Truss speech on economic growth like an arsonist giving fire safety talk
Commenting on Liz Truss’s expected speech at the Institute for Government on Monday 18th September, Liberal Democrat Deputy Leader Daisy Cooper MP said:
Liz Truss giving a speech on economic growth is like an arsonist giving a talk on fire safety.
The Conservatives blew a hole in the nation’s finances, added hundreds of pounds to people’s mortgages and are still fighting like rats in a sack as our economy flatlines.
People are fed up with this endless Conservative chaos while the cost of living soars and our public services suffer.
The least Rishi Sunak could do is strip Liz Truss of her ex Prime Minister’s annual allowance. Allowing Truss continued access to taxpayers’ cash is a slap in the face for every families still suffering the consequences of her disastrous economic experiment.
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One Comment
Those of a right wing inclination might be interested to know that here is actually some sense in LizT’s and KwasiK’s economic policy from a MMT perspective.
First of all they suggested cutting Government spending. This will only depress the economy as George Osborne discovered the hard way. Also if the Govt cuts its spending it will also cut its revenue so it won’t do anything for the deficit. Think of how the heart pumps blood around the body. If it’s putting less into the arteries there will soon be less coming back through the veins.
The Government can cut taxes to speed the economy up again. The money stays out in the economy for longer. The same amount of money should still come back in taxation after more transactions.
The mistake made by Cameron and Osborne was to cut spending but not speed the economy up again by making tax cuts.
The blunder made by Truss and Kwarteng was to choose just about the worst possible time to do try to make radical changes. There was obviously an inflationary problem developing so trying to solve that at the same time as reducing taxation was just political suicide. Even though there really is no such thing as “funded” and “unfunded” Government spending the problem is that most people think there is.
Trying to go against all this just as the economy was struggling to recover from the Covid pandemic wasn’t the smartest of moves.