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Next step for Truss will be to announce government cuts

By: Cactus Flower in ALEA | Recommend this post (0)
Tue, 27 Sep 22 11:26 AM | 22 view(s)
Boardmark this board | The Trust Matrix 		Msg. 47268 of 54840
(This msg. is a reply to 47259 by Cactus Flower)
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This is the way it always works.

Step one: cut taxes (particularly on the very wealthy) to produce growth.

Step two: the growth doesn't appear.

Step three: oh, we can't afford the protections we had because we didn't get the growth we hoped for. So we'll cut support for the most vulnerable and other government projects. And we won't reinstate the top rates of tax.

Every society has to strike balances. But it's hateful to favour brutallism and gross inequality while pretending you are chasing growth.

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The above is a reply to the following message:
Re: British pound plunges to new low as tax cuts spark concern
By: Cactus Flower in ALEA
Mon, 26 Sep 22 4:53 PM 		Msg. 47259 of 54840

The pound has now bounced back.

I always forget to say, as I always should, I don't have any idea what makes a market move on a day to day basis. Nor I think does anyone. Maybe today was mostly hedge funds doing what they do.

I still think it was a poor mini budget and I still think we have a sufficiently low level of debt probably to get away with it for a while. And we may just get lucky if the war ends soon. But even if we get lucky, it was a gamble and so it was a mistake.

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