(18-12-2021 22:43 )uwot Wrote: Telling people to stay at home and closing people's businesses and handing out money which will need to be paid back by raising taxes (furlough), and creating a huge backlog of nhs appointments and cancelling surgeries causing further harm to people - that is not protecting the public or the nhs, it is doing more harm than good. It didn't work last time and we're on the verge of it again. deluded.
Ok so first of all what is more likely to cause an NHS backlog is it being overwhelmed by Covid cases something that Chief Medical office Chris Whitty brought up the other day. It has been reported on Sky News that the Health Service Journal has warned that based on current levels 1 in 3 healthcare workers in London could be off with Covid by the end of the month, the number of health workers off in London has doubled in the last 4 days alone.
Second in regards to handing out money & paying it back, if you are going to talk about a subject you really should get the most basic of understanding in how that subject actually works. I certainly hope you are not gullible enough to believe all the right wing propaganda that tells you that Government economics operates like any other household or business because that is laughably simplistic and utter bs.
Unlike households Governments do not borrow from private lenders like Barclays or RBS, Governments borrow from centralised banks in our case The Bank of England which though independent is basically another branch of the Government. Essentially we are borrowing from ourselves, it's not like if we default on our payments the BOE will send round the bailiffs to seize Stone Henge as collateral.
The fact that The UK has a centralised bank means that it can borrow money freely on international markets and print money for its own use, something you or I whether for ourselves or a business cannot. Government bonds are like IOUs their value is set by the confidence that people borrowing them will get their money back & since we are the fifth richest country in the world that confidence is high. It can also be paid back very slowly, in 1835 the British Government borrowed £20m (which at that time was equal to £17bn & 15% of UK GDP) to reimburse slave owners in the wake of abolition. The UK did not finish paying off that debt until 2015, 180 yrs later.
The benefit of paying money back over such a long time is that economies grow, whilst £20m/£17bn was 15% of GDP in 1835, today 15% of UK GDP is over £400bn & the NHS spends half that £20m some on paper & envelopes every year.
Most major economies in the world are in debt, The United States has been in debt & running a budget deficit for most of the last 40 yrs but has been the only economic superpower for most of that time. Their politicians put in a superficial debt ceiling but every time they are about to hit it, they just raise it.
The UK has a debt to GDP ratio of 85.4%, Japan 254.13% yet it is a more economically powerful country than we are.
Don't fall for the conservative debt boogeyman