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It’s Monday, innit?

In the video (which is live in the link) Ed Balls says that Labour must above all else reduce debt as a proportion of GDP and that if it does not do so before the election he seems to think that it is unelectable.

Balls said this in the context of a discussion on the Green New Deal. His clear implication is that borrowing to tackle climate change has to be within this constraint. He seems to think that balancing the books is more important than saving the planet.

Because it’s Monday that Green New Deal investing doesn’t, in fact, so stimulate as to pay off the debt. On Tuesday, who knows?

5 thoughts on “It’s Monday, innit?”

  1. Its interesting that the natural experiment of the last 3 years doesn’t seem to interest our Spud. In a very short period of time we did what he and people like him have been telling us we not only could but should do – namely print and spend hundreds of billions of pounds into the economy. And according to the pronouncement of all the Keynesians and MMTers before we did this for covid reasons, such spending should have jump-started the economy, and launched it forward into a new paradigm of growth, just as the New Deal and armaments spending did for the depressed economies of the 1930s. Indeed according to them we should now be growing at 3%+ and tax revenues should be streaming in as the spending created its own repayment revenue.

    But we aren’t. And weren’t even before the energy price shock. But I’m sure Spud et al have some reason why spending £400bn into the UK economy didn’t do what he said it would do. Neoliberalism certainly, and probably wreckers. And the Tories and Mrs T (PBUH).

  2. Jim.
    Clearly the wrong sort of spending, probably by extreme right wing fascists. Had it been controlled and micro-managed by the mighty Spud it would have been different.

  3. Spud has some strong views on lax procedures at Companies House but before you dismiss his views, it’s important to appreciate the rigorous depths his research has taken…..

    “I remember the time when I was told by a Norwegian taxicab driver that every taxi in Oslo was operated by a separate UK company because they were much cheaper that Norwegian ones, and no one enforced the law on tax or accounting on them.”

  4. Andrew C – and every Norwegian taxicab driver is claiming tax exemptions for a long-dead Norwegian Blue parrot…
    There used to be a food outlet called something like ‘Spud-U-Like’. Not a sensible business name, associating themselves with the P3.

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