IamalrightJack · @IamalrightJack
15th Oct 2011 from Twitlonger
If there one thing you do in your life you must read this now.
Cameron, The Tories, the Tory press & media contact(Nick Robinson , Stephanie Flanders, Hugh Pym & co) in the BBC have talked the economy into doom & gloom by peddling the deficit/debt and labour over spent lie. Historians & an economists when looking back at this period wont be looking at what was said by politician, jouralists & BBC economic presenters but, rather they will look at the facts, figures & stats.
One of the major things they’ll discover and be shocked at is: why were money value terms used to compare debt/deficit to GDP Historians and Economist will ask why weren’t percentages or ratio’s used to measure like for like. Hence, they’ll laugh and say “ of cause in pounds or dollars the UK would have a higher debt and deficit compared to the rest of the world because it’s the 6th biggest economy. Hence, its debt/deficit represented in dollars or pounds will be greater than an economy that is say the 26th largest economy. They will conclude that these people weren’t stupid or ignorant but rather they were deliberately misinforming the people. Above all they were using the propaganda strategy that if you say a lie enough times eventually people will believe it.
Here are the facts in the form of tweets you can use if you wish.:
FACT: #Osborne exposed & admits the UK never had the biggest budget deficit or debt. Watch http://bit.ly/rk70Ng
FACT:1979 National Debt 44% of GDP & then 1997 Debt was 42% of GDP. It took the Tories 18 yrs to cut debt by "ONLY" 2% -What!? http://bit.ly/lFKX91
FACT:1997 debt=42% of GDP. By 2007 debt was reduced by 7% to 35% http://bit.ly/mcUV2M there after exacerbated by global banking crises.
FACT:1997 Tories left a deficit of 2.9% & no global banking crises.2007 deficit was 2.6% & exacerbated by global banking crises & resulting down turn.
FACT:2007 UK’s debt, as a % of GDP, was 2nd lowest in G8 economies. Ireland’s was lower still at under 30% http://bit.ly/jYYqz2
FACT:UK debt ratio was higher during #Tory years than it was during labour yrs of 1997-2007 http://bit.ly/oN8u7y
There is always interest as there is always debt. In 1997 borrowing was 42.5% of GDP (i.e. debt) in 2007 it was 35.5% of GDP http://bit.ly/mcUV2M The debt and therefore higher interest payments are on total borrowing that ALL chancellors prepare on their budget. The interest on the budget deficit is actually nowhere near the figures being banded about. 1997 debt interest=4.23% of GDP, 2007 interest=2.1% http://bit.ly/jPUiMB Sadly so few actually understand or indeed refuse to understand. Tories are spinning the facts to suit their agenda.
Adam Smith may have warned that debt can enfeeble a nation but he also remarked in 1776 that "Great Britain seems to support with ease a debt burden which, half a century ago, nobody believed her capable of supporting". Debt rose even further in the decades after. Markets and governments in the UK and US have proven before that they can maintain very high levels of debt and should be open to the possibility that they can once again. The main reason for this in my opinion is our debt ranges from 10yr,15yrs,20 yrs & even 30 yrs unlike that of countries of Greece or Portugal.
To make my point I’d like to use an example (The Housewife) which the Tories love to use. A housewife who finds herself the main income earner in the family( husband made redundant etc) doesn’t decide to pay off her mortgage in 4/5 yrs- does she? No she doesn't!!
Finally, it is an economic fact(something that even Thatcher recognised and accepted)with out consumer and business confidence an economy can not grow. That is why all responsible leaders & politician around the world underplay economic problems. it’s the patriotic thing to do because, it can have real economic effects on the economy & its people. Talking down the economy is an act treachery against the state and its peoples- because over time it destroys economic confidence. My point is: knowing the latter and that labour did not over spend or create the deficit, Cameron and the Tories have been 24/7 since 2007 talking the economy in to doom and gloom. This message has been reinforced by The Sun, The Daily Mail, The Telegraph and the above mentioned BBC reporters. Their treachery extends to talking down the economy to the city of London, Davos and G20 meetings.
Yes, there needs to be cuts but, the IMF & OECD said the UK should cut its deficit over a 8 year period not 4 years. Furthermore, when the IMF said that Osborne’s' deficit reduction plan were ambitious they meant its was economically difficult and most likely unachievable-because it would chock off growth & increase the debt & deficit. Unfortunately the Tories being Tories they spun the facts.
One has to ask the question: what kind of person peddles a lie 24/7 knowing if believed it can seriously harm the economy and its people? Answer: The kind of people that are self serving without the regard to his fellow man-I think we’ve come to understand over the last 100 yrs, the Tories only look after themselves and their kind in their pursuit of the golden prize-NEAR ZERO TAXES. They always make the right sounds but their action give them away. They say one thing but actually do another. I encourage you to share this everyone.
Finally take note from the people across the pond-USA They say of the Tories: Just because you put lipstick on a pig it doesn't mean its no longer a pig.