In response to:

Is Anybody Surprised that Krugman Was Wrong about U.K. Fiscal Policy?

Michael3783 Wrote: Jan 24, 2013 11:44 AM
Rather than using slavery, I'm more partial to Hayek's idea of the "Road to Serfdom". The governing class decides what they need, and how they will spend it; the commoners fight over what's left.
George257 Wrote: Jan 24, 2013 5:00 PM
A serf had to work a certain number of days each year for his master. That's pretty much what we have to do.

The ancient Egyptians were considered slaves because they had to give 20% of their earnings to Pharoah. So by that definition we are slaves. Except the privileged class, who simply will not work.
wiseone Wrote: Jan 24, 2013 3:35 PM
OK. "Serfdom" works for me. If you look it up you'll see that economically it's very almost identical to slavery.

Just like in the United States, politicians in the United Kingdom use the deceptive practice of “baseline budgeting” as part of fiscal policy.

This means the politicians can increase spending, but simultaneously claim they are cutting spending because the budget could have expanded at an even faster pace.

Sort of like saying your diet is successful because you’re only gaining two pounds a week rather...