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Has freedom failed?

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I’m not given to authoritarianism but if I were, this chart from the report of the 2020 Tax Commission would be in every MP’s office: I would have thought anyone, with a moment’s reflection, would understand that limited government was another casualty of the world wars. As I have said before, if this is capitalism, I am not a capitalist.

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This is a crisis of state intervention

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In the past few posts, I reproduced the economist Ludwig von Mises’ 1949 explanation of “the crisis of interventionism”, which insisted that the “third way” is a system of economic organisation which cannot last. We must choose between either state socialism or a free society. State socialism would be chaos but “Nothing suggests the belief that progress toward more satisfactory conditions is inevitable or a relapse into very unsatisfactory conditions impossible.” Many seem to believe we are in a crisis of […]

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The average family pays £656,000 in tax over their lifetime

The TaxPayers’ Alliance (TPA) shows that the average family pays £656,000 in tax over their lifetime. After years of the state overspending and misusing our money we now have a greater idea of how far this legacy cripples the finances of British families. The TPA’s latest research shows the total amount of direct and indirect tax that households will pay over their working lifetimes and in retirement. Based on the current level of taxes applying over a working lifetime of 40 years […]

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Via Detlev Schlichter: Deceits and delusions – Some thoughts on the euro-crisis and democracy

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Anybody with any knowledge of economics should feel uneasy at the sight of a country where half of recorded economic activity is conducted by the state. Are such semi-socialist societies operable, and if so, for how long? Read the article via Deceits and delusions – Some thoughts on the euro-crisis and democracy. Here’s the growth of the British Government to over half of GDP: We can escape this mess towards sustainable prosperity, but that escape will require substantial reforms towards […]

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Autumn Statement chart of the day: tax and spending

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The economic facts behind the Autumn Statement, in as far as they are known or forecast, are available in the Economic and Fiscal Outlook from the Office for Budget Responsibility. Table 4.7 provides forecast current receipts. Table 4.18 provides total managed expenditure. So, here’s a chart of current receipts (i.e. tax) and total managed expenditure (i.e. spending) for the next few years: The reality is that the Government intend to increase spending every year of the forecast period and to meet […]

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