All this stuff about challenges, and meltdown, and full support for, and change, and listening. So what?
It's what is to be done about unfunded pensions, PFI bills coming home to roost, dishonest and incompetent national statistics so that no-one knows what is what any more, tax-mess made by all those years of Brown instead of simply pulling the lowest paid out of taxation, tax avoidance by anybody sane on a massive scale induced by the same meddling fool in the Treasury, transferring the borrowing of the dishonest onto those who remain trapped inside the tax system, and rampant, roaring inflation.
Just to mention a few worries.
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8 comments:
Hatters, take a holiday and chill. Its bad, but what can we do?
What is worth caring about?
1. What you've said: a disorderly, disintegrating and rapacious economic structure. Most of us, including me, don't want to have to think about money, but we're fighting against enslavement and robbery.
2. Anomie.
I think this may have something to do with the great big wages, perks, and houses all our MPs have. What do they care if others are suffering.
At the end of August Angels are going to Russia, WW, so the transition, particularly for the Federation, has been to the fore. Some of what happened is possible in the UK, particularly the pensions and roaring inflation part.
We can talk about what is happening - they hope we won't, best if we do.
Anomie - a stand-alone post S.
Yup Hats - and as I say till I'm blue in the face - why are they STILL learning?
Aren't they supposed to be competent in such hugely paid jobs?
Listening and learning, isn't it Scroblene? Flakey, fakey, fishy, frauds.
Unfunded pension liabilities of public sector employees amount to around GBP 800 billion according to a recent letter to the FT. As the author commented, these represent deferred remuneration and any attempt to welsh on them will come up with strong legal challenges from the unions. So much for GB keeping to the Golden Rule.
PFI and PPP liabilities are also a joke. Conveniently the ONS allows them to stay off balance sheet, to us to meet our Maastrict obligations, whereas the NAO thinks that they should be classified as state liabilities (which clearly they are) and should be accounted for as such.
Transfer payments to claimants of Job Seekers Allowance and Incapacity Benefit, as well as salaries of those who work in the public sector have to be paid by someone - either today's taxpayers, to tomorrow's. An intellectual case can be made for lumbering our children and grandchildren with this burden, but unless I was on holiday at the time, I haven't heard Gordon make it.
After ten years of Finance Bills each of which run to thousands of pages we must now have the most complicated tax code in the developed world, complete with convenient features to keep private equity bosses paying lower marginal tax rates than their cleaners, and non-doms paying practically no tax at all.
You ask what is to be done. To me, it's obvious. The only way to get the government (i.e. future taxpayers) off the hook is to take back control of interest rates from the Bank of England and let inflation rip. It will be pretty grim for some (pensioners certainly, but also investors from the Far East and the Middle East who have bought gilts) but will be wonderful for the rest of us. It will also mean that those of us who are saddled with large mortgage liabilities will see them melt away.
So what if we have to run the printing presses a bit harder?
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