G20 Puts Growth Before Austerity

[planeterotica]

Does this mean that they have at last realised that austerity dosn't work ?

[Arginald Valleywater]

Growth means owing banks more money......I'll take a bit more thrift thank you.

[planeterotica]

Arginald Valleywater wrote:

> Growth means owing banks more money......I'll take a bit more
> thrift thank you.

planeterotica wrote:

Growth also means inflation followed by higher interest rates and as a saver..I'll take more of that thank you.

[David Johnson]

And growth means more people in work paying taxes instead of on the dole.

No growth and thrift alone means spiralling debt, no reduction in the deficit and endless "austerity". If you don't believe me, ask Boy George that is why his deficit reduction plans announced in 2010 have gone up the swannee without a paddle.

"I will balance the books by the end of this parliament". In your dreams Georgie boy.

[planeterotica]

When you get major US cities like Detroit going bust you know austerity isn't working, the only alternative is growth..

[Arginald Valleywater]

Detroit has been in the shite for about 30 years. No shock. Paul Vehoeven used old parts of Detroit for Robocop as it was wasteland back in the 1980's.
Live within your means, pay off debts and sleep easy at night....

[planeterotica]

Arginald Valleywater wrote:

> Paul Vehoeven used old parts of Detroit for Robocop as it was
> wasteland back in the 1980's.

planeterotica wrote:

The same can be said for a lot of cities here in the UK where they have used derelict parts to shoot films including London, means nothing..

[David Johnson]

"Live within your means, pay off debts and sleep easy at night...."

This is not possible without growth. Ask the Greeks, Spanish, Portuguese and Boy George know.

You don't actually believe the analogy of UK PLC being a kind of corner shop do you?

"The Office of National Statistics also published revised estimates for public borrowing for the financial year that ended in March, which showed that the deficit-reduction plan had made little progress over that period.

Total public sector net borrowing in 2012-13, of ?119.5bn, was "marginally lower" than the ?120.9bn in 2011-12. However, looking at so-called public sector net borrowing-ex ? excluding all the temporary factors ? as the OBR prefers, showed the deficit slightly higher.

"The measure published by OBR excludes the transfers from the Royal Mail pension plan, asset purchase facility and special liquidity scheme and on this basis the latest outturn estimates of public sector net borrowing (PSNB ex) in 2012/13 is ?0.9bn higher than for 2011/12."

See what I mean, Argie? Not like a corner shop at all. Deficit staying pretty much the same year on year. Result - debt spiralling out of control. Austerity for a few centuries may possibly sort it.

[planeterotica]

China will not allow their growth to fall below 7%
Austerity is yesterdays news the talk now is all about growth..