636 days ago
The latest report from Berkshire Hathaway is out and, after a good 2022, Warren Buffett does not hold back. Enjoy.
4082 days ago
I never cease to be amazed at the appalling coverage of basic economics by the national press but today’s shock exclusive from the Daily Mail really plumbs new depths. The headline reads: Government borrowing falls by £3.6billion as the recovery powers on. The sub heads read: Deficit cut from £14.2billion to £13.3billion in the space of a year and Borrowing falls from £50.4billion to £46.8billion. It concludes from this that George Osborne’s austerity policies are working.
Ok. Back in the real world. The statistic the Mail uses is that in the six months to August Government Borrowing was a mere £46.8 billion, down £3.6 billion from the prior six months. But that is not is not TOTAL borrowing just ADDITIONAL borrowing. Total borrowi9ngs are still increasing at almost £100 billion a year. The budget deficit in August was marginally down on a year ago but was still a disgraceful £13.3 billion.
So the correct headline should be: Government borrowing still increasing rapidly. The sub heads should read
