Comments by "Aden Wellsmith" (@adenwellsmith6908) on "Garys Economics" channel.

  1. It won't. The wealth has been looted by the welfare state leaving a debt.
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  2.  @GorzillaPoo You've not understood it. 30% is the gross profit margin of the state. What would happen if the the workers invested that 30%, plus another 8% for work place pensions? Would they accumulate wealth? Take Mr Average, back test it, tell us what Mr Average retiring at the end of last year would have. You would be shocked.
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  3.  @GorzillaPoo  So Mr Average. 39K a year. 30% of his tax is the state's profit margin. Going on debts. 8% is work place pensions That's' 14.82K a year. What does that compound up to if invested?
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  4. Or ask the question why does the state need so much cash when services are being axed?
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  5.  @aldozilli1293  The super rich don't invest in bonds. 1. Insurance companies - forced to lend their capital. 2. Banks - forced to lend their capital. 3. Pensioners forced to lend their capital if they buy an annuity [the rules are rigged] 4. Other central banks in a scratch my back, I'll scratch yours. 5. The government. See the Asset Purchase Facility. The rich aren't involved.
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  6. 1. Inflation.. 2. Where are the trillions, not billions, the workers have paid the socialist welfare state.
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  7. And you are asking the wrong question. You need to ask why the poorer in society have not invested 20% of their income to get wealthier. The answer is that the socialist welfare state has looted 20% of their wealth and redistributed all that money. That then leaves a debt, that the poor are also on the hook to pay. Debt is just negative wealth. Gary won't tell you that little bit, because you would be angry. So how are you going to pay your £600,000 share of the socialist welfare state's debts?
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  8. The top 10% pay the same amount of tax as the other 90%. So what happens when even a small number of that 10% leave? Your entire government spending model is shafted.  @Gph0367  Why not loo at the 30% profit the state makes on services.
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  9. So its sitting there are 0%. No tax avoided. Dream on. Ask instead why the state makes a 30% gross profit on services.  @shrunkensimon 
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  10. Of course they do. Look at their payslips. 20% goes to the welfare state that gives their money to someone else.  @Gph0367 
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  11. Why would they invest it? So they benefit and become richer. There services wouldn't change since currently that 20% isn't used on any services. So here's the question I suspect you won't answer, or can't. The welfare state owes people a pension. People have paid it for that pension. It's a debt. How big are its debts?  @kimmieutsunomiya1457 
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  12. The reason they need the welfare state is because the welfare state has asset stripped them That's a very strange argument of yours.  @kimmieutsunomiya1457 
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  13. So how are you going to pay your fair share of the socialist welfare state's debts? You are on the hook for £60,000. This year's increase £60,000  @kimmieutsunomiya1457 
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  14. Tax the rich doesn't work. You have to ask first, how big is the government debt problem? Include all the debts, in particular pensions. Then ask, how far down the scale of 'rich' do you have to go to pay the debts? That's money taxed with no services. Austerity. Turns out you have to really screw all tax payers. There aren't enough rich to pay.  @pgbtomas 
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  15. Interesting to look at America. When that's forced on people, when Walmart closes stores because of theft, the people object. They don't want to buy local.  @mikereut6088 
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  16. They get their money from two groups. Savers, and shareholders.  @Lindafoy11 
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  17. GIGO. Why would Gary ignore the pensions debts? GIGO
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  18.  @KrupyFren  So lets look at it from a different angle. You can run a pension scheme in two ways,. The socialist approach where the contributions are redistributed. What we have now. The alternative is investment lead. here the money is invested, and the worker owns there assets, those assets used to pay their pension. In the first case the government finances work just like a household, as you've stated. Unless you can extract the value from the workers and pay it to the creditors, the pensions, you can't pay the pensions. It's not about X, its about value. It's real resources. That's what inflation linked debts are. They are a promise to pay what ever it takes to get the real resources. In the second case, you don't have a household constraint. You have a world wide constraint. Turns out that Mr Average if he had invested his NI would have had 1.2 million in a fund at retirement, and a 35K a year income from dividends alone. We wouldn't need to force austerity onto the workers to pay the debts.
