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Terry Barker Profile picture
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Dec 13 • 6 tweets • 3 min read
#PostTruthEconomics has been exposed as an empty vessel, an old rotten barge dressed up as a buccaneering pirate ship taking on the financial markets, then collapsing into a few choice fragments: the reduction in stamp duties & the reversal of the NI rise.
Or in the #USA a crypto scam, powered by greed and lax laws in a crisis, leading to huge numbers of punters losing their shirts. #cryptocurrency fraud.
The @budget2022 was not fit for purpose, i.e. to generate economic growth. Its demise leaves the central aim of UK policy as stabilizing the markets, without a mandate. The best thing that has come out of the crisis is the utter discrediting of the @ILEA2021
In America, the first outstanding fraud has apparently been the inventive work of that modern-day @BLMInvestment or @MadeOffwithTheMoney Bernard Madoff. One #FriedMan
No one except him knows how much money he has gathered for his firm and then transferred to his his fund, if that’s what he did. But it sure stinks. #PostTruthEconomics
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More from @terry_barker21

Terry Barker Profile picture
Dec 13
I don’t necessarily agree.
What if all these nurses live on one side of the hospital where they work, or they have problems of mobility, as I do. And they use their car to drive to work on the other side of the hospital.
They could use a wheelchair or a buggy, but they haven’t got round to it, because it’s free. Of course they should pay!
Read 5 tweets
Terry Barker Profile picture
Dec 13
Indeed. There would be a huge sigh of relief in the general population and a sense of gratitude in the elderly and infirm. These people are public servants just as much as the civil servants are public servants and they should be treated the same.
However in this happy world, are civil servants also to be paid the extra 20%? Surely it’s only fair. And MPs etc?
Your supposition appears to omit considerations of equity. Aren’t MPs paid enough already? Head teachers? Vice Chancellors? School Governors? Teachers in posh schools? Doctors in high office? Surgeons? Your supposition is far too general.
Read 4 tweets
Terry Barker Profile picture
Nov 15
There’s a problem with the labour market term “economically inactive”. Those working at home are definitely not inactive. They are typically either caring for themselves or for other people.
In the #NationalStatistics those deemed to be “economically inactive”should be termed “Working at home” in contrast to those “ Working from home”. The change in terminology will emphasize that carers and household managers do work.
@CSOSue please note.
Read 4 tweets
Terry Barker Profile picture
Nov 12
Remarkably good economics from @BBCNewsnight Ben Chu. My view is that on the revenue side, the policies should include 1) freezing personal allowances, 2) raising the 45% tax rate to 50% and reduce the level at which it is paid from £150K to £100K,
3) merging income & capital gains tax to income tax allowances and rates, 4) removing #NonDom status, 5) promising immediate action to identify beneficial ownership of UK assets, 6) setup Committees to consider the benefits of #UBI & #WealthTax ,and
7) announce that @hmtreasury will support more transparency & coordination in UK policymaking.
Read 6 tweets
Terry Barker Profile picture
Nov 12
#COP27 This is very important. The world is on the brink of losing the opportunity to move together to avoid the risks of dangerous climate change. Maybe it will be a surprise to some, but #NetZero by 2040 or earlier may be actually economic.
However, simultaneously, we must square the circle, and ensure that policies focus on effectiveness and importantly on equity. It can be done.
Each country and sector, e.g. aviation & shipping, should be planning in detail how it will reduce its GHG emissions to achieve #NetZero
Read 5 tweets
Terry Barker Profile picture
Oct 22
New thread on the #SecondGFC follows.
So Moody’s has downgraded the UK as a “warning sign” re the volatility of £ & UK politics. One of the rating agencies that awarded top grades to junk bonds etc in the #GFC. A 100 yrs ago Moody himself gave the UK our now lost top rating. How times change. C/f £⬇️ since then.
Clearly governments were in charge of the markets then. And now, shockingly, markets seem to be in charge of governments! The “markets” are warning the UK to appoint the right finance minister and maybe PM. [lunch beckons, more to follow]
Read 15 tweets

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