Comments by "Aden Wellsmith" (@adenwellsmith6908) on "If the government wants growth it should be taxing wealth" video.

You've taxed wealth already. Asset stripped the workers of all those pension contributions. Where's that wealth?
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@rfrisbee1 Why's he not quantifying all the state's debts?
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@rfrisbee1 Examples, borrowing, unpaid wages and invoices, pensions, nuclear clean up, expected losses on insurance, expected payouts on damages, just some examples. Which of those isn't owed to people?
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@gio-oz8gf He's not talking about the asset stripping of the worker's wealth.
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@BAmalakas Spot on analogy.
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@barrydwyer2039 Stop importing poverty. The Pensions Increase (Pension Scheme for Keir Starmer QC) Regulations 2013 The PM, a Labour PM, has his own personallised tax evasion law.
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@michaelmayo3127 How big's the problem you are trying to 'solve'? The state has already taxed the wealth. All those pension contributions from the workers have been spent. Now what?
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@michaelmayo3127 I'll ask you. How big is the problem you want to sovle. For example unfunded public sector pensions. How big are those debts?
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@rfrisbee1 Public sector workers. That's all of them punished. Not including their pensions.
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@livvielov He's not talking about what he's trying to solve. Namely state debts. Why does the state need to make a 30% gross profit margin on services?
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@lonevoice Are you saying that pension contributions have gone into some sort of black hole and have been lost? ======== Yes. All gone, just debt left. The debt that Richard will never tell you about,
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@lonevoice Because the pensions are the root cause. That's created the austerity. 30% of tax goes on the debts. That's created wealth inequality. That's put people into debt bondage. That causes low take home pay. That creates lack of investment. ....
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@RichardJMurphy It's 100% accurate. The state has taken 18% of the workers wages. That's real wealth. It's said in return we will pay you a pension. That means it goes on the liability side of the balance sheet. If you don't know that its worrying what you are teaching your students. IFRS rules, look them up. That's the accounting standard the state says it uses for the WGA - except it doesn't. Pensions are liabilities. They are owed to people. It's a debt. How big are the state's pension debt/liabilities? 1. Public sector workers pensions 2. State pension Post the numbers - if you can find them. When you can't say why not. The workers have been asset stripped.
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@RichardJMurphy Or if you want the simplest question. How big are the public sector pension debts? I'm sure you can find the number on the balance sheet - not
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@lonevoice Yes there is. Simple starter for 10. I'll get the ball rolling The borrowing, as of this morning. Total Amount Outstanding (including inflation uplift for index-linked gilts) = £2,543.05 billion nominal. That's just the borrowing. The public are on the hook for that. Public sector pensions. How bigs that debt? Workers pensions and the state pension The public are on the hook for those.
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@lonevoice 30% of tax goes on the debt.
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@lonevoice LV, here's what you can do to prove there's no debt bondage. The borrