@richardjmurphy is quite gorgeous this morning

No, really, fabulous:

They could – as I have suggested – require that pension funds invest 25% of their contributions in new employment creating activity.

They could promote a Green New Deal.

It’s  utter nonsense that the cuts won’t impact people. It’s utter nonsense that we just sit back and take the crap that might flow our way.

The state has a role.

A powerful role.

And if Cable doesn;t know it (and he clearly doesn’t) then he needs to retire soon and let those who believe that the state is an essential component in getting us out of this mess get on and do the job.

In short, Cabinet Minister who doesn\’t implement Ritchie\’s policies should resign.

A tad of hubris there perhaps?

12 thoughts on “@richardjmurphy is quite gorgeous this morning”

  1. So WGCE thinks I should hand over 25% of my pension fund to be pissed up the wall? It’s going to return zero to me as an investment, and so we might as well call it what it is: a tax.

    So, tax free into the fund, taxed at 25% in the fund, the remainder taxed at (probably) basic rate when coming out of the fund. Right, that’s pensions out then: might as well save it in the bank. An offshore bank out of the reach of WGCE and the Usual Suspects.

  2. I refuse to grace his blog any more. I don’t want to bump up his figures. So I have to go on what Tim pulls out.

    The above is so simplistic, so unutterably ignorant of the history of planned economies, so totally full of himself that I also most broke the above rule.

    But reading this extract again, I stopped myself, he just isn’t worth it.

  3. So Richie wants to steal 25% of pension funds. Could be worse I suppose, Hungary stole 50% in 2006.

    Also, as Tim usually points out, jobs are a cost, not a benefit, so ’employment creating activity’ is pissing money up against a wall by definition.

  4. “It’s utter nonsense that the cuts won’t impact people. It’s utter nonsense that we just sit back and take the crap that might flow our way.”

    It is also utter nonsense that all was sweetness and light with public sector finances that could be sustained *even when things were going well*.

    The real problem is that the people tasked with saving money are the ones it is being wasted on – if we are paying private sector level wages we should have private sector style accountability and be able to be rid of the ones who don’t perform. Instead they will maintain their own jobs at the expense of frontline roles and services. Neither the ‘cuts’ nor Dickie’s ideas will tackle that.

  5. “It’s utter nonsense that we just sit back and take the crap that might flow our way.”

    And of course he’d be relaxed if we were to say the same about higher taxes?

  6. He doesn’t seem to have been saying so much about “democracy” since the two parties calling for larger cuts in public spending won the election.

  7. Isn’t there research that shows that 1 green job destroys real, sorry, non green, jobs? In which case he would soon be back for the other 75% for more of his hairbrained schemes.

  8. So Much For Subtlety

    Hugo – “So Richie wants to steal 25% of pension funds. Could be worse I suppose, Hungary stole 50% in 2006. ”

    I have been keeping half an eye on other states doing this. Argentina, always a bell weather in bad economic ideas, seems to have done so as well. I could be mistaken but it looks like America is also going to keep on spending by “loans” from government workers’ pension funds. Pensions are a natural target for bad governments. All that cash no one needs just yet. I expect that some governments will welsh on their pension obligations through inflation or the like, but where pensions have been fully funded, they will be stolen.

    It makes you wonder if it was ever logical to save up for your retirement. I expect not.

  9. SimonF, yep, at the rate of about three to one. I swore to Tim I would rein in the level of my invective against Murphy, but the man makes me so angry sometimes I want to break things.

  10. Why be angry at Murphy? If the dear boy can get unions, lefties and fools, but I repeat myself, to give him money for uttering this gibberish, should we not praise him?

    It is immoral to let a sucker keep his money.

  11. In the spirit of diversifying your assets, pensions are a bad idea. All that money in one place? Far too easy for the government to steal.

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