Wednesday, 25 April 2012

Tax Cuts for the Rich ... and Double Dip Recession for Everyone Else

George Osborne, the 'smug mugger', in his recent budget stole from the nation's pensioners and gave the proceeds of this raid to the rich ... by cutting the top rate of tax for himself and his multi-millionaire friends.

His budget also effectively started an omni-shambles, which other ministers have also since 'built upon' (e.g. Frances Maude and the self-generated petrol crisis, Theresa May and her shambolic failure in the deportation of Abu Qatada, Jeremy Hunt and his relationship with the Murdoch's) ... and are still building upon!

And now we see the true outcome from these immoral charlatans ... a double-dip recession, with no prospect for a prosperous future in sight (except for the ultra-rich - according to recent surveys).

THE ONS has confirmed the economy contracted again in the last quarter, by 0.2%, despite a late boost to retail sales (due to a exceptionally warm month in March), and (if conspiracy theories are to be believed) a last minute attempt by Ministers to 'manufacture' growth by creating a self-generated petrol crisis to boost sales of petrol in the final days counted in the first quarter results (nb once the final day had passed, they toned down their message immediately).

Simple estimates (see below) suggest that the increase in petrol sales would have boosted GDP by around 0.1% ... enough of an amount, the Government had hoped, would have just have prevented double-dip recession headlines being reported.

Number of cars - 31 million
% People filled up - 30%
% Tank filled up - 40%
Petrol Tank - 65 litres
Petrol price - £1.39
Petrol revenue raised - £336,102,000

GDP - £1,400,000,000,000
GDP/Quarter - £350,000,000,000

Increase in GDP due to petrol crisis +0.1%

And the real concern for these people now is that their estimates proved to be nowhere near either ... despite the temporary 2% boost in retail sales in March!

And will the Government reverse their strategy, e.g. give back the money to the pensioners and put taxes back to where they were for the rich, or will these 'arrogant posh boys', who 'show no remorse, no contrition, and no passion to want to understand the lives of others', plough on regardless ... 

IMHO Nadine Dorries has already answered this, without anyone else having to try!