Author Archives: Joe Bourke

Donald Trump’s very liberal plan to pay off the US national debt

 

In April this year, Donald Trump was proposing to pay off the US national debt of $19 trillion over two presidential terms.

He laid out his initial proposals in an interview with Bob Woodward of the Washington Post, suggesting that he could pay off the national debt by renegotiating trade deals.

As the Washington Post explained, eliminating a trade deficit does not mean the money ends up in government coffers. The post goes on to explain that before the debt can be reduced the current budget deficit needs to be tackled. So the task is not $19 trillion, but nearly $26 trillion over eight years.

By May, Trump was backtracking on the idea of paying off the debt over 8 years and was promulgating a new plan.  The New York Times reported that this new plan was based on persuading creditors to accept something less than full payment. The Times goes on to recall the consequences of a potential default scare back in 2011, when federal borrowing costs climbed as congressional Republicans refused for a time to increase the federal government’s statutory borrowing limit, raising doubts about the government’s ability to repay its debts. The Bipartisan Policy Center calculated that the resulting higher rates cost taxpayers about $19 billion.

Posted in Op-eds | Tagged | 9 Comments

Sharing the Rents: The Economic relationship Between Humanity and Nature

alter-logo-300Action for Land Taxation and Economic Reform (ALTER) seeks to build on support for Land Value Taxation amongst Liberal Democrats and to promote and campaign for this policy as part of a more sustainable and just resource based economic system.

The ALTER fringe meeting at Brighton this year was chaired by our MEP, Catherine Bearder. Jock Coats, a former Oxford city councillor, presented a paper aimed at infusing the Liberal Democrat mission statement as set out in the “preamble to the constitution” with explicitly “geoist” principles.  The paper argues that only publicly collecting the “economic rent” from land and natural resources enables a genuine market and democracy to work together to optimally distribute economic welfare and save the planet.

The premise of the paper is that neither markets nor democracy can function properly whilst a monopolistic class, rentiers, captures so much of economic productivity. It leads to a two caste society, one of which reaps the benefits of public need and public programs through land values, while the other pays for it. “Tenants pay twice so landowners don’t have to”.

Posted in Op-eds | Tagged and | 8 Comments

Opinion: Tackling Housing Benefit reform

Matilda HouseThe Liberal Democrat policy paper on housing notes that the primary driver of growing housing benefit and Local Housing Allowance bills has been the shortage of housing, leading to higher rents, and increasing number of people unable either to buy or to access social housing. The paper focused on the most pressing issues:

  • Building more homes – providing environmentally sustainable homes where people need them, creating jobs and kick starting the economy.
  • Giving tenants more power and security – making social landlords more accountable and improving standards and security in the rapidly

Posted in Op-eds | Tagged and | 39 Comments

Opinion: Lib-Lab Pact

infographic2014The Lib Dem campaigning message is encapsulated in Stronger Economy, Fairer Society, with Conservative messaging focusing on ‘the long term plan for economic recovery’, and Labour’s focusing on the decline in living standards of the poor and the squeezed middle.

Nick Clegg’s response that, were Labour in the future to ask Libdems to form a coalition with them the first demand would be ‘Don’t break the bank’,  seeks to emphasise Lib Dem economic competence.

It should come as no surprise then that the voting public should surmise that coalition economic policy is just what we say it is – a joint Conservative and Liberal Democrat long-term plan for economic recovery with “not a cigarette paper between us”

Posted in Op-eds | Tagged | 50 Comments

Opinion: Back to basic principles on welfare reform

"Demand the Beveridge Plan", 1944The basic principles of the Beveridge Report were:

  1. The right of every citizen to a minimum level of subsistence;
  2. The need to preserve incentive, opportunity and responsibility.

The post-war National Insurance system was based on the assumption that there would be full employment, and that wages for men would be sufficient to maintain a wife at home raising children.

Posted in News | Tagged and | 56 Comments

Opinion: Immigration and unemployment – an idea

Words.Two popular arguments deployed against immigration are that immigrant’s take jobs from British workers or that immigrants are a burden on the welfare state. Both arguments have been shown to be largely invalid: the Lump of Labour fallacy  has long been dismissed as economic bunkum; and existing evidence suggests that the net contribution of recent migrants to Britain’s public finances is positive. However, according to this evidence from  Centre for Research and Analysis of Migration (CReAM) at University College London not all groups of migrants make a positive fiscal contribution …

Posted in Op-eds | Tagged , , and | 50 Comments

Opinion: the biggest threat to global security

Free Syrian Army rebels fighting against Assad militias on the outskirts of the northwestern city of Maraat al-Numan, Idlib - SyriaThe Arab spring has receded into the nightmare that is Syria today; continuing instability in Libya and Yemen and death penalties by the hundreds in Egypt. We have been shocked by the atrocities of Boko Haram in Nigeria; Al Shabab in Somalia; conflict in the Central African Republic, Mali and Chad.

Tony Blair, in a recent speech reminded us Why the Middle East matters

What is presently happening there, still

Posted in Op-eds | 53 Comments
Advert



Recent Comments

  • User AvatarLorenzo Cherin 4th Dec - 6:19pm
    I agree with those who support Taiwan , it has a new and terrific female Liberal leader !
  • User AvatarRichard Morris 4th Dec - 6:15pm
    and @davidallen - thank you, and yes, I think that's pretty much exactly what happened.
  • User AvatarRichard Morris 4th Dec - 6:12pm
    @LaurenceCox - oh yes, I absolutely think this will happen. Its deeply troubling whenever I see the 'logic' case made by the UK side negotiators...
  • User AvatarDavid Allen 4th Dec - 5:48pm
    Good article, and it's worth pursuing the argument further. As Richard explains, if Joe is told "Offer whatever you choose to offer", and Joe offers...
  • User AvatarJohn Nicholson 4th Dec - 5:43pm
    Having done a telling slot from 7.00-8.00 am at Meadows Hall, Richmond, with the temperature rising from -4 degrees to -2 in that hour (according...
  • User AvatarJayne Mansfield 4th Dec - 5:22pm
    Professor Paton's paper was written in 2014 not as I mistakenly typed 1994, .