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Friends come and go. Enemies accumulate.
at this moment bankers would prefer to be on another planet
Just tell them not to slam the door as they leave.
Stephanie Flanders at the BBC ran through the math and has a citation for the last two quarters.
The surplus was achieved solely through cuts because revenue is still paltry.
BUT, when you consider that the amount of debt isn't going down (the budget deficit is still 9-10%), then all numbers are now relative to the budget which has shrunk by 19% so far and is being cut another 6% soon.
They went from a 15% budget deficit to 9%. Meanwhile, their debt rose from 115% debt to GDP to 150%. This phenomena is primarily because of the huge contraction in the budget.
That said if the result of the last half year was relatively positive, why is everybody so hysterical right now? That the debt would still rise in 2011 should have been clear at the beginning of this year.
why is everybody so hysterical right now?
Because those Serious People comprising your 'everybody' mostly have few clues as to what is going on but can accurately judge how the public will react to their histrionics and posturing?
Both of the above?
"It is not necessary to have hope in order to persevere."
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