representingthemambo:

George is doing a great job, isn’t he? Great piece exposing the intellectual dishonesty underpinning the coalition’s economic policies. It was never about the deficit. It was about using it as an excuse to pursue a raft of policies that the Tories would normally not be able to get away with.

Originally posted on Birmingham Against The Cuts:

Further news this morning of austerity failing – the budget deficit for July 2012 was £600m – compared to a surplus in july 2011:

This year, the deficit is £44.9bn – up from £35.6bn in the first four months of 2011. This figure excludes one off payments made by the transfer of royal mail pension assets into the public sector – so when you see some people saying the deficit is lower now than last year, don’t fall for it – they can only say this by including this single payment, which disguises the economic reality we are facing.

The deficit is increasing because tax receipts are falling and benefit payments are rising. This is exactly in line with what anti-austerity…

View original 370 more words

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 106 other followers

%d bloggers like this: