Related discussion from less than a year ago: 20 year study of global wealth demolishes the myth of ‘trickle-down’: https://news.ycombinator.com/item?id=29483131
But Liz Truss wants to be compared to Thatcher, remember.
Liz Truss urges world leaders to follow UK with trickle down economics
31–40 of 64 posts
Re: Liz Truss urges world leaders to follow UK with trickle down economics
#32She says UK has to lower taxes to be competitive yet at the same time asks the world to do the same -lower taxes-, so at some point they won't be competitive anymore as we'd have low taxes everywhere, so I guess she'd again say they have to lower taxes and the world should follow afterwards, until no one can lower taxes because there are no taxes. Maybe that's the point.
Or maybe the megarich lobby wants lower taxation over board. Not that they'd pay much, thanks to Bahamas and everything, but having even more money is always better right?
Re: Liz Truss urges world leaders to follow UK with trickle down economics
#33Poundland Thatcher.
Compared to 1970s Britain, 1990s Britain was in far better shape economically. I'm not a Tory voter, but if Thatcher hadn't done what she did, someone else would've had to.
Luckily for Labour they didn't have to, and so they kept their base, even though they don't seem to have subsequently reversed any of her major policies.
Re: Liz Truss urges world leaders to follow UK with trickle down economics
#34UK has no place to lecture anyone else on economic management. The country has one of the lowest growth rates in Europe, has crashed exports to its biggest market, maintained imports by simply waiving customs checks opening up the domestic market for all kinds of fraud, has signed one-sided free trade deals for the newspaper headlines, introducing competition to those domestic producers for no equivalent gain for exp…
> also deciding to escalate hostilities with China, the world second largest economy After what Russia has done to Ukraine, I sincerely hope more democracies put values before trade. UK is doing what everyone else should be doing, but don't have the courage to. Not something to be ashamed of.
As others have pointed out, Liz Truss has no qualms about calling Saudi Arabia an important ally[1]. Statements against China are a way to pander to the Tory base.
Re: Liz Truss urges world leaders to follow UK with trickle down economics
#35Has there really been lack of capital for investments in recent years? Shouldn't all of the western economies be in excellent shape with all possible investments avenues done now? As isn't entire point of trickle down increase availability of capital?
In Britain alone the Government has borrowed half a trillion pounds (roughly 25% of GDP) in 2020-21. Most of that went into the hands of normal people via furlough (paying people 75% of salary to stay at home during Covid), support for the self-employed and loans (up to £50k) for small businesses. It would be fascinating to see a study into where this money ended up. As you say, it should have found its way into the…
The beneficiaries are poor enough to not afford saving that money, so it definitely ended up back in the economy. After all there are no studies saying that savings had increased, are there.
Re: Liz Truss urges world leaders to follow UK with trickle down economics
#36Thanks, but no thanks. Sincerely, the rest of the world.
Re: Liz Truss urges world leaders to follow UK with trickle down economics
#37No post body was provided.
Re: Liz Truss urges world leaders to follow UK with trickle down economics
#38Earlier quoted context omitted.
> also deciding to escalate hostilities with China, the world second largest economy After what Russia has done to Ukraine, I sincerely hope more democracies put values before trade. UK is doing what everyone else should be doing, but don't have the courage to. Not something to be ashamed of.
Democracies never put values before trade - UK is at this very moment selling arms to Saudi Arabia, who are currently prosecuting a genocidal war against Yemen. China has been remarkably uninvolved in military conflict for the past 50 years, unlike many democracies
I can think of a large democracy that fairly recently started two wars for bullshit reasons and fucked up two countries that, admittedly, were already well fucked up. But probably a large number of people died that wouldn't have died otherwise.
Re: Liz Truss urges world leaders to follow UK with trickle down economics
#39UK has no place to lecture anyone else on economic management. The country has one of the lowest growth rates in Europe, has crashed exports to its biggest market, maintained imports by simply waiving customs checks opening up the domestic market for all kinds of fraud, has signed one-sided free trade deals for the newspaper headlines, introducing competition to those domestic producers for no equivalent gain for exp…
And the Treasury is refusing to publish the economic forecast for the mini-budget...
Re: Liz Truss urges world leaders to follow UK with trickle down economics
#40She says UK has to lower taxes to be competitive yet at the same time asks the world to do the same -lower taxes-, so at some point they won't be competitive anymore as we'd have low taxes everywhere, so I guess she'd again say they have to lower taxes and the world should follow afterwards, until no one can lower taxes because there are no taxes. Maybe that's the point.
Ha ha, good point! I'm not sure she thought it through...