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UK Politics- A Taxing Transition


polishgenius
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Like I said, none of the twitter thread is in the actual story. So accusing someone of 'selective quoting' when you haven't bothered to read the article & when the quotes are not actually in the story makes no sense.

The right thing to do would be to apologize as you were in the wrong, instead of doubling down or trying to speak about prior posts and not about the post in question.

Edited by Raja
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By the way, the quoted material are the concluding paragraphs of the piece, as one can tell by the position of an ellipsis prior to the first quoted paragraph, while there is no ellipsis at the end of the final paragraph.  That's hardly what is considered selective, other than having selected not to quote the entire piece, about which, of course, if it were done, would be criticized too. :dunno:  :rolleyes: 

Krugman's 20 paragraph piece, of which the first 14, plus statistical graphs and charts, show how false the zombie tax cut grows the economy proved to be for the US, particularly in the Reagan years, while the economy actually grew after Clinton repealed them.  The last 6 then are Truss, the Tories and Thatcher, and how it is the same damned zombie foolishness proven not to to grow the economy. Which is why I quoted the last 6 paragraphs because those specifically were about the UK and the tax cuts, and the exact same arguments that have been proven not to be true more than once before, and why they don't.

Satisfied now, ye olde tory lord?

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NYT says

6 hours ago, Zorral said:

The markets may be overdoing it. Britain isn’t Argentina, and it surely has the economic, the administrative and, I think, the political capacity to turn things around.

Twitter says: talk of Sterling crisis is puzzling.

Seems like the article and twitter are saying more or less the same thing about the pound. Though Krugman may be being a bit charitable saying the political capacity exists to course correct with this particular leadership. Does he really mean with the next govt that doesn't have Truss as PM and Kwarteng as Chancellor?

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1 hour ago, The Anti-Targ said:

NYT says

Twitter says: talk of Sterling crisis is puzzling.

Seems like the article and twitter are saying more or less the same thing about the pound. Though Krugman may be being a bit charitable saying the political capacity exists to course correct with this particular leadership. Does he really mean with the next govt that doesn't have Truss as PM and Kwarteng as Chancellor?

Again  -- this is a long article in the New York Times by Krugman.  He isn't talking about the pound at all.  You too think Twitter and an article are one and the same and Did Not Read past your own assumption. Nowhere in the article's content, and certainly not in the part quoted here that speaks specifically to the false concept of trickle down and tory tax cuts for rich are either 'pound' or 'sterling' to be found.

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51 minutes ago, Zorral said:

Again  -- this is a long article in the New York Times by Krugman.  He isn't talking about the pound at all.  You too think Twitter and an article are one and the same and Did Not Read past your own assumption. Nowhere in the article's content, and certainly not in the part quoted here that speaks specifically to the false concept of trickle down and tory tax cuts for rich are either 'pound' or 'sterling' to be found.

No mention of the pound you say?

Quote

You see, when advanced countries run big budget deficits, we normally expect their currencies to rise. That’s because we expect their central banks to raise interest rates to offset the inflationary impact of the budget deficit, and these higher interest rates tend to attract increased foreign investment. That is in fact what happened under Reagan, where a surging budget deficit — caused by tax cuts and increased military spending — led to a very strong dollar:

But right now, British markets aren’t acting like those of an advanced country. They are, instead, behaving like those of a developing country, in which investors tend to see budget deficits as a sign of irresponsibility and a harbinger of future policy disaster.

I mean, obviously he's talking in part about the pound dropping instead of rising or being steady. And when saying the markets are overdoing it he means, among other things the FX market, possibly mostly the FX market, since that was the most notable market reaction.

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So your problem with him speaking generally of currencies is in this situation is ... ? and your problem further with this being quoted in the UK political forum is ... ?

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On 9/23/2022 at 8:16 PM, mormont said:

Worst budget I've ever seen in my life, and I've seen Norman Lamont.

No money for public sector pay rises though, don't forget.

This is on the back of doctors, nurses & barristers all set to strike next year.

Look, I hope it doesn't get as messy as some are predicting because it would be bad for regular people but it's hard not to be a little alarmed at what the economists are saying regarding the 'mini-budget'

Also, re: leveling up - did we achieve that already?

One thing is clear though, this 'mini budget' will only seek to make inequality in the UK worse.

Edited by Raja
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1 hour ago, Zorral said:

Again  -- this is a long article in the New York Times by Krugman.  He isn't talking about the pound at all.  You too think Twitter and an article are one and the same and Did Not Read past your own assumption. Nowhere in the article's content, and certainly not in the part quoted here that speaks specifically to the false concept of trickle down and tory tax cuts for rich are either 'pound' or 'sterling' to be found.

I don't know what to say. I think you are misreading my post. And perhaps also misreading the quoted part of the article, if you think Krugman hasn't mentioned the trajectory of the pound and its causes, simply because 'pound' and 'sterling' are not there.

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6 hours ago, Raja said:

No money for public sector pay rises though, don't forget.

No money for the public sector at all. Nothing for pay rises that match or even approximate inflation: nothing for nurses, doctors, all the people that rescued us during the pandemic. Nothing to fix the court backlog, nothing for students in mental health crises, nothing for schools. Nothing for the housing crisis, nothing for the disabled, nothing for carers. Nothing for the environmental crisis, nothing to prevent future pandemics, nothing for science.

'Growth' will pay for all of that, apparently. When and if it comes, and of course only after the usual people at the top have taken their share of the proceeds to pay for a new home in California and a yacht.

6 hours ago, Raja said:

Also, re: leveling up - did we achieve that already?

Dead on arrival.

 

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:lol:

Liz Truss ‘plans to loosen immigration rules to boost UK economy’

Quote

 

Liz Truss is expected to loosen immigration rules in an attempt to stimulate economic growth amid warnings of a recession.

The prime minister is set to expand the government’s shortage occupation list in order to help businesses fill vacancies by recruiting overseas workers with less bureaucracy.

 

 

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On 9/23/2022 at 12:39 PM, Poobah said:

You just know him, Rees Mog's firm and all their friends were shorting the pound in anticipation of this. They know exactly what they're doing and it's lining their own pockets. 

Oh look I was right.

 

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Now, that's this Mark Fullbrook?

https://www.theguardian.com/politics/2022/sep/21/labour-sounds-alarm-over-fullbrook-in-letter-to-civil-service-head

Quote

Labour has formally written to the head of the civil service to seek more information about what it called “incredibly alarming revelations” that Liz Truss’s chief of staff, Mark Fullbrook, was questioned as a witness as part of an FBI inquiry.

 

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8 hours ago, Spockydog said:

So perfect I wonder if it’s satire/hoax.

edit: do you suppose that when, centuries hence, future historians sift through the remaining records of our time, Brexit will be interpreted as some sort of national version of those monks who set fire to themselves to protest various actions?

Edited by James Arryn
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