Economics Professor destroys ConDem argument that there is no alternative!

Glasgow Media Group Director, Prof. Greg Philo discusses his proposal to pay off the national debt on The Daily Politics with fellow panel guests, Yvette Cooper MP, Shadow Sec.of State for the Department for Work and Pensions and Minister for Women and Equalities and Grant Shapps MP, Minister of State for Housing and Local Government. BBC2, 15 Sep, 2010.


Professor Greg Philo has made a number of recent TV and radio appearances to discuss his proposal to pay off the national debt via a one-off tax on the wealthiest 10% of the population. These follow on from his original article outlining the proposal, which appeared in The Guardian on 16.06.10 and generated over 550 reader comments. You can read the article and browse the comments here. The full results of the June 2010 YouGov poll which is quoted in the article are available here. The poll indicates that 74% of the population would favour a one-off tax on the wealthiest 6 million people in Britain. The figures on wealth quoted in the Guardian article are from the Government website. These can be viewed at


2 Responses to “Economics Professor destroys ConDem argument that there is no alternative!”

  1. martin clements Says:

    the problem I see with this solution is that a lot of the wealth in the top 1% or so will be from the financial centre,who make their money from debt creation,if they contribute to debt eradication they will eliminate a huge revenue stream!

    we should not argue on their terms about deficit reduction,firstly what we spend our money on makes a difference,if I run a deficit to build a house to live in or blow the same money on crack and prostitutes there is a huge difference,that is one argument that holds weight.
    If the banking system was not private but public we would not have to pay back interest above inflation rates,no interest no £120 million per day to leeches,investment banking is using money as permission slips,if Lincoln could release a government backed currency in the 1800’s why can’t we?
    If deficits are a problem then the private deficit is much much higher than the public one and much more likely to bring down the financial system,it was private debt that caused the current INTERNATIONAL CRISIS,it was called the sub prime crisis for a reason,not the labour government crisis,Moodys and Lehman brothers are more responsible than government.
    attack on all fronts,the t.i.n.a. argument is lame and holds no water,we are being blackmailed,this is pure ideology and labour are nearly as bad as the Tory’s,we can not afford (in a life and death reality sense) idiots who can’t afford (in a paper permission note sense) the planet.
    If they say public deficit say private is worse
    if they say Labour spending,the Tory’s said they would match it
    if they say the rich will leave say blackmail,say capital strike is no different to a labour strike
    if they say waste,tell everyone who has or will lose their job they are a waste,inefficient worthless
    banks are worthless without workers,they make nothing.
    bring up fiat currency and fractional reserve banking,even Mervyn King has said this.
    if they say the private sector will create more jobs than the ones lost,ask them if they lost their full time well paid professional job with a pension would they get a part time job in a supermarket? it’s like for like in one sense 1 job for 1 job,but the devil is in the detail.
    I could go on…….

    • martin clements Says:

      Just 1 more important point,Adam Smith who the right wing bigots love for his invisible hand(the one in your back pocket) advocated public infrastructure,not private because it should not be profitable in a lifetime,it is of benefit to us all to have rail and buses,water,gas and electricity and it requires constant investment from society for present and future generations.
      France springs to mind,they have publicly owned public transport that wipes the floor with our privatised “service” marketising everything makes priceless things like life cheap.

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