Discover Top Posts Tagged with #trussonomics

It took 20 days.

#british politics #uk politics #liz truss #british economy #trussonomics #which is a bargain bin reaganomics #ttoi #the thick of it #malcolm tucker #the thick of it gifs #gifs

Do you have any thoughts on Trussonomics? Is it possibly the fastest-discredited economic policy in history?

Trussonomics in and of itself (tax cuts plus business deregulation plus employment deregulation) is fairly boilerplate right-wing economic policy ever since the 1970s, following the model of the Two Santas memo and the supply-side revolution that was so key to Reaganism and Thatcherism.

What was truly distinctive was that the markets, neoliberal institutions like the IMF, the media, etc. for once reacted with the same disciplining revulsion to right-wing economic policy that has been used to enforce the Washington Consensus against left-wing economic policy since the 1990s.

However, the troubling aspect of that reaction is that the broad thrust of political backlash against Trussonomics has been in the direction of further austerity rather than the back-filling of any of the half-trillion in public spending that has been lost since 2010.

#uk politics #uk public policy #trussonomics #austerity

TRUSSONOMICS FOR DUMMIES

Liz Truss says there has been too much focus on redistributing wealth rather than increasing the size of the economy:

"Instead, we need to grow the pie so that everyone gets a bigger slice."

Sounds good – more for EVERYONE. But what does it mean in reality?

The total wealth of the UK is £13,000,000,000,000 (Office of National Statistics 2022)

The richest 1% of the UK population own 43% of the wealth. (ONS)

1% of the population is 680,000 individuals and they have an average wealth of £8,220,588 each.

The poorest 50% of the population own 9% of the wealth (ONS)

50% of the population is 34,000,000 individuals and they each have an average wealth of £34,411.

Clearly, doubling the size of the Truss Pie is going to be virtually impossible in the short to medium term but let's be optimistic and not lay ourselves open to claims we are members of the "anti-growth coalition” that is so hated by Ms Truss.

Let us assume the Truss Pie can be increased by 10% per annum.

The richest 1% of the population will each receive a £822,058 increase in their personal wealth.

The bottom 50% of the population will each receive a £3411 increase in their personal wealth.

So for the same 10% increase in effort to grow the Truss Pie the richest 1% each receive £81,6647 more than the bottom 50% of the population.

Are people really this stupid?

#trussonomics #Liz Truss #conservative party #uk politics #capitalism #right-wing #tory #stupidity

Just learned truss resigned

On one hand omg yes the person trying to apply Reaganomics in Britian is gone

On the other hand

please Britian just have a general election please this is the third one in a row that's resigned

#british government #british politics #liz truss #tories #conservative party #general elections #please #reaganomics #trussonomics #another one bites the dust #Three In a row?!??#So soon too #Not like I didn't see this coming #I did #But please have a general election for petes sake

It’s been 22 days.

And most of that time has been national mourning for Queen Liz

I just don’t understand how Truss and Kwarteng could have fucked the country up so badly in such a short time.

#british politics #uk politics #mini budget #liz truss #kwasi kwarteng #trussonomics #ttoi #the thick of it gifs #gifs #malcolm tucker #nicola murray #lisa simpson #the simpsons #the fucking fuck me gif is appropriate #it happened on labour conference weekend

Three MPs today have called on Liz Truss to resign - only forty days into her premiership!

They are:

Crispin Blunt - MP for Reigate

Andrew Bridgen - MP for North West Leicestershire

Jamie Wallis - MP for Bridgend

Also, Archbishop of Canterbury Justin Welby had this to say about Trussonomics

"I'm not going to make a party political point because both parties are deeply divided and I'm not going to talk about Australia because I just don't know the situation. But in the UK, the priority is the cost of living, with the poorest.

"And from an economics point of view, I'm deeply sceptical about trickle-down theory. You know, if you cut money for the rich, ever since Keynes wrote his general theory in 1936, whenever it was, he showed very clearly that the rich save if they've got enough to live on

" So if you want to generate spending in the economy, you put more money into the hands of those who need the money to buy food, to buy goods, to buy basic necessities. There are lots of ways of addressing the problem. It's not a problem of inequality, it's a problem of spreading wealth sufficiently in order to ensure that those at the lower end of the scale can both heat and eat and have a reasonable standard of living."

Not good!