“The challenge is, if we want European levels of welfare payments and public spending, you cannot finance that with American levels of tax rates,” said Lord Mervyn King, former governor of the Bank of England, to the BBC recently.
As Chris Kuan, the retired chief economist of GIC and many others have said, we can have our welfare cake and eat it by making our reserves work harder.
Budget: Consistently flawed/ Use more from Reserves meh?
And remember. WE, funded up the reserves not our millionaire ministers:
Budget: Consistently flawed/ Use more from Reserves meh?
End of piece.
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IGNORE the repeats. Bit spastic in editing.
Thoughts of a Cynical Investor 