It gets worse. The left also is yelling about the Truss budget's plan to increase borrowing. Truss, it seems, wants to spend more government money for "infrastructure" and will need to borrow to do it. That's pure Joe Biden, and with the U.K. battling scary high inflation already, it's time to cut the size of government immediately and throw some ice on the overheated government money-printing presses.
Truss, in other words, is willing to throw out the tax cut, but not willing to throw out the government spending plans. What's wrong with this picture?
Truss needs to cut spending (along with taxes) — that’s what really counts.
The same goes for the US.
Supporting tax cuts without spending cuts is a sure sign that someone was exposed to lead as a child. Truss Rod and her African finance minister need to get tossed.
The real question is going to be:
Will the UK economy sink faster or slower than the Titanic?
Stupid thing is, the Tories have had ten years of historically low interest rates to borrow for infrastructure spending and the return on investment would’ve made it worthwhile.
They chose austerity instead. Now even if you believe in trickle-down and do think national finances are the same as the household finances, it’s inconsistent.
A few years ago the Tories were pointing and laughing at old Tankie Corbyn for pitching a National Investment Bank where people bid for a LOAN to get their business or infrastructure asset funded, borrowing to invest, higher taxes, and taxing the rich more than the poor.
Now the Tories are promising tax cuts for some, MASSIVE tax cuts for the top 10%, MASSIVE state borrowing (and at much higher interest rates), no clear plan on what to invest in... and the pound’s completely all over the place.
It’s not just crazy from a Tory perspective, it’s an order of magnitude more demented than what Corbyn and McDonnell - two unreconstructed tankies, only one of which has even the slightest grasp of economics - were pitching in 2016.
It comes to something when I’m thinking this mini budget would’ve looked less bonkers if Liz Truss had made John McDonnell the Chancellor of the Exchequer and said “Use your 2016 elevator pitch”.
No, don't think you don't get it. Building a high growth economy is accomplished by abolition of the 45pc rate and government spending cuts. Bank of England had to step in to preserve UK national balance sheet because your proposal failed to include the latter, to which markets negatively reacted. Wake up, Liz.
Gasps in Commons as Liz Truss rules out public spending cuts
Note to the UK's citizenry...
Wake up. You have a Deep State, too. And yours is as great a threat to you as ours is to us. But we have a Trump. You lot had better find one of your own. Fast.