February 1st, 2013

Dilnot Explains Debt/Deficit Difference to Dave


70 Comments

  1. 1
    Gideon says:

    Should have gone to Ocean Finance.

  2. 2
    Alan Rusbridger, pianist says:

    Today I have been mostly playing In the Land of Grey and Pink.

  3. 3
    Jimmy says:

    “the confirmation that the deficit is down by a quarter…”

    Only by slashing capital spending. The current deficit is down about 6%. The Gideonomic Miracle is here!

  4. 4
    Dimwitted Dave says:

    Can’t we just use Wonga?

  5. 5
    Reed Employment says:

    We have a vacancy for a Chair of the UK Statistics Authority.

  6. 6
    data's sister says:

    Well, everyone knows that….

  7. 7
    The Public says:

    Yeah’ capital spending’. It sounds so grown-up doesn’t it?

    The sad fact is that much of the ‘capital spending’ involving the public sector is money poured down the drain. As a nation we would probably be much better off if there was less of it.

  8. 8
    IKEA says:

    We have lots of chairs?

  9. 9
    The Public says:

    Reed: one of the least transparent groups of companies ever to suckle at the taxpayers’ teat. An utterly fucking useless bunch of rent-seekers and oligopolistic privatisers.

  10. 10
    Propaganda Watch says:

    This is b/s: Note that Europe has crept in to a debate about UK economics.

    Also: After watching the party political broadcast there was no indication that debt and deficit were being conflated, unless someone is telling you that they are.

    The ONS guy is failing to point out that the 25% reduction in deficit is a bit disingenuous as about 10-15% of that figure is due to reduction in investments.

    The deficit borrowing has only been reduced by about 10-15% depending on which set of figures you believe sourced from ONS and the OBR.

    Those raw figures themselves are highly suspect.

    Repeat a lie enough, and you may be able to squeeze a libel payment, if you catch the drift.

  11. 11
    Jimmy says:

    “It sounds so grown-up”

    Sorry about that. I forget where I am sometimes.

  12. 12
    Blind_leading_the_blind says:

    “…excluding the temporary effects of financial interventions…”

    i.e., the fudge factor – where “temporary” = the next 10 years

  13. 13
    Council Waste says:

    Capital spending in Bradford = £25m lake. It would be great if it represented the finishing touches to a grand plan. HOWEVER, there is a great big hole in centre courtesy of Westfield, loads of empty / payday loan / betting / charity shops. The capital spending was a vanity project instead of attracting decent businesses. The council have been absolutely useless for circa 50 years – all parties can take blame for this.

  14. 14
    Baby Boomer says:

    Caravan were/are an excellent band. I spent a number of happy hours at the Marquee with them when they had a regular gig there a long long time ago.

  15. 15
    Wonga says:

    Osborne should lend a few billion to Barclays and then borrow it back. I believe that they have form on this.

  16. 16
    Your Friendly Neighbourhood Financial Terminology Explanation Service says:

    So, basically, the idea is that the debt is the difference of what you owe over what you’ve got. Borrowing is making up the shortfall of what you’re going to need after you’ve seen how much you’ve got or are getting.
    So, when J. Wellington Wimpy asks you for a hamburger today for which he will gladly repay you Tuesday, that’s “borrowing.” When Tuesday comes and Wimpy ain’t got what to pay you back with, that’s “debt.”
    Glad we could clear this up for you.

  17. 17
    Sir Jim says:

    Is it cos they is muzzies ?

  18. 18
    Ed Balls - Shallow Chancer says:

    I’m confused.

  19. 19
    Please Give generously. says:

    Is the a Windmill wreckers support fund?

    Interesting to see that so far the victims have all been very wealthy Liberal party Land owners milking the wind Subsidy train.

  20. 20
    WVM says:

    Camertwat has just promised to borrow more from yet unborn British taxpayers to give to African despots.

    This announcement came on the same day that the Telegraph reports that British pensioners already living in abject poverty will suffer more before the next General Election.

    I dont know what planet the Tories are on.

  21. 21
    Tay King-dePisse says:

    And you’ve sent me to the Land of Nod, Rusty you boring shit.

  22. 22
    Mad, Bad & Dangerous Gordon McRuin ( Member in absentia ) says:

    We never had deficits and certainly did not run up the debt at all during The Reign of Terror 1997-2010. We made ‘investments’ and simply banned saving.

    Balancing the books is ludicrous right wing ideology.

    The Tories always come along after we have invested money and banned saving and moan and complain. No wonder they’re known as the nasty party.

  23. 23
    Blue Eyes says:

    “After watching the party political broadcast there was no indication that debt and deficit were being conflated”

    Bullshit. Dave clearly states “we are paying down our debts”. Dave’s government has been increasing its debts nearly as rapidly as the previous charlatans.

  24. 24
    Point of information says:

    The same one that Labour took us to.

  25. 25
    VERITAS says:

    Off message the BBC is reporting that HIV in gay and bisexual men is not falling,when will they ever learn?

