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Thread: Corbyn proves folk understand economics

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    Scucca Æthelfrith's Avatar
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    Corbyn proves folk understand economics

    Austerity is now a vote loser in the UK. Using it for ideological gain (at the expense of economic rationality) is no longer available to right wingers. The blip is over!
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    RNG
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    Who pays?

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    Scucca Æthelfrith's Avatar
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    Quote Originally Posted by RNG View Post
    Who pays?
    You're going to have to give more detail.

    Austerity makes no sense. It destroys growth and increases debt. Britain has seen its folly, given its real purpose has been to increase inequalities and make government policy impotent

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    RNG
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    Quote Originally Posted by Æthelfrith View Post
    You're going to have to give more detail.

    Austerity makes no sense. It destroys growth and increases debt. Britain has seen its folly, given its real purpose has been to increase inequalities and make government policy impotent
    Too many right wingers believe in trickle down. Too many left wingers believe in half of Keynesian theory. The all know about needing to use government money to stimulate the economy when things are bad. But they totally ignore the fact that Keynes also said that that money had to be repaid when times were good.

    So when will times be good? Or have you found some way of paying back that money without a decrease in spending. Are you a closet trickle downer?
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    Yet ANOTHER moral victory!!!

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    Scucca Æthelfrith's Avatar
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    Quote Originally Posted by RNG View Post
    Too many right wingers believe in trickle down. Too many left wingers believe in half of Keynesian theory. The all know about needing to use government money to stimulate the economy when things are bad. But they totally ignore the fact that Keynes also said that that money had to be repaid when times were good.

    So when will times be good? Or have you found some way of paying back that money without a decrease in spending. Are you a closet trickle downer?
    You're misinterpreting Keynes' message. That focused on the folly on the supposed self correcting mechanisms of capitalism (such that active fiscal policy will protect human capital and therefore ensure future tax revenues). Analysis since has focused on the likes of multiple equilibria and how active policy can prevent an inferior equilibrium from developing. The "we have to pay it back when the business cycle turns" line is deliberately ignoring the complexity of Keynesian analysis
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    Veteran Member MaryAnne's Avatar
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    Quote Originally Posted by Æthelfrith View Post
    Austerity is now a vote loser in the UK. Using it for ideological gain (at the expense of economic rationality) is no longer available to right wingers. The blip is over!
    Bbbut, Trump said he looked to long years of working with May!
    Thanks from Æthelfrith

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    RNG
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    Quote Originally Posted by Æthelfrith View Post
    You're misinterpreting Keynes' message. That focused on the folly on the supposed self correcting mechanisms of capitalism (such that active fiscal policy will protect human capital and therefore ensure future tax revenues). Analysis since has focused on the likes of multiple equilibria and how active policy can prevent an inferior equilibrium from developing. The "we have to pay it back when the business cycle turns" line is deliberately ignoring the complexity of Keynesian analysis
    But it doesn't ignore the basic truth that so many on the left ignore. Debts have to be paid at some point.

    Quite some time ago the Canadian government started advertising the fact that 25% of tax revenue was being spent on servicing debt. That was amazing. People started accepting the need for more taxes and less spending. Please note, increased tax AND decreased spending. It worked.

    The Province of Alberta did a similar thing, eliminated its debt and then was able to reduce taxes.

    Things cost and must be paid back. Talk equilibria and complexities all you want but those are basic facts.
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    Wrinkly Member Dangermouse's Avatar
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    In all these 7 years of austerity for the many, the few have got personally richer, but tripled the country's debt. They can't have taken ALL of it, can they?
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    Junior Member fenrir's Avatar
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    And while this debate about the relative merits or not of socialism rages..........

    Venezuelans Now On A Forced Starvation Diet — Thanks, Socialism!

    ...A new study of Venezuela's stunning decline under Hugo Chavez's socialist model, still followed faithfully by his lap dog successor, Nicolas Maduro, reports that the average Venezuelan lost 19 pounds in the last year. Today, the 2016 Living Conditions Survey finds, 32.5% of Venezuelans eat only once or twice a day, up from 11.3% just one year ago. And 93.3% of all people don't earn enough to buy sufficient food....



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