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Re: What is Trussonomics?
Political and sporting careers never end well. Even some mathematicians go off the rails towards the end. Best to quit while you are ahead. (That would have meant Truss should have quit before her first speech.)
Re: What is Trussonomics?
I think the Riemann hypothesis is harder than government budgeting 101, but I’m neither a mathematician nor an economist, so what do I know. And Brian Clough did come back with Forest!
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- Cuchulainn
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Re: What is Trussonomics?
Questin: Did Liz remove Boris' wallpaper at Number 10?
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- Cuchulainn
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Re: What is Trussonomics?
What happened was that Liz Truss applied pure neoliberal theory, in the expectation that it would act as a kind of magic dust which would create massive growth and prosperity in this country, just as neoliberal theory predicted. Her policies were shaped by opaquely funded lobby groups, the Institute of Economic Affairs, the TaxPayers’ Alliance, the Adam Smith Institute, Center for Policy Studies — all of which boasted, on September the 23rd, when her mini budget was published, that they had got exactly what they wanted and that they themselves were the authors of those policies. Clearly, they’re now trying to distance themselves. And what they’ve been trying to do throughout their existence is to sweep away taxes on the rich, to sweep away regulations, to sweep away trade unions, to sweep away protest and other fundamental civic rights, and create what they think of as a pure market economy, which really means allowing the rich to overwhelm democracy. It means plutocracy rather than democracy.Just a question.
did you ever hear the likes of that in your whole life?
Re: What is Trussonomics?
And if a new approach doesn't create satisfaction for all within two minutes then game over. Is Mrs C so unforgiving?What happened was that Liz Truss applied pure neoliberal theory, in the expectation that it would act as a kind of magic dust which would create massive growth and prosperity in this country, just as neoliberal theory predicted. Her policies were shaped by opaquely funded lobby groups, the Institute of Economic Affairs, the TaxPayers’ Alliance, the Adam Smith Institute, Center for Policy Studies — all of which boasted, on September the 23rd, when her mini budget was published, that they had got exactly what they wanted and that they themselves were the authors of those policies. Clearly, they’re now trying to distance themselves. And what they’ve been trying to do throughout their existence is to sweep away taxes on the rich, to sweep away regulations, to sweep away trade unions, to sweep away protest and other fundamental civic rights, and create what they think of as a pure market economy, which really means allowing the rich to overwhelm democracy. It means plutocracy rather than democracy.Just a question.
did you ever hear the likes of that in your whole life?
Re: What is Trussonomics?
But it's not a new approach, Paul, and the results are predictable and predictably NOT as advertised: in America, the Economic Recovery Tax Act of 1981; the Economic Growth and Tax Relief Reconciliation Act of 2001; the Jobs and Growth Tax Relief Reconciliation Act of 2003; the Tax Cuts and Jobs Act of 2017. They all cut taxes -- mostly on the wealthy, on corporations, and on property owners generally -- and their sponsors swore that the resulting boosts to the economy would maintain -- and even grow! -- tax revenues.
Never happened that way.
Obviously, there were other things going on alongside those tax laws. Probably the cleanest example was the Economic Recovery Tax Act of 1981, enacted during a deep recession and benefiting from the recovery therefrom. And yet by 1986 it was clear that the US government was going broke under the tax system ... and it would have been clear earlier had there not been the Social Security Amendments of 1983, which dramatically RAISED taxes on wages and ballooned the Social Security trust fund that absorbed much of the deficits created by the 1981 Act.
If someone convinced you that an all cheese diet would improve your health, how long would you stay on it in anticipation of it creating satisfaction if you just stayed the course for a bit longer -- ?
Never happened that way.
Obviously, there were other things going on alongside those tax laws. Probably the cleanest example was the Economic Recovery Tax Act of 1981, enacted during a deep recession and benefiting from the recovery therefrom. And yet by 1986 it was clear that the US government was going broke under the tax system ... and it would have been clear earlier had there not been the Social Security Amendments of 1983, which dramatically RAISED taxes on wages and ballooned the Social Security trust fund that absorbed much of the deficits created by the 1981 Act.
If someone convinced you that an all cheese diet would improve your health, how long would you stay on it in anticipation of it creating satisfaction if you just stayed the course for a bit longer -- ?
Re: What is Trussonomics?
What kicked all this off was the decrease in the highest marginal rate of tax from 45% to 40%. I understand that there is evidence both ways, that this does and doesn't increase tax revenue. We'll never know this time. But we do know that it's guaranteed to get people frothing at the mouth, and, more importantly, guarantee that leftists will use this to manipulate people to froth at the mouth.
I don't think we know anything, to a first approximation, about "Economics," and what effect pretty much anything will have. Like I said before, if people have to vote on interest rates then it makes a mockery of the whole field!
And there was no Twitter in those ancient times! That's all that seems to matter now.
I've lost a lot of weight on the cheese diet. And thus I feel better. Yes, I might drop dead of a heart attack five years earlier than I would have. But that's not an experiment it's possible to do. If you have access to a parallel universe for some A/B testing, please let the authorities know!
I don't think we know anything, to a first approximation, about "Economics," and what effect pretty much anything will have. Like I said before, if people have to vote on interest rates then it makes a mockery of the whole field!
And there was no Twitter in those ancient times! That's all that seems to matter now.
I've lost a lot of weight on the cheese diet. And thus I feel better. Yes, I might drop dead of a heart attack five years earlier than I would have. But that's not an experiment it's possible to do. If you have access to a parallel universe for some A/B testing, please let the authorities know!
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- Cuchulainn
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Re: What is Trussonomics?
Certainly in politics.And if a new approach doesn't create satisfaction for all within two minutes then game over. Is Mrs C so unforgiving?What happened was that Liz Truss applied pure neoliberal theory, in the expectation that it would act as a kind of magic dust which would create massive growth and prosperity in this country, just as neoliberal theory predicted. Her policies were shaped by opaquely funded lobby groups, the Institute of Economic Affairs, the TaxPayers’ Alliance, the Adam Smith Institute, Center for Policy Studies — all of which boasted, on September the 23rd, when her mini budget was published, that they had got exactly what they wanted and that they themselves were the authors of those policies. Clearly, they’re now trying to distance themselves. And what they’ve been trying to do throughout their existence is to sweep away taxes on the rich, to sweep away regulations, to sweep away trade unions, to sweep away protest and other fundamental civic rights, and create what they think of as a pure market economy, which really means allowing the rich to overwhelm democracy. It means plutocracy rather than democracy.Just a question.
did you ever hear the likes of that in your whole life?
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- Cuchulainn
- Posts: 22924
- Joined:
Re: What is Trussonomics?
Isn't Kudlow the dude who interviewed Paul once on TV?
Re: What is Trussonomics?
It's all academic anyway, we'll never know what Trussonomics could have been. We've now got Richi.
Re: What is Trussonomics?
I see that Liz is being blamed for there not being income tax cuts. Unexpected.
Re: What is Trussonomics?
And her plans for Investment Zones are being reviewed…as usual posh people’s frothing over the environment must take priority over poor people.
Re: What is Trussonomics?
In the US, if you want to improve a neighborhood, there will be rallies by (some) residents against gentrification. I understand their point about rents going up, but on the other hand, it seems like an argument for keeping poor neighborhoods poor perpetually. That feels wrong.And her plans for Investment Zones are being reviewed…as usual posh people’s frothing over the environment must take priority over poor people.
This L.A. restaurant was excited to open. Then the graffiti and protests happened
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