{"id":1660,"date":"2009-10-17T15:11:16","date_gmt":"2009-10-17T14:11:16","guid":{"rendered":"http:\/\/blog.widmann.org.uk\/?p=1660"},"modified":"2009-10-17T15:11:16","modified_gmt":"2009-10-17T14:11:16","slug":"a-different-perspective","status":"publish","type":"post","link":"https:\/\/widmanniana.org\/blog\/a-different-perspective\/","title":{"rendered":"A different perspective"},"content":{"rendered":"<div style=\"float: right; margin-left: 10px; margin-bottom: 10px;\">\n<a href=\"http:\/\/www.flickr.com\/photos\/cornelluniversitylibrary\/3855494099\/\" title=\"photo sharing\"><img decoding=\"async\" src=\"http:\/\/farm3.static.flickr.com\/2601\/3855494099_2573a4d61f_m.jpg\" alt=\"\" style=\"border: solid 2px #000000;\" \/><\/a><br \/>\n<span style=\"font-size: 0.9em; margin-top: 0px;\"><br \/>\n<a href=\"http:\/\/www.flickr.com\/photos\/cornelluniversitylibrary\/3855494099\/\">Illustrations,  &#8230;<\/a><br \/>\nOriginally uploaded by<br \/><a href=\"http:\/\/www.flickr.com\/people\/cornelluniversitylibrary\/\">Cornell University Library<\/a><br \/>\n<\/span>\n<\/div>\n<p>John Redwood today is trying <a href=\"http:\/\/www.johnredwoodsdiary.com\/2009\/10\/17\/another-way-of-understanding-the-financial-mess\/\">a new approach<\/a> to explaining the scope of the financial crisis:<\/p>\n<blockquote>\n<p>Let us look at the financial plight of an imaginary Mr and Mrs Public Sector. They are on a good income of around \u00a350,000 a year. They don\u2019t feel it is nearly enough, as they are spending this year \u00a367,500, financing the extra \u00a317,500 from borrowing. They are lucky, because they do not have to pay any tax on the income, so what they earn they can spend.<\/p>\n<p>They already have an \u00a380,000 mortgage. They owe \u00a3110,000 to the pension fund, as they have not paid any pension contributions in for years. They have borrowed another \u00a350,000 on credit cards and hire purchase to buy furniture they fancied and to undertake some training courses. They have guaranteed a couple of businesses that have gross debts of \u00a3300,000, but the businesses also have plenty of assets so they are hopeful they wont lose too much on them.<\/p><\/blockquote>\n<p>All these figures are about 1\/10,000,000 of the real public sector ones.<\/p>\n<p>It does put things in perspective, doesn&#8217;t it?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Illustrations, &#8230; Originally uploaded byCornell University Library John Redwood today is trying a new approach to explaining the scope of the financial crisis: Let us look at the financial plight of an imaginary Mr and Mrs Public Sector. They are on a good income of around \u00a350,000 a year. They don\u2019t feel it is nearly enough, as they are spending this year \u00a367,500, financing the extra \u00a317,500 from borrowing. They are lucky, because they do not have to pay any tax on the income, so what they [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[99,159],"tags":[],"class_list":["post-1660","post","type-post","status-publish","format-standard","hentry","category-economics","category-en"],"_links":{"self":[{"href":"https:\/\/widmanniana.org\/blog\/wp-json\/wp\/v2\/posts\/1660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/widmanniana.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/widmanniana.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/widmanniana.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/widmanniana.org\/blog\/wp-json\/wp\/v2\/comments?post=1660"}],"version-history":[{"count":0,"href":"https:\/\/widmanniana.org\/blog\/wp-json\/wp\/v2\/posts\/1660\/revisions"}],"wp:attachment":[{"href":"https:\/\/widmanniana.org\/blog\/wp-json\/wp\/v2\/media?parent=1660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/widmanniana.org\/blog\/wp-json\/wp\/v2\/categories?post=1660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/widmanniana.org\/blog\/wp-json\/wp\/v2\/tags?post=1660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}