RE: Divi28 Nov 2023 20:21
LWHl,
One will always exercise one's right to disagree.
It’s a tale of two disasters really, Brexit and Truss.
On the contrary, a robust and well-funded public sector plays a pivotal role in driving economic growth and societal stability. Adequate public spending is essential for infrastructure development, education, healthcare, and various public services that create a conducive environment for businesses to thrive.
Contrary to the assertion that there are "non-jobs" in the public sector, many public sector roles contribute significantly to societal well-being. Policymakers, educators, healthcare professionals, and public servants all play crucial roles in fostering a healthy and educated workforce, which, in turn, positively impacts economic productivity. Pointing a finger is not the answer – Cameron and Osborne need to fess-up, along with their successors.
Admittedly there are significant problems with illegal immigration– but addressing issues such as illegal immigration requires comprehensive and thoughtful policies, rather than drastic measures. A well-managed legal immigration system can contribute to economic growth by bringing in skilled workers and filling labour market gaps.
The idea that the current system is a "ponzi scheme" oversimplifies the complexity of economic dynamics. Public spending, when targeted effectively, can stimulate economic activity and benefit society as a whole. It is not a zero-sum game where tax cuts necessarily lead to economic prosperity, the Trussonomics disaster bears witness.
Agreed: the Truss/Kwarteng budget failed – But, Truss had a point about the need for economic growth, but her solution of tax cuts for the rich was not only tone-deaf during tough times but also unlikely to achieve her goals. Nearly all economists dismissed her chancellor's plans as ineffective for growth and likely to worsen the economy. The financial markets weren't buying into Trussonomics, and even the staunchest free market enthusiasts weren't sold on her so-called 'free market message.'
Using GDI instead of GDP may have its merits, but it is not a panacea for economic challenges. Both indicators have their uses, and a comprehensive evaluation of economic health should consider multiple factors.
Brexit, what can one say?
New post-Brexit trade deals, especially with New Zealand and Australia, aren't expected to bring significant benefits to the UK. Over 15 years, they might only contribute 0.08% to the economy, and there are already negative effects on our farmers. Because we already had limited and tariff-free trade with these countries, the impact is likely to be minimal. Liz Truss negotiated these deals, which are seen as having little impact on the British economy.
We are where we are, and the mess needs to be acknowledged before we can move forward. Once the mistake is openly admitted by politicians and a lot of humble pie digested - then we can build a strong, inclusive economy that benefi
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