The riddle of the deficit (or deficits for Dummies)

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Riddle: When is a ‘deficit’ not actually a deficit? Answer: When it’s a Government budget deficit.    Dear [insert name of virtually any Journalist or Politician] It seems that you’re still having a bit if a struggle to understand what … Continue reading

Why do politicians tell us Debt/Deficit myths which they must know to be untrue?

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The New Economic Perspectives’ video clip on the Government budget, Deficits and Debt presented below (produced for educational purposes), debunks the myths that politicians tell their populations to justify ‘austerity’.  In the case of the clip, it starts with 3 … Continue reading

George Osborne says we’re running out of money ..

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First a quiz: Q1.  The UK economy is just like a household and the government has to finance spending out of its income or through borrowing.  True or False? Q2.  The role of taxes is to provide finance for government … Continue reading