The Wardman Wire

Further to my note of Polly Toynbee’s pre-eminent place in the worldwide distribution network of mathematical and economic gibberish, yesterday we had this:

When in the grip of group think, think again. If ever there was a time to question economic orthodoxy, that time is now. Never has a profession been so discredited as the economists, who failed to see this crisis coming.

Plenty of economists saw this coming, and have been warning about unsustainable public borrowing for ages.

As for discredited professions, columnists maybe?

Yet the same authorities carry on opining ­unabashed.

Check.

Politicians of all parties are in their thrall, sick patients taking more leeches from the same doctors.

Check, probably.

The ­unwisdom of these crowds is startling.

Check (Alas, Poor Yorick).

And now for the spam in the sandwich.

During Margaret Thatcher’s time, the basic rate of tax was 33%. Brown has cut it to 20%: Labour MPs who whooped with glee each time he cut it should hang their heads in shame. As each 1p brings in £4bn, it means Brown levied some £50bn every year less in income tax than Mrs T, a staggering sum.

I don’t normally bother with Polly on economics for the same reason I don’t bother with David Icke on Lizards; but for the record, the Income Tax rate was down to 25% by 1988, and the entire Income tax take only went above £50bn in the year Mrs Thatcher left power.

Somebody had better send Polly Toynbee to remedial classes to be introduced to the following concepts:

1. Inflation.
2. History.
3. Comparing like with like.
4. Discount factors.
5. “Research”.
6. Maths.
7. Elementary logic.
8. “How not to make yourself look like a complete idiot”.

TOTAL FAIL.