Comments by "Steve Parker" (@steveparker8065) on "The Difference Between Wealth u0026 Income" video.

Thanks for vid Gary, excellent as always. Inherited wealth allows generations to live simply by investing. On the opposite end of the scale are people who work all their lives and pay rent and end up with nothing to pass on to their children. Which continues the cycle of poverty despite working hard.
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@Nickle314 According to economists at the ONS Britain's hidden debt is actually around £69.6 billion and not £16 trillion as you assert. Although the telegraph does make an argument that hidden public debt in liabilities is around £4 trillion. The Welfare state has not asset-stripped people, they pay for the safety net and many use it when in between jobs, sometimes through Illnesses and accidents or when pregnant or disabled. We give away over £2 billion to corporations in subsidies every single week and lose a similar amount via the tax gap through corporate non-payment. The wealthy are the problem, not the victims of a system that uses the unemployed and disabled to keep wages down and people in poverty.
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@Nickle314 The GDP of the UK was £2.2 trillion in 2022 and pensions amounting to £115.78 billion were paid out of this as is clear to see if you look at UK government spending. Roughly 5% of our annual GDP. Pensions that are owed are future liabilities and will come out of future profits via our GDP and government spending. Do you work out the cost of your whole life and then compare that to a single year's income? Because that's what you're doing...
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@Nickle314 My figures are from government spending you can check with the IFS, ONS and many other fiscal resources. Hidden debt is obviously 'hidden' as its name suggests. My figures are not wrong, we have a national debt of just over £2.5 trillion, probably a little more than that. I'm well aware how figures are often fudged. Government spending is only around half of our GDP the rest predominantly goes on servicing debt. Drop the patronisation and check my figures against official balance sheets. I have not argued regarding the existence of hidden debt and the possibility that it could be as large as £4 trillion. But you are conflating future liabilities with current expenditures... PS State pensions have gone up this year but the Pension benefit spending is forecast to total £123 billion in Great Britain in 2022-23. I'm not sure where you get your exaggerated figures from but the pension forecast is from the OBR...
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@Nickle314 I'm not sure why you're being so petty and pedantic. I was brought up on a council estate and I haven't been able to afford central heating for over 2 years and often go without food. I spend a lot of time debating the right and defending working-class values that I myself uphold. While also pointing out the inherently flawed system and the fallacy of finance. Tax receipts are just one aspect of our GDP, why wouldn't I use the total income? It provides a better and more accurate perception. What does it matter? What point if any are you trying to make? You've exaggerated every figure you've given me and conflated many things. I'm not interested in debating opinion and guesswork. It's about as much use as trying to teach a whale to fly...
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@Nickle314 Your ad homs and economic and political illiteracy make it impossible for any form of intellectual debate. If that wasn't enough try your lack of logic, reason, pedantry, pettiness and penchant for misinterpreting everything I say. The Neoliberalism that has prevailed in the west in the past 4 decades is the op[opposite of socialism. You could have just told me you were a right-whinger and can't read books, handle facts or understand how debates work. I've had a wonderful, enlightening, intelligent and erudite debate. But this wasn't it! I suggest you find a hamster with a brain injury to debate as you may have less chance of being outwitted...
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