Jeremy Corbyn

[Premier Quality]

Theres two pertinent points.

Firstly, Labours spending didnt cause the 2008 crash.
Secondly, Labours spending didnt impact on our ability to take measures to counteract the effects of the 2008 crash.

That's just your opinion though - I'd agree with the first but the second is (in my opinion) profoundly wrong. You don't feel pushing spending from 22nd to 6th affected our ability to cope with the crash in any way?

 

[visage]

No, it didn't. If it had then the UK government would have struggled to sell debt, which would have been seen in a rise in gilt rates. That didn't happen.

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[Premier Quality]

No, it didn't. If it had then the UK government would have struggled to sell debt, which would have been seen in a rise in gilt rates. That didn't happen.

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so as per usual, in your view Brown was perfect, did nothing wrong ever and is pretty much a saint? colour me shocked... your refusal to countenance any negatives whatsoever are always entertaining...

Out of interest, do you still think he put an end to boom and bust?

 

[Premier Quality]

Jeremy Corbyn has stated Labour would veto TTIP today - that's probably the strongest thing I've seen him say, good for him.

 

[visage]

so as per usual, in your view Brown was perfect, did nothing wrong ever and is pretty much a saint? colour me shocked... your refusal to countenance any negatives whatsoever are always entertaining...

Out of interest, do you still think he put an end to boom and bust?

I've not said anything of the sort. Don't get pissy just because your arguments are so easily debunked.

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[Jolemai]

HaveIGotNewsForYou ‏@haveigotnews Jun 1

Aide to Jeremy Corbyn claims mole is leaking questions in advance of PMQs, giving David Cameron more time to prepare not answering them.

Seriously though, you have to wonder about some folk's mindset within the Labour Party right now. I mean, what is the point?

Jeremy Corbyn's PMQs plans leaked, adviser Seumas Milne claims

 

[Premier Quality]

I've not said anything of the sort. Don't get pissy just because your arguments are so easily debunked.

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that would work if you'd debunked them.

 

[visage]

that would work if you'd debunked them.

So your counterargument is?

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[Premier Quality]

So your counterargument is?

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You're clearly wrong - putting up spending clearly affected our ability to react to the crash as we immediately had high debt from spending staying high whilst income reduced,where if spending hadn't increased so much, debt would have been lower when the crash hit and the debt level in the period after the crash would also be lower, allowing more spending options to mitigate the impact. I'm not sure how you can disagree to be honest.

 

[Templeton Peck]

You're clearly wrong - putting up spending clearly affected our ability to react to the crash as we immediately had high debt from spending staying high whilst income reduced,where if spending hadn't increased so much, debt would have been lower when the crash hit and the debt level in the period after the crash would also be lower, allowing more spending options to mitigate the impact. I'm not sure how you can disagree to be honest.

The govt DID mitigate the impact - they pumped money into the economy to stop it flat-lining which worked - we'd already left recession before the 2010 election. The problems came when Gideon took over and decided it was all the fault of high spending and introduced austerity which inevitably led us back into recession.

All this is a side show though - a govt running a surplus is bad economics anyway but that's another argument. We're a nation not a corner shop.

 

[Premier Quality]

A government running a surplus being bad economics is a personal view though right? Relying on inflation to reduce the value of debt only works in periods of high inflation, but we're not in a period of high inflation and probably won't be for a long time.

And again no - the government had limited amounts of money to pump into the economy due to it's soending splurge in previous years, had it spent less recklessly it would have had more tools available to it.

 

[Deutsch Wolf]

A government running a surplus being bad economics is a personal view though right?

Not really, it's conventional basic economics. Something Gideon isn't even on nodding terms with.

 

[Premier Quality]

But there are economists on both sides - Gideon produces those experts as easily as big ed did.

economists tend to view economics through a political lens, which is why they don't just all agree with each other.

 

[visage]

You're clearly wrong - putting up spending clearly affected our ability to react to the crash as we immediately had high debt from spending staying high whilst income reduced,where if spending hadn't increased so much, debt would have been lower when the crash hit and the debt level in the period after the crash would also be lower, allowing more spending options to mitigate the impact. I'm not sure how you can disagree to be honest.

Debt levels dont really matter, within reason. UK debt leves were historically low before, during and after the 2008 crash.

If there was concern about UK debt levels as a result of Brown's spending, why was the market perfectly willing to allow the UK government, almost overnight, to issue 500 billion quid of debt with barely a flicker in the long term gilt rate?

Could you perhaps tell us what tangible things you're referrng to when you say it 'clearly affected' our ability to respond? Had Brown been more frugal how would our response have been different?

 

[Premier Quality]

We borrowed £163.4billion in 2009.

If brown had wasted less money in advance there would have been more money available to stimulate the economy, meaning the recession could have been less severe. There would have been less debt built up due to a lower spending/income ratio meaning less overall debt so the current government would have less need to implement austerity to bring down the deficit.

That government might even have been labour if brown hadn't been so incompetent

 

[visage]

We'd still have had to borrow all that money regardless. The only ongoing effect of Brown's spending us residual interest payments, which in the grand scheme of things are insignificant.

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[Premier Quality]

You don't think that debt in any way contributed to the current debt levels?

 

[visage]

I don't think the debt that Brown accrued had any effect on our approach to the 2008 crisis.

They are two separate issues.

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[Johnny75]

I don't think the debt that Brown accrued had any effect on our approach to the 2008 crisis.

They are two separate issues.

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So why did Labour lose the next 2 elections?

 

[visage]

So why did Labour lose the next 2 elections?

Because every time the economy was mentioned they ran away and hid instead of attempting to defend their actions.

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