Comments on: Prof Chick: ‘govt not in a position to determine its deficit/surplus’

By: Ken MacIntyre

Ken MacIntyre — Thu, 29 Jul 2010 13:20:07 +0000

This presentation contains a chart which gives empirical support to Prof Chiok’s argument:

http://ineteconomics.org/people/participants/richard-koo
(Exhibit 13. UK Private Sector Financial Surpluses Are Increasing Sharply)

This is surely the macroeconomic equivalent of double entry book keeping where both sides of the trial balance must always balance to zero?

Sabine K McNeill — Sun, 25 Jul 2010 18:37:29 +0000

You may find this graph of governmental expenditure interesting. It puts the ‘austerity budget’ as 2011 at the end of 10 years Labour budgets.

What is noteworthy is that the only item that rises is the amount of money spent on the national debt. In other words: business as usual!