18 November 2008

Increasing The Size Of The State

Most governments would like to spend more and tax less especially when approaching an election. New Labour has been on an election footing since Gordon Brown was crowned leader and (surprise surprise) the size of the fiscal deficit has gone up and up since then. The G20 meeting was of course nothing more than political cover for turning this significant fiscal gap into a chasm.

As well as being politically cynical and utterly irresponsible by passing the tax burden onto future generations, increasing the size of the state is economically damaging. Much research negatively correlates the proportion of government spending in the economy with economic growth.

In Mervyn King, we have a discredited Bank Of England head, who is probably more focused on fighting to keep his organisation independent than tackling the real problems we face. These bank forecasts look like complete fantasy to me. The recession is much worse than policymakers seem to realise. Here in the real world, bad news is accelerating. Gordon Brown seems quite happy. He is a vampire feeding on our misery.

5 comments:

PETER MARTINOVIC said...

Sorry this one‘s off topic, but I've tagged you in a meme!
Go here to find out http://petermartinovic.blogspot.com/2008/11/six-things-you-didnt-know-about-me-meme.html

The Wilted Rose said...

It is ironic, given the 10p fiasco earlier this year (which was largely responsible for Labour's defeat at Crewe) and the fiasco that has been Brownian economic policy, that the latest MORI poll has Labour at 37% (+7), the Tories on 40% (-5) and the Lib Dems on 12% (-2). Labour's policies are doomed as they'll increase further, as you observes, the size of the state and mess the economy up.

It is now certain that Brown will call a spring 2009 election - or sooner if he can - because the electorate have fallen for Mandelson's hyper-spinning. There's also the Osborne effect where it truly is make or break time for the Tories and for their Shadow Chancellor in particular.

Osborne must (i) perform absolutely superbly at the PBR next week or (ii) he must go. If he doesn't (i) and he doesn't (ii), he will bring Cameron crashing down with him if Brown does what I believe he is now in poll position to do post-PBR, which is to call a January 2009 General Election.

The Tories have to offer a major cut in people's income tax and not to be seen as Scrooge at Christmas. Read Roger Bootle's article. Read Fraser Nelson's. Listen to the people who know. Tax cuts stimulate the economy and they are also immensely popular.

It truly is make or break time. Don't mess it up, Tories, for the sake of the country!

Man in a Shed said...

Fridays Telegraph is leading with the hiring bonanza still going on in the state sector - its not good.

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