UK Spending Review 2010: cuts leave middle class £10,000 worse off

Discussion in 'Wall St. News' started by ASusilovic, Oct 21, 2010.

  1. Middle-class families are to lose an average of £10,000 each over the next four years as a result of the package of spending cuts and tax rises unveiled in the Coalition’s Comprehensive Spending Review.

    Households with an income of more than £48,000 will each lose about five per cent of their annual earnings by paying thousands of pounds extra in tax while losing benefits and access to public services, Treasury figures indicate.

    Excellent news, Mr Cameron, Mr. Osborne. You are as smart as I thought you would be. :cool:
  2. Visaria


    The cuts aren't deep enough, tbh. The deficit will still mean the overall debt of the UK will rise by 50% after five years.
  3. Europe is coming to recognize the major flaw in their Socialist nanny states.

    The lazy group says, "I don't need to work or at least work long and hard. I still get a good check and benefits".

    The hard-working group says, "No matter how hard I work or how much I produce, the state takes most of it away from me... so why should I bust my balls"?

    In the end, the standard of living is lowered for all.

    In a Capitalistic economy, the non-motivated, less-educated, and lazy have less. The hard working, smart people have more. (DUH!) But the Socialists whine, "some have more than others.. that's not fair". Then the Socialists endeavor to "make things fair" to the eventual detriment of all.

    That's what Odumba is trying to do to America.
  4. the1


    Europoe is slowly moving away from Socialism and Obama can't get the US toward it fast enough. I'm gonna see a huge increase in my taxes next year. You know, the primary reason I work so hard is so I can buy expense -- and I do mean expensive -- health care. Hmmm....isn't free health care coming in a few years? Maybe I don't have to work so hard for much longer?
  5. I read 1 million jobs will be lost in the UK via these cuts
  6. So... 1 Million public sector jobs will be lost. What's to be done about them? Will they be able to find jobs in the private sector? If not, will they "go on the dole" as "permanent unemployment beneficiaries"?

    Highlights the massive "excess of labor" we have around the world and the fact that a lower standard of living is coming for most/all... regardless, whether one likes it or not.
  7. I wonder if they'll even be missed. Other than law enforcement, firefighters and a few other core services, they may just be losing bureaucrats, pencil pushers and other busybodies who are better off staying at home and collecting "benefits."
  8. I think i read its 500k public sector and 500k pte sector as all the private contractors who have jobs with the govt will also be affected.

    Apparently, benefits are also cut to a one year time limit
  9. So... what happens to them after their 1-year "benefits" limit is exhausted? (In the US benefits are extended.. up to 2.5 years already. Will they become "permanent"?)

  10. The Eurozone in august had a trade deficit 50% lower then that of the US and you are afraid this is what Obama is trying to turn the US into? :p
    #10     Oct 21, 2010