Unpleasant Realities 1: Tthe Deficit & The Debt

[aka Calum Da Jazbo]

...the deficit and it has rarely been so large



and the debt level is back to the 193-1955 levels as % GDP ie we are broke really





well Messrs Attlee and Roosevelt did pretty well against such an appallingly difficult global economy .... maybe they knew something the coalition wants to ignore ...


and the bankers demands to keep them in business

[Lateralthinking1]

Thanks Calum. This gives me the opportunity to post a few random things I discovered yesterday.

Deficit

The highest deficit under Major's government - 1990-1997 - was well in excess of the highest deficit under Labour between 1997 and mid-2008. Seeing that by the end of 1997, the Tories had been in power for 18 years, their higher deficit could only have been their fault. While I'm no fan at all of Blair and Brown, what the stats do suggest is that so-called out of control Labour policies were probably not what created this mess as generally stated. Rather it all goes back again to the global economy and its methods.

Costs

Iraq war - £9 billion, Libya - £2 billion, Afghanistan - £18 billion, The Olympics - £11 billion

A big question about priorities. It's also insignificant compared with tax evasion - the combined totals equal every 1-2 years.

And then - RBS Bailout - £45 billion, Northern Rock bailout - £100 billion, Rescue for Irish Economy - £7 billion

Tax Evasion

98 of the Top 100 FTSE companies use tax havens. Banking makes the heaviest use. 25% of the 34,216 companies set up by FTSE 100 multinationals are in tax havens - http://www.actionaid.org.uk/doc_lib/...tax_havens.pdf. Many are British or in ex British countries. Politicians could take similar actions to those for the Malvinas. Much of it would be all over in a day. Here are some more realistic suggestions - http://www.tackletaxhavens.com/. Europe is also worth noting. The Netherlands and Luxembourg are two of the worst offenders. Funny that the EU has done little about them. Finally, for those who wonder how tax havens work, here is information with reference to the next Republican candidate for the Presidency - http://www.youtube.com/watch?v=EFMwFbsIBas

Public Sector Savings

Savings to date from the destruction of the public sector amount to £10 billion. That's approximately the cost of the Iraq war or half of the Afghanistan campaign or the big Olympics party or 6-12 months of private sector tax evasion.

[Lateralthinking1]

well Messrs Attlee and Roosevelt did pretty well against such an appallingly difficult global economy .... maybe they knew something the coalition wants to ignore ...

.....I agree. It also looks from the third chart as if the deficit was worse than it is now for 55% of the 20th Century - 1915-1970 - and worse for 62% of the welfare state years - ie post 1911.

For 11% of those years - 1911-2000 - it was twice as bad as now and for 34% of them it was 3-4 times as bad as now.

As these figures and those in my previous post suggest, what is being done imho is based almost wholly on political ideology.

(If anyone disagrees with this analysis, please shout)

[Segilla]

ISA = authorised / legal tax evasion?

[Beef Oven]

ISA = authorised / legal tax evasion?

It's more properly tax avoidance, because it is legal.

[MrGongGong]

If ALL allowances, expenses, costs = evasion (rather than avoidance) should they ALL be eliminated ?
this would save millions, no need to keep receipts etc though it would make many accountants redundant !

[Beef Oven]

If ALL allowances, expenses, costs = evasion (rather than avoidance) should they ALL be eliminated ?
this would save millions, no need to keep receipts etc though it would make many accountants redundant !

Precisely Mr GG. The business of avoidance or evasion is not understood by the politics of envy/tall poppies brigade.

By the way, how are those triangles going?

[MrGongGong]

Knowing the difference is vitally important
a bit like the confusion over expenses and per diems (to put it into music speak !)
there is a point where having everything totally accounted for and accurate costs more and is a waste of time
in the past I have been in a situation where it would have been financially more "prudent" to "loose" the bag of reciepts
rather than get them processed by the accountants !

The same goes for insurance etc I know of a couple of venues where they don't insure things like sound equipment and pianos etc as the premium would be so high that it's cheaper to simply replace things as and when rather than pay for insurance !

BUT

insuring yourself to drive would be a good idea IMV


The triangle album Marvellous !

Christine Balfa is the Brendel of the triangle

[Beef Oven]

Knowing the difference is vitally important
a bit like the confusion over expenses and per diems (to put it into music speak !)
there is a point where having everything totally accounted for and accurate costs more and is a waste of time
in the past I have been in a situation where it would have been financially more "prudent" to "loose" the bag of reciepts
rather than get them processed by the accountants !

The same goes for insurance etc I know of a couple of venues where they don't insure things like sound equipment and pianos etc as the premium would be so high that it's cheaper to simply replace things as and when rather than pay for insurance !

BUT

insuring yourself to drive would be a good idea IMV


The triangle album Marvellous !

Christine Balfa is the Brendel of the triangle

Mr GG, be careful, you are being dangerously realistic! You may have even spent some time in the real world!

I agree with your views on car insurance, what with it being a strict liability offence!

Yes, I get it now - Balfa is that marvellous musician that plays on my treasured recording of Dvorak's 9th. How does she rise above the orchestra without amplification? Genius.

[MrGongGong]

Mr GG, be careful, you are being dangerously realistic! You may have even spent some time in the real world!

I agree with your views on car insurance, what with it being a strict liability offence!

Yes, I get it now - Balfa is that marvellous musician that plays on my treasured recording of Dvorak's 9th. How does she rise above the orchestra without amplification? Genius.

Purple at 2:30 am ???

having mixed a few orchestral recordings I have found the problem is more getting LESS triangle (some goes for glock ) as unless you stick the player in a booth (preferably in another town !) it's all over everything

Eminent musicologists have proved that Dvorak was more influenced by swap cajun music and hog roasts than we originally thought (see A Bourdain : A study of the effects of pork in tube form on the music and culture of the Southern States )

[Beef Oven]

Purple at 2:30 am ???

having mixed a few orchestral recordings I have found the problem is more getting LESS triangle (some goes for glock ) as unless you stick the player in a booth (preferably in another town !) it's all over everything

Eminent musicologists have proved that Dvorak was more influenced by swap cajun music and hog roasts than we originally thought (see A Bourdain : A study of the effects of pork in tube form on the music and culture of the Southern States )

We need to get back on topic!!!

[MrGongGong]

We need to get back on topic!!!

I have recently had major surgery that undoubtedly saved my life
so am not about to be depressed by soulless nonentities like this pathetic excuse for a Government

but

As you were

[Beef Oven]

I have recently had major surgery that undoubtedly saved my life
so am not about to be depressed by soulless nonentities like this pathetic excuse for a Government

but

As you were

Glad to hear it!

[aka Calum Da Jazbo]

a speedy and full recovery Mr GongGong ...

Broon had spent too much and taxed too little but the cost of the crisis bail out is at least as big or bigger ... i remain astonished at the power of the anti tax lobby .... we still pay less tax overall than Sweden ...and MrAttlee had us at over 90% to pay off the yanks for the war debt etc ....

[MrGongGong]

The idea that we are highly taxed is part of the "script"