It all depends on what you understand by being "in the red". You could be in the red in narrow capitalist profit making terms, but at the same time be well in the black taking a wider view of human & societal welfare as a whole. The economy should be our servant, not our master.
-
-
Sadly, unless those industries that benefit are paying enough in taxes to make up the difference though, then there isn’t going to be anything to pay those workers. If they are then it’s entirely feasible, though likely difficult to calculate.
1 antwoord 0 retweets 0 vind-ik-leuks -
Govt spending is not constrained by tax take. How could it be when the govt is the monopoly issuer of the currency? What matters is the effect of the spending on the economy, which brings us back to the social and economic costs of unemployment, knock on effects, health, etc.
1 antwoord 0 retweets 0 vind-ik-leuks -
Certainly not in the short term, but if they intend to borrow to pay for it, there’s only two ways out (that I know of): growth or inflation. The latter is obviously preferable, but not always guaranteed. Again, if one can get growth then it makes sense, but otherwise it doesn’t.
1 antwoord 0 retweets 0 vind-ik-leuks -
Govt borrowing to fund deficits is a convention, not a necessity. Money can be created, & the effect is largely the same. In any case, surely spending to keep people employed and producing is better than spending on social security, social problems, mental health & prisons, etc?
1 antwoord 0 retweets 1 vind-ik-leuk -
But when money is created then you have inflation, which causes all its own problems. And again, potentially it’s better, potentially it isn’t depending on the limitations of the two methods. Anyway, I’m turning in so goodnight. I’ve enjoyed this conversation.
1 antwoord 0 retweets 0 vind-ik-leuks -
No, it all depends on how the money is spent, and whether the economy has the capacity to react to the spending by increasing output. Inflation is more money chasing static output. It's nothing to do with whether it's borrowed or created. I hope we can pick this up tomorrow.
2 antwoorden 0 retweets 1 vind-ik-leuk -
Deze Tweet is niet beschikbaar.
-
Als antwoord op @AfroForward @DarrellChaloner en
Pennies for every pound spent. It's a bulk product. We have to import ore even if we made steel here. Either way we are import dependent re: blast furnaces.
1 antwoord 0 retweets 0 vind-ik-leuks -
With regards to the preferential contracts, I’m fairly certain that is currently illegal under EU law. I remember Vince Cable saying as much. I do agree that without them though it has little hope, as the U.K. has a negligible effect on world steel production.
2 antwoorden 0 retweets 0 vind-ik-leuks
Illegal and very much wrong way round. Only future is high end alloys and EAT steel for domestic consumption. Labour taxes carbon and then peels onions when blast furnaces close. Pathologically dishonest movement that's sold out it's older voters for the new.
Het laden lijkt wat langer te duren.
Twitter is mogelijk overbelast of ondervindt een tijdelijke onderbreking. Probeer het opnieuw of bekijk de Twitter-status voor meer informatie.