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  19.  @KrupyFren  What's my premise?
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  20.  @GhostSamaritan  On models and Covid, we had that bonking professor and his model. I spent a couple of days looking at his code and it was dire. There's instead the SIR model. That's what should be used and that model is based on justifiable simplifications and hard maths [central limit theorem] for the parameters. You can adjust the parameters as the epidemic progresses, and that should be done based on a Baynsian approach. The initial parameters, you take them from the last Covid/Sars outbreak. The problem with Gary and co, is they don't even input the basic parameters. They ignore them because their politics have created them, and the effects are dire. ie. Exclude the pension debts. What if they didn't exist? Fantasy economics. People are desperate because of the effects so they buy into the sham. Look at the comments to see that.
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  21.  @larfermor  GIGO is the problem with economics. Major errors on the input side.
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  22.  @Pixiedust8399  Who is owed it? Pensions ======= 1. Civil servants. They are owed by the state. 2. Current pensioners. They are owed by the state. 3. Any person who has contributed to the state pension. They are owed Borrowing ======== Officially its a secret who owns gilts. 1. APF Ltd owns about a trillion of the 2.7 trillion 2. Banks they have to own capital in gilts 3. Insurance companies. Both for future payouts but also for things like Annuities. 4. Other central banks.
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  23. “The gilts register is not a publicly available document, and corporate and individual holders therefore have a reasonable expectation that details of their holdings will not be disclosed”
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  24. @ Their accountants advice. Now how do you replace their wealth since the UK can't tax it? Don't forget with 6 employees, the UK may well lose their tax too.
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  25.  @Manchild-o7d  They aren't super rich. They are off. Not the only people I know who have done this. So what's missing from your argument. First is how much you need in extra tax. Never said is it. Second. What's super rich in your definition. What rate of tax do they pay? Then we can compare the need against the money raised. We could also look into why you need the money? For example, the state makes a 30% gross profit margin on its services. Or even the mechanics. ie. The super rich get forced to sell off assets to pay the tax. Who buys them? Ah yes, the Soros's of the world. Do you not understand whose driving this? Or if they are bought locally, by whom? What happens next year when you need that tax? Ah yes, why not go after the people who bought those assets. All that does is mean asset prices collapse. Look to at the Sunday times Rich List. How many are not British? How many have left? How many who are brits have moved their assets? What's left?
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  26.  @tylerheinrichs2806  So the housing crisis. Caused by mass migration. Here's the fix. Easy to implement. 1. Deport all foreign criminals. 2. No welfare for foreigners. Canceled. No social housing. No housing benefit. No income support. 3. A minimum 40K a year tax code on foreigners. That's break even. Below that, you get a subsidy from others. 4. No discimination. That results in huge numbers of economic migrants making an economic decision that the UK isn't for them. They leave. So housing is freed up. Social housing becomes available for those low wage earners. Lots of social housing. Welfare bill falls. In terms of wages, they rise. Just as house prices fall.
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  27.  @ColaSpandex  Do you suggest that we should stop paying state pensions? No. We should change the system to remove the ponzi over time. So when I ask the left the Gary's of this world they say the state pension isn't a debt. Even the ONS, OBR and treasury all say in writing, the state pension isn't a debt BECAUSE WE WON'T PAY IT. FOI requests. So I'm offering more. People start investing their NI. If you run out of money, then others chip in to help. The guarantee. Over time, that becomes a redundant guarantee. Mr Average, his NI is 6,240.60. Average return on the FTSE all share is inflation + 3.25%. Cost of a state pension, 160K, lump sum. How long does it take to accumulate 160K? 18 years. If you add on work place pensions, that's 13 years. For Mr MIn wage it takes longer. 25 years. After 25 years he would have a lump sum that can buy an annuity that generates him a state pension when he retires. If he worked for 50 years, 555K in a fund. Dividends alone comes to 18K, which is the state pension. The state is saying we are going to cut his pension, and there's no assets to pass on.
