{"id":2276,"date":"2011-11-22T10:25:17","date_gmt":"2011-11-22T15:25:17","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=2276"},"modified":"2011-11-22T10:25:17","modified_gmt":"2011-11-22T15:25:17","slug":"the-wages-of-economic-ignorance-robert-skidelsky-project-syndicate","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/22\/the-wages-of-economic-ignorance-robert-skidelsky-project-syndicate\/","title":{"rendered":"The Wages of Economic Ignorance &#8211; Robert Skidelsky &#8211; Project Syndicate"},"content":{"rendered":"<p>Despite austerity, the forecast of this year\u2019s UK structural deficit has increased from 6.5% to 8% \u2013 requiring an extra \u00a322 billion ($34.6 billion) in cuts a year. Prime Minister David Cameron and Chancellor George Osborne blame the eurozone crisis; in fact, their own economic illiteracy is to blame. Unfortunately for all of us, the explanation bears repeating nowadays. Depressions, recessions, contractions \u2013 call them what you will \u2013 occur because the private-sector spends less than it did previously. This means that its income falls, because spending by one firm or household is income for another.<\/p>\n<p>In this situation, government deficits rise naturally, as tax revenues decline and spending on unemployment insurance and other benefits rises. These \u201cautomatic stabilizers\u201d plug part of the private-sector spending gap. But if the government starts reducing its own deficit before private-sector spending recovers, the net result will be a further decline in total spending, and hence in total income, causing the government\u2019s deficit to widen, rather than narrow. True, if governments stop spending altogether, deficits will eventually fall to zero. People will starve to death in the interim, but the budget will be balanced.<\/p>\n<p>via <a href='http:\/\/www.project-syndicate.org\/commentary\/skidelsky47\/English'>The Wages of Economic Ignorance &#8211; Robert Skidelsky &#8211; Project Syndicate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite austerity, the forecast of this year\u2019s UK structural deficit has increased from 6.5% to 8% \u2013 requiring an extra \u00a322 billion ($34.6 billion) in cuts a year. Prime Minister David Cameron and Chancellor George Osborne blame the eurozone crisis; in fact, their own economic illiteracy is to blame. Unfortunately for all of us, the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/22\/the-wages-of-economic-ignorance-robert-skidelsky-project-syndicate\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Wages of Economic Ignorance &#8211; Robert Skidelsky &#8211; Project Syndicate&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33],"tags":[289,512,962,1295,3519],"class_list":["post-2276","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","tag-austerity","tag-budget-deficit","tag-debt-crisis","tag-euro-zone","tag-uk"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Wages of Economic Ignorance - Robert Skidelsky - Project Syndicate - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Wages of Economic Ignorance - Robert Skidelsky - Project Syndicate - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Despite austerity, the forecast of this year\u2019s UK structural deficit has increased from 6.5% to 8% \u2013 requiring an extra \u00a322 billion ($34.6 billion) in cuts a year. Prime Minister David Cameron and Chancellor George Osborne blame the eurozone crisis; in fact, their own economic illiteracy is to blame. 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Unfiltered. \",\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/thepatientinvestor.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/profile.php?id=61572934660810\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\",\"name\":\"ColinTwiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"caption\":\"ColinTwiggs\"},\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/author\\\/colin58s\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Wages of Economic Ignorance - Robert Skidelsky - Project Syndicate - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"The Wages of Economic Ignorance - Robert Skidelsky - Project Syndicate - the patient investor","og_description":"Despite austerity, the forecast of this year\u2019s UK structural deficit has increased from 6.5% to 8% \u2013 requiring an extra \u00a322 billion ($34.6 billion) in cuts a year. Prime Minister David Cameron and Chancellor George Osborne blame the eurozone crisis; in fact, their own economic illiteracy is to blame. 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The country sought international help in April after failing to convince investors it was doing enough to shore up its shaky finances. In exchange for a \u20ac78 billion, three-year loan, Lisbon promised the European Union and the International Monetary Fund that\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1381,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/18\/southern-europe-could-learn-from-ireland-wsj-com\/","url_meta":{"origin":2276,"position":1},"title":"Southern Europe Could Learn From Ireland &#8211; WSJ.com","author":"ColinTwiggs","date":"October 18, 2011","format":false,"excerpt":"Efforts to cut the deficits in these [EU Mediterranean] countries are not failing because of different reasons in each nation, although there are some such. They are failing because of misguided austerity plans. Spending cuts and tax increases drive GDP down faster than the deficit, causing the deficit:GDP ratio to\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4555,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/06\/when-austerity-fails\/","url_meta":{"origin":2276,"position":2},"title":"When Austerity Fails","author":"Colin Twiggs","date":"June 6, 2012","format":false,"excerpt":"Austerity decimated Asian economies during their 1997\/98 financial crisis and similar measures have failed to rescue the PIIGS in Europe 2012. David Cameron's austerity measures have also not saved the UK from falling back into recession. So why is Wayne Swan in Australia so proud of his balanced budget? And\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1963,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/18\/the-anatomy-of-global-economic-uncertainty-mohamed-a-el-erian-project-syndicate\/","url_meta":{"origin":2276,"position":3},"title":"The Anatomy of Global Economic Uncertainty &#8211; Mohamed A. El-Erian &#8211; Project Syndicate","author":"ColinTwiggs","date":"November 18, 2011","format":false,"excerpt":"Mohamed A. El-Erian, CEO of PIMCO, describes four key dynamics that will shape the future of the global economy: Many economies have built up excessive debt that is now causing market instability. They have three options for de-leveraging: default, like Greece; austerity, like the UK; or \u201cfinancial repression\u201d like the\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1905,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/15\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\/","url_meta":{"origin":2276,"position":4},"title":"EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences)","author":"ColinTwiggs","date":"November 15, 2011","format":false,"excerpt":"FT reports: The president of Germany\u2019s powerful Bundesbank has firmly rebuffed international demands for decisive intervention in the bond markets by the European Central Bank to combat the eurozone debt crisis, warning that such steps would add to instability by violating European law. Bundesbank president Jens Weidmann told the Financial\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5576,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/25\/fiscal-consolidation-in-sweden-a-role-model-vox\/","url_meta":{"origin":2276,"position":5},"title":"Fiscal consolidation in Sweden: A role model? &#124; vox","author":"Colin Twiggs","date":"September 25, 2012","format":false,"excerpt":"By Martin Flod\u00e9n, Associate Professor at Stockholm University Fiscal austerity was effective during the Swedish economic crisis, but that insight is not particularly helpful today. Austerity would have been more complicated both economically and politically if it had not been supported by currency depreciation and strong external demand, and crisis\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/2276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=2276"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/2276\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=2276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=2276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=2276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}