I was perused today while out with the dogs by the local leftist neighbour, who had taken the trouble to print out a news story from the Blessed BBC
We often have a talk on our way around the dam, and he is certainly not stupid, but the thing that always strikes me about him and other leftist people, apart from their hatred of people on the right, is how prone they are to leave out inconvenient facts.
Its true that everyone, including people on the right, do the same thing, but not to the level that leftists do. Zero Sum is par for the course when it comes to socialist economics, but they seem to apply it to everything.
"see I told you so" he said waving his paper at me "A price worth paying then?"
And what is the cost of the alternatives I asked? "the alternative is not putting 3 million on the dole" he quipped.
So, you would not make any cuts then, I asked, "too high a price than keeping people in work" he replayed.
So where is the money coming from to keep this level of expenditure going, after all you cant go on borrowing 3 billion a week from the gilt markets? Now he was lost, Ive tried to explain to him how governments finance themselves many times, he does not seem to want to except that capitalists fund governments, he shuts down.
So you dont cut now, and the credit rating goes down, interest rates go up, especially to the government who are the biggest borrowers and that really is a kick in the head for the economy, How many jobs will that cost I ask?
No answer, so I carry on, and what if you get a gilt strike because you wont bring the budget back into order, instead of 70 billion of cuts you will have to make 160 billion of cuts immediately, how many jobs will that cost, as well as the financial meltdown that would cause? And defaulting would have the same effect I added.
Then the hate starts, Cameron, Thatcher, Tories ect.ect I shut down at this point and I get home and look what I find.