  26. 26
    Jimmy says:

    Perhaps, but surely credit for the lake should go to the party leading the council at the time?

  27. 27
    Jimmy the Dhimmi says:

    Late onset Alzheimers. Common amongst you octogenarians.

  28. 28
    ever did get this song out of me Ed says:

    Standing on a golf course
    Dressed in P.V.C.
    I chanced upon a Golf Girl
    Selling cups of tea
    She asked me did I want one
    Asked me with a grin
    For three pence you can buy one
    Full right to the brim

  29. 29
    SP4BS says:

    The word “debt” has an everyday meaning, that is plain to most people.

    The word “deficit” has various meanings, most of which outside of economics do not hint “per year”.

  30. 30
    Sarah says:

    I will take this very slowly Jimmy as I know you have difficulty stepping out into the real world.

    Look at Japan – they splurged billions on capital spending (which means printing, borrowing & selling the nations silver) to fund roads & railways to nowhere.

    It failed to stimulate the economy.

    They now acknowledge that all they achieved was taking investment & raw materials away from the real economy – the job, product & wealth creators in the private sector, instead handing over a trillion dollars to public projects that failed miserably.

    Governments do not create jobs or wealth or a healthy economy – all they do is get in the way.

    The ultimate capital investment big state solution for you Jimmy is North Korea – that is the end point of your socialism.

  31. 31
    A Space Cadet says:

    The Planet Immoral

  32. 32
    Sarah says:

    I think the only thing keeping the fiscal vandal Brown from being institutionalised is the fact that the Tories are following his economic lunacy to the letter.

    He must take comfort & some endorsement for his kamikaze financial insanity from this continued madness of George & Dave?

  33. 33
    old SHEP says:

    Those figures look truly horrendous to me, hows that for economics?.

  34. 34
    Anonymous says:

    If Cameron was the brighfest PPE student Bogdanor had taught it makes me wonder what all the others were like.

  35. 35
    Don Quixote says:

    Interesting to see how few people seem to think there is too much to be sad about if these windmills have been vandalised. Nevertheless, I think we should be looking at poor design and cheap foreign components as the main causes for these windmills failing.

  36. 36
    SP4BS says:

    Its some sort of trend. The one that astonishes me the most is the big head near the M62 on the way to liverpool. I’m almost as perplexed by statues put up to WW1 soldiers.

  37. 37
    Real Degrees For Real People says:

    Identikit twats

  38. 38
    Jimmy says:

    “I will take this very slowly”

    I think that’s very wise.

  39. 39
    192.168.0.1 says:

    Tell that to HS2 Dave then…

  40. 40
    The savant10.4 highway patrol says:

    I think it’s all that. Johnny. Foreigner. Quixote’s. fault.

  41. 41
  42. 42
    192.168.0.1 says:

    Liberia has some of most appalling health care in the world, where infant mortality rates are very high. That is one area which needs particular attention

  43. 43
    The Windy Millers lived in their windmill and they were happy ever after. Until Big wind came along says:

    Now if they went back to Windy Miller sail type windmills that not only looked good, made no noise, provided a family home and ground grain then that really would be progress.

    But 900 foot monstrosities that destroy the view, make a whine that brings on madness, a flicker that triggers epilepsy and a by product of minced bats n Birds (and a bit of leccy when the wind is right but never above 15% profected figures). Is that really progress?

  44. 44
    XXXX says:

    Its a bit like saying my diarrhoea is down by a quarter

    You are still filling the pan with shit on reqular intervals

  45. 45
    Brian Milne says:

    Dave might just be having a look at poverty in order to decide how people in the UK ought to live in the future given that they think everybody is far too well off, overweight and so on. Could Liberia be the model for the New England? The way things are going down the slippery slope it could well be. Bravo Dave, yet again your stunning ability to be a dimwit hypocrite goes before you!

  46. 46

    £301 billion in PFI repayments

    http://www.guardian.co.uk/news/datablog/2012/jul/05/pfi-contracts-list

    £228 billion support for banks

    http://www.nao.org.uk/banking_faq.aspx

    £4.7 trillion in unfunded pension obilgations

    http://www.ons.gov.uk/ons/dcp171766_263808.pdf

    £1,111 trillion Public Sector Net Debt

    http://www.ons.gov.uk/ons/dcp171778_295776.pdf

    Our government owes a total of £6.34 trillion which is £211,000 for every one of the 30 million tax payers in the country who are responsible for paying this back.

    No wonder Lewisham A&E has to close, as Liam Byrne said there’s no money left

    Unless of course you are Ed Balls, when borrowing and spending even more is the answer

  47. 47
    Barry Island says:

    Which PR bellend at Tory HQ thought it would be a simply spiffing idea for Triple-Dip-Dave to travel half way round the world dispensing advice about eradicating poverty?

    Perhaps it was the same one that thought it might be good for morale to get Arseborne to hand out medals at the Olympics? Because that went well didn’t it.

  48. 48
    johnwardmedway says:

    Today I have been playing In the Land of Twilight, Under the Moon.

