If only he knew anything about debt, macro, GDP or even economics

Despite this debt will always be falling as a part of GDP, but how is not explained;
And borrowing for investment is outside this book balancing exercise, except it clearly is not because total debt has to fall in proportion to GDP, meaning that in all likelihood a current surplus has to be run: after all, how else might this be guaranteed?

How about if GDP goes up faster than the debt grows? As has happened for most of the past 2 centuries……

8 thoughts on “If only he knew anything about debt, macro, GDP or even economics”

  1. Oh dear, JM Keynes is now an utter pariah because he recommended running a budget surplus during the top half of the economic cycle to offset the deficit that he recommended in the bottom half!

    Murphy has never heard of the impact of inflation on fixed-interest debt. It’s over 40 years since I first wrote about that and nearly 40 since my first published essay. What can I say (that is printable)?

  2. … or even maths. That’s all you need to understand that X can be increasing, yet still fall as a percentage of Y.

  3. Capt Potato has the commentators he deserves. They are even more deprived of brainpower than he. Plus he makes Simon Wrong-Lewis seem like a giant of economics, which is quite an achievement

  4. O/T but a classic from left wing fruit loop George Monbiot about obesity in the Guardian

    “It’s not that we’re eating more, that we exercise less , or that we lack willpower”

    Turns out it’s an evil plot by food manufacturers.

  5. There’s a takedown on Twitter – the Moonbat has misunderstood the stats (colour me unsurprised). He’s used the modern self-reported calorie intake figures, which are widely understood to be substantial underestimates (a bit like self-assessment of alcohol consumption) to compare with more careful, historic measurements.

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