, and their employees, income tax and national insurance.
The Public Sector is 100% paid for by the Private Sector; please do not listen to Ballsian and Public Sector trade union economic theory that believes when our taxes pay 100% of a State workers salary, we get economic ‘growf’ from the taxes they pay, it is the road to annual deficits/public debt/ruin.
Your view that Conservatives and Labour are as bad as each other in government spending is incorrect, from 1979 that is, and lets put some figures on this using the figures from a Financial Times dated 28/3/2010;
- In 1997 Government Receipts were £272 billion, government expenditure was £ £283 billion and Public Sector Employment was 5.2 million people.
- In 2010 Government Receipts were £468 billion, Government expenditure was 570 billion and Public Sector Employment had reached 6.1 million people.
Can you see that DESPITE the recession the Private Sector was experiencing from late 2007, with employment and company/personal taxes falling dramatically, when Labour in 2010 had no plans to boost the Private Sector companies, and was at least keeping Public Sector expenditure/employment the same, it is no wonder the size of our annual budget deficit (later acknowledged to be £157 billion) was so large.
Furthermore, waiting for the Public Sector (the State) expenditure and employment to PRODUCE the taxes to both pay our annual education, NHS etc bills, reduce the annual budget overspend AND reduce our accumulating National Debt, it was economic incompetence of a grand scale – so under Labour it is GUARANTEED the UK would not has seen a recovery with 1.8 million new Private Sector jobs since 2010, by Labour instead ploughing ever more taxpayers money into a top heavy State and increasing everyones taxes, as they suggested in their tax/spend more, cut less, 2010 general election manifesto.
One other little fact to show wanting more taxpayer value from the State ‘is business, not personal’;did you know
that the Public Sector’s (State employees) pensions are mostly UNFUNDED and not in our National Debt figures and come out of annual spending budgets when due?
If you didn’t, the last ONS Public Sector pension figure I saw was a total £1.2 trillion (£1,200.000.000.000) taxpayer liability, ON TOP of the £1.3 trillion (£1,300,000,000,000) National Debt, ALL to be paid for by taxpayers who have no such pension plans.
“Final salary pensions 10 times more common in public sector”
www.telegraph.co.uk/finance/personalfinance/pensions/10698432/Final-salary-pensions-10-times-more-common-in-public-sector.html
“Just 8.5pc of workers in private sector have the gold-plated pensions enjoyed by vast majority of public sector employees”
IMO few people would begrudge the Public Sector ‘front line’ their pension, but that is a lot of annual interest rate servicing and total national debt paying off to do, so we can’t risk another economic dip from an economically incompetent Labour, only just realising after 4-years that their lack of a 2010 plan, was not just ‘pants’, but big pants, which would have led to bigger and deeper cuts latter on.