  49. 49
    Calamity Clegg says:

    Another vote winner !

  50. 50
    The savant10.4 highway patrol says:

    No!

    Gideon s new wheeze is to ban all cash transactions above. Five pounds .

    All transactions above this limit. Must be effected using debit/credit cards or cheques … Until the latter are abolished .

    This will allow. Giddy to keep track of all that. Nasty underground economy which dodges tax by indulging in somethingbh plebs. call …. Cash in. Hand .

  51. 51
    Operation Crossbow says:

    Saying the deficit is down by a quarter is like that mong cuunt Kitchener saying that casualties on the Somme are down by a quarter, only lost 60,000 today not 80,000. Wow things are looking up.

    Upper class twats the lot of them.

  52. 52
    johnwardmedway says:

    And after that, as an antidote to the (unfortunately conjured-up by this item) memory of Rachel Reeves’ ghastly voice, I played the heartachingly beautiful Key of the Twilight.

    I feel much better now…

  53. 53
    Operation Crossbow says:

    Funny that the BBC are quick to jump on the bandwagon that fat people or smokers should be denied NHS treatment because their illnesses are self inflicted, but men who have bumhole sex should someone be treated as a special case and get thousands of pounds in NHS care for free.

    It said on the BBC that one in 12 gay men in London was HIV positive, I though London was all Muslim now?

  54. 54
    The savant10.4 highway patrol says:

    Andrew Dilnot. Says. ..

    I’m. Free.

  55. 55
    Jimmy the Dhimmi says:

    It still doesn’t help you though.

  56. 56
    old SHEP says:

    Spend £17 billion on windmills, allow the utility companies cartel to rack up fuel charges exponentially and then finish the pensioners allowances, another winner Dave.

  57. 57
    old SHEP says:

    General Haig used to keep sending telegrams to Loyd George… send more men to cover ‘wastage’, now it’s… print more money.

  58. 58
    johnwardmedway says:

    That’s near-enough correct. Capital investment in our nation is important, but not the ineffective way Labour did it. As you say, they poured most of (our) money down the drain and achieved virtually nothing for countless billions of Pounds of expenditure.

    The confusing by dim-witted Lefties is the usual one: inputs are more important to them than actual outcomes, and this showed in spades during the Labour years.

    Now we are getting toward real outcomes (some have already happened, others are on the way) handled more competently than any Labour government ever could, or would.

  59. 59
    old SHEP says:

    At the BBC only one in 12 are straight.

  60. 60
    SP4BS says:

    you don’t mention what “deficit” is there though.

  61. 61
    SP4BS says:

    Are you saying Dave knows how to splash the cash properly?

    The only way I could imagine that level of optimisim is if he’d spent all the money on prozac in the water supply.

  62. 62
    Airey Belvoir says:

    (RANT MODE ON)While he’s at it, maybe Dilnot could explain to the lovely Rachel that reducing a tax rate is not ‘giving people money’ it is just forcibly removing slightly less of their own money. Of all the lies and misdirection Labour spews out, this is the one that irritates me most, although it is a valuable pointer to the way they think – that everything belongs to the State, except what they kindly permit you to keep. Bastards. (RANT MODE OFF)

  63. 63
    Fishy says:

    This is the same Dilnot who ‘rapped’ the Tories knuckles over their increased NHS spending claims, swallowing hook line and sinker the line from the odius Burnham (he of Stafford Hospital infamy)…the only trouble was that he was wrong.

    http://www.thecommentator.com/article/2232/new_statesman_independent_and_uk_statistic_authority_chairman_wrong_on_nhs_cuts

  64. 64
    Lord Mendelsohn of Bummingham says:

    Haven’t the arsesbandits suffered enough?

  65. 65
    nickleaton says:

    And Dilnot cannot distiguish between debt and borrowing. Quelle surprise.

    For example, where is the 5,010 bn the ONS report for the pensions debt? [Now 5,300 bn]

    Ah yes, he falls back on that trick, if the EU countries aren’t reporting it we won’t.

    You’re pension – sold down the river.

  66. 66
    nickleaton says:

    Only if you ignore the pension Ponzi.

  67. 67
    rumpleforeskin says:

    FFS £1,111.4 billion !!

  68. 68
    Charity should begin at home says:

    This includes an attack on all those millionaire pensioners who make use of bus passes. I’m having difficulty imagining what they might look like. What’s far more likely is that the word ‘millionaire’ in the stated proposal is redundant.
    Note that the thought of scrapping overseas aid never even crosses the minds of the arseholes in Westminster.

  69. 69
    Mr & Mrs Joe Public.. says:

    + 35M !!

  70. 70
    Frederick Gideon Threepwood says:

    Moron. Dilnot is a professional attempting to educate the statistically dyslexic on basic concepts which are common across world economics. Both Tories and Labour play fast and loose with numbers and that is exactly why we need the likes of Dilnot to speak up. You would be the first to complain if he failed to speak up when Labour do similar.


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