A Quote by John Redwood
The Prime Minister in the UK thinks spending and borrowing more is the right thing to do in the circumstances, and is busily trying to bail out chunks of the private sector which would otherwise have to adjust more quickly to the painful reality that we have been living beyond our means.
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Living standards in both the public and private sector have to be brought down. The private sector has to sell more abroad and consume less at home. The government sector has to get closer to just spending what it can collect in taxes.
There are some issues where ministers should come and talk to the prime minister, if the prime minister hasn't already talked to them. Any issue which a minister thinks is going to be profoundly controversial, where we do not have a clear existing position, it is important that there be a conversation between the minister and the prime minister. I think they all understand that and I think it is working very well.
Whether government finances its added spending by increasing taxes, by borrowing, or by inflating the currency, the added spending will be offset by reduced private spending. Furthermore, private spending is generally more efficient than the government spending that would replace it because people act more carefully when they spend their own money than when they spend other people's money.
In our party, for the post of the prime minister or chief minister, there is no race, and nor does anyone stake their claim. Who will be the prime minister or chief minister, either our parliamentary board decides on this or the elected MLAs, in the case of chief minister, and MPs, in the case of the prime minister, select their leader.
But, clearly, the prime minister has laid down some ground rules which any functioning democratic state would insist upon, having to do with, you know, arms belonging to the state, not to -- not in private hands. The current circumstances come out of what I think is a very important and indeed appropriate action that the Iraqi government has taken.
We can no longer contemplate a world in which public or private sector funds are used to bail out or recapitalize failing firms.
To reduce deficit spending and our enormous debt, you reign in spending. You cut the budget. You don't take more from the private sector and grow government with it. And that's exactly what Obama has in mind with this expiration of Bush tax cuts proposal of his.
My mother always taught me that two wrongs don't make a right. We shouldn't bail out Wall Street. We shouldn't bail out Detroit. It will cost the economy more than the cost of the bailout which is more than the politicians think. We'll run into the hundred of millions to prop these companies up.
I think the only thing that really can be done - it would be painful, but less painful than the calamity we're heading toward - is to demand that people be responsible for their private obligations. No more bailouts, no more stimulus, no cash for clunkers.
In Jordan, where the prime minister is always a commoner, the king has announced some new reforms that would tend to move the country toward a more democratic system: Notably, the prime minister would emerge from the victorious political party, not from back room conversations in the royal palace.
The U.S. has been living in a situation of excesses for too long. Consumers were out spending more than their income and the country was spending more than its income, running up large current-account deficits. Now we have to tighten our belts and save more.
I have heard it said that living out of our vision is more powerful than living out of our circumstance. Holding on to a vision invokes the circumstances by which the vision is achieved. Vision is content; material circumstances mere form.
Specific policy decisions would be absolutely necessary to promote the UK. It's not necessarily borrowing more or changing our current account status.
I just believe that government borrowing and spending doesn't lead to economic prosperity, growth, or sustainable jobs. I know that it comes from the private sector: people who invest in their businesses and ideas.
Al Gore's problem, in my view, is that he never liked politics. He's actually deeply uncomfortable in it but felt he had to do it because of his father. He's much more comfortable in a private sector role and has, in fact, been much more successful in a private sector role, and I admire him for that.
We could curtail private spending by several trillion dollars a year without requiring painful sacrifices from anyone. That would be more than enough to rebuild our crumbling infrastructure and eliminate government indebtedness once and for all.
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