Thread by @SagittaVeritat1

Interestingly, every Lab government has left office with lower national debt than when it came to power.

The idea that Lab govts ‘tax and spend’ is another carefully crafted #ToryLie pushed out by the right wing client MSM.

The Tories are useless at economics.

https://twitter.com/thehuck_59/status/1582991847026089984

Before the US sub-prime triggered banking crises (yes, Tories tried to blame Lab for that as well), UK national debt was below £500 billion - so about 20% of what it is now. AFTER bailing the banks out it rose to £750 billion. All quite manageable and internationally

respected position. After the crash and interest rate collapse, economists were at pains to make the point that the correct response to a deeply contracted economy was a sustained fiscal stimulus ie a Keynesian response. Cameron did exactly the opposite. The Tories slashed

public spending. As a result, the economy remained depressed vis-a-vis where it should have been, tax receipts declined and just as Keynes predicted, national debt climbed. Between 2010 national debt went from £800 billion to £1.9 Trillion just before the pandemic

The tragedy here is that despite the massive cuts, the country had absolutely nothing to show for the more than £1 Trillion additional debt other than a ruined NHS, schools funding crises, 21 000 fewer policeman and 600 closed police stations (and the attendant rocketing crime)

And everywhere we look, the rise in poverty and deprivation. An EU report during May’s tenure identified 4 of the top ten most deprived areas within the EU as lying within the UK. A shocking indictment of failed Tory economic policies. Added to this, the disastrous #Brexit

that hit GDP to the tune of 4% and the result was the UK economy once again became the laggard of Europe. Under Blair, UK GDP per capita was the highest in the G7 (just think about that for a minute: higher than the US, higher than Germany or France). Today, we sit near the

Bottom of the league table. Add to an already parlous situation the unforeseen pandemic which required an extraordinary response and debt ballooned further. Tories argue that most G7 counties have high debt to GDP ratios. But for the UK specifically it did not have

to be anywhere near the £2.5 Trillon we are now sitting at with the trashed public services and manifest economic problems to boot. All in all, a classic case of ‘how not to do it’ that no doubt will make it into case study histories in years to come. Sadly, there is no

quick and easy way out of this. We can help ourselves though by rejoining the EU ( and immediate 3-4% boost to the economy) if they’ll have us back. The UK has a serious in-work poverty problem that is structural and long term. This will require huge investment and

training with a focus on green energy and high tech agriculture as examples.

To conclude, when Tories claim they are the party of sound economic management, don’t believe them. Their policies and responses to exogenous shocks tell exactly the opposite.

#ToryVoodooEconomics