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A massive failure of journalism is being corrected

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Via It’s austerity all right – but not of the kind we actually need, City A.M.’s Allister Heath makes his case: It has long been a theme of this column that the government and its critics alike have exaggerated the extent of the government’s belt-tightening. The coalition is doing this to try and reassure the bond markets while seeking to minimise the hit to the public sector; the opposition because it wants to blame the recession on “the cuts.” But […]

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What If the National Debt Were Your Debt? – YouTube

Via Learn Liberty, a video which tries to make the US fiscal position understandable: What If the National Debt Were Your Debt? Government debt is not the same as household debt of course. Households can’t debase everyone’s money in an attempt to avoid bankruptcy.

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Presentation on the financial crisis

This evening, I made the following presentation on the Government’s financial position and intentions and on the genesis of this crisis. The PDF is here: How to create a crisis.

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The Doorbell – understanding the implications of state overspending

Via powerlineblog.com: For another US perspective see LearnLiberty.org and Stop Spending Our Future plus these posts.

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Autumn Statement chart of the day: living beyond our means for years

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Via the Autumn Statement, page 25, forecast Government receipts and expenditure through the Parliament as a percentage of GDP: See also this chart, showing how our national debt is forecast to increase as a consequence.  The legacy this Government was handed remains a scandal.

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Autumn statement chart of the day: public sector net debt

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Via the Chancellor’s Autumn Statement (PDF), the revised trajectory of public sector net debt: City AM reported back in July on a poll that, asked whether the coalition would be keeping the national debt the same over the next four years, increasing it by £350bn or cutting it by £350bn. Just nine per cent got it right – 21 per cent thought it would be staying the same and an astonishing 70 per cent thought the national debt would be […]

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Today’s strike action is unjustified

The strike taking place today is not just a walkout, but a walking away from the negotiating table, where a good deal was rejected irresponsibly. The Minister for the Cabinet Office, Francis Maude, has said: “Tomorrow’s strike is inappropriate, untimely and irresponsible, especially while talks are ongoing. “We have listened to the concerns of public sector workers and that is why at the beginning of this month we put an improved offer on the table.  The offer ensures that public […]

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National Insurance Fund: No quick fix

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This post is by Tim Hewish, my Parliamentary Assistant. A number of Steve’s constituents have written to him regarding the National Insurance Fund (NIF).  The Fund was flagged in the media when it lost £4.5bn back in March which is the first time since 1993 that it had decreased. This was largely attributable to an increase in benefit payments and a reduction in National Insurance contributions. The argument being advocated by a select number of pension lobby groups is that the NIF […]

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Why Is There a Euro Crisis?

From a magnificent article by Philipp Bagus – Why Is There a Euro Crisis? Today’s banks are not free-market institutions. They live in a symbiosis with governments that they are financing. The banks’ survival depends on privileges and government interventions. Such an intervention explains the unusual stock gains. On Wednesday night, an EU summit had limited the losses that European banks will take for financing the irresponsible Greek government to 50 percent. Moreover, the summit showed that the European political elite is […]

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PAUL: One year to go – Washington Times

Via PAUL: One year to go – Washington Times (and twitterer @tomjdalton): I firmly believe the American people are serious about cutting spending and fixing our debt crisis now. Those struggling to make ends meet and provide for their families while also trying to save for the future know we must change course immediately. I’m not running for president merely to trim a little here and there from our bloated federal budget. Instead, I have offered the boldest, most specific and […]

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