The News In Shorts

How the news would look if everyone stopped waffling and told the truth.

Sunday, 4 November 2012

Ian Duncan Smith's Voodoo Economics.

Ian Duncan Smith explained on the Andrew Marr show today how taking benefits off working people will actually make them better off. Apparently what will happen, IDS explained, is that cutting benefits will allow tax cuts for companies who in turn will pass on these savings to their workforce by way of wage increases. Those companies that don't will be "named and shamed". As Blackadder would say it's "a cunning plan" spoiled only by two obvious facts - companies always and without exception seek to reduce overheads by the simplest method avialable, cutting wages, and all companies share one characteristic, they have no shame. So, the most likely outcome of IDS's policy is that companies will get a tax cut, their executives will pocket the money and workers will continue to suffer from falling wages. It is, essentially, the same old "trickle down" rubbish that has undermined the British economy for decades. Of course IDS knows this perfectly well, but, being a complete stranger to work himself and with his own business interests to protect, he simply doesn't give a damn. After 30 years of neoliberal "voodoo economics" the Tories have remembered everything and learned nothing.

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