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  28.  @Nicho2020  So lets say no welfare for migrants. 40K minimum tax code per adult. If they don't like it - they can go elsewhere.
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  29.  @ColaSpandex  It is redistribution of wealth. That's how NI and the state pension works. Now its obvious why you don't want to talk about that redistribtution when you are proposing repeating the policy. It's also why the left want to hide the information. So a policy for reform. Send everyone the bill on being elected. This is what you have lost because your wealth was taken.
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  30.  @fnowacki  There's no interest on notes, which can be arranged for anything else. The problem is the state and civil service pension ponzi. That's inflation linked debt, and MMT is clear. You have to tax people, to give the money to the creditors to pay. You cannot inflate your way out of inflation linked debt by printing.
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  31.  @tituscrow4951  The debts, pensions, are growing at 10% per annum over the long term. 1-2% is what you can get with the state being as bloated as it is. So you can't get pensions paid as a consequence. The state is bust unless it can get growth in tax receipts without spending it on services [austerity] that exceeds the rate of increase in its debts.
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  32.  @nowisgodinyourlovelylife717  Where are the trillions the workers have paid the welfare state for their old age? The question the left don't want to answer. Same for how big the debts are.
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  33.  @SmartfoolGB  Politicians are in control. They want you to believe in leprechauns. They have spent the wealth, leaving the debt. They want you to believe someone else will pay, whilst they carry on looting your wealth.
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  34.  @nfzeta128  And what percentage of income tax does the top 10% pay? When it comes to migration, the question is what percentage pay more tax than they cost in state services.
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  35.  @nfzeta128  Ah the plantation owner philosophy. Who will pick my cotton started the US civil war. So the 1.5 million of these 'workers' who are on the dole, plus their dependents?
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  36.  @GeorgeSmileyOBE  Ask the simple question. How big are the state's pension debts. If you cannot come back with a number, then you have been decieved.
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  37.  @GeorgeSmileyOBE  And what are social security liabilities? What's the total for federal employees? Not on the books.
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  38.  @nfzeta128  On the top 10%. Post the numbers. On the other question. It's because they made the UK poorer. Other people are forced with no right of consent to fund them,. All because people like yourself won't pick your own cotton.
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  39.  @GeorgeSmileyOBE  I know how to use life curves, etc, discount curves to get the liabilities. The Central limit does apply So what's the actuarial valuation of the debts? " liabilities are on the books" You say. OK post the number.
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  40.  @ColaSpandex  No, I'm NOT asking for future paments. I'm asking for the liability number. Zero? One option. Default on public sector pensions. What do you think happens? Default on state pensions? What happens? There's no fund. 100% agree. No fund. No fund doesn't mean no liabiltiies = The people in "debt" are those who have, up to this point, received more than they paid ever paid in. No. They owe nothing. But here's the question. How many have "won"? Ie. Paid in less than they get back? So why can't you say how big the liabilties are? Very telling. Are you involved in the fraud?
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  41.  @ColaSpandex  If you are in any doubt about how the system works. Government takes close to 20% of people's income. Their wealth. Government says, we will pay you a pension After that wealth is taken from the workers, its given to someone else Redistributed. Use to pay the state's pension debts. A socialist policy. None is invested, that would be a capitalist approach. So the state owes people a pension, has zero assets to pay it. Now it has a problem. It needs to hide the debts or the peasants would work out the consequences. Anything you disagree with? Still waiting for the liability number.
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  42.  @ColaSpandex  It's anywhere between zero So your plan to pull the plug. What do you think public sector workers will think and do? What will the pensioner's do to eat in general? The reason the debt number matters is that it tells you if that will happen. The reason you and the state want to hide it, is that you want to rip off the public, get your cut out of the pensions, current and future, then leave them destitute
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  43.  @AB_LDN I doubt he will. First he would have to admit that the number's he's pushed are wrong. He thinks the national debt is 2.7 trillion. It's not. That's the national borrowing and borrowing is a fraction of the actual debts. So he would have to admit to getting it majorly wrong. Bad for his reputation. Second he's a socialist. Imagine having to admit that your policies as screwed people, that you've stuff the bill down the back of the sofa. Not going to happen too. Even if you charged 10% on wealth, annually, it wouldn't work. The rich would leave. Friday, I had a long talk to my best friend. We've known each other since chiildhoold. He and his wife are leaving the UK. 250 min wage earners annual tax payments, gone. Thats without looking at what their employees will do. Another 5-6 people. The middle class are leaving. They aren't the only examples.
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  44.  @charlesloucks1840  What passive income schemes? 1. Money on deposit. Lent out to people in the economy. 2. Investments in shares. That is the economy. What you aren't saying is why the state needs so much cash.
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  45.  @charlesloucks1840  OK, that means lots of pensioners get no pensions or major cuts. ie. Annuities. For the APF, I agree entirely. That's money in, money out. =e government can create the money out of thin air How about a new currency. We print that, and we use that to pay public sector workers. No need to tax. Needs a new name. How about the Voucher? You can never run out of vouchers. Heck for that PS worker on 100K, we pay them 200K of vouchers. A pay rise. What do you think would happen?
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  46.  @charlesloucks1840  mortgages issued by Social Security There are none. Social security has zero assets. Social Security is just debt owed to current and future pensioners.
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  47.  @arthurpewtey  It's unpleasant. Who takes the pain and in what proportion. 1. The debts published. Everyone gets sent a statement with their share. 2. Included in that is what people could have had, if their money had been invested. 3. The sum of the two number is the loss. 4. You could project forward to include expected state pensions to be paid, and expected returns on the fund less that income. That gives the total life time loss. All standard actuarial maths. That's' the starter. That tells people two things. First what the problem is taht need to be solved. For example tell me how big the state pension debts are? Assets we know, zero. If you can't tell me how can you decide on any policies? So what happens now people have that information. First those that caused the mess are going to be running to the hills. They should be caught, arrested, tried and jailed. They need to be asset stripped. They are clearly not part of the solution. It's a token guesture but it sends a message. Second, given the huge differnece between what the state offers and what investing your wealth offers, it shows the least harmful way out. What the state does is offer a guarantee, that if and only if your assets [all of them] run out, will other people help. Then you have to invest your NI and your workplace pension. Over time that builds up. For Mr Avearge he is better off after 12 years of working. For Mr Minwage its longer at 22-23 years. After 50 they are more than quids in. Set it up that any unused fund goes to heir's pension funds tax free, and since the poor die younger, they benefit more over time. But in the interim, existing pensioners are shafted. Tax payers get shafted. ie. Austerity. Taxation with out services. But with debts the consequence is asterity. That's what debt does. So what's the socialist plan appart from the tooth fairy?
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  48. Yes 100% correct until you get to your last sentence. The problem is that the welfare state has a 16 trillon pound pension debt with no assets. It's asset stripped the workers and put them into debt bondage. Then there's the borrowing on top. The money owed to the bankers like Gary. The only debt he will talk about. Every wonder why that is? Then nuclear clean up, unpaid wages and invoices. Losses on insuarnce. The EU debt the remainers forced us to pay. Damages - think NHS, false imprisonment, the Post Office. .. 30% of taxes currently go on the debts. A 30% gross profit margin is what that is. Money not going on services. It's called austerity. So you can only get out by making people poorer.
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  49.  @someonenotnoone  Correct. But for the UK, the wealth inequality is caused by socialist pensions. Socialist pensions are just debt, no assets. Massive debts with is just negative wealth. So where's the wealth the workers have paid the socialist welfare state? Invested to produce capital? The capitalist solution. Ah no. All redistribtued a socialist policy. So how do you pay that debt without austerity for the workers? If you think the rich will pay, out line the numbers,
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  50. Why do you want public ownership? What's the ultimate aim? Look at the current state of the UK state. 30% gross profit on services. In what way is that for the public good?  @darrylbradshaw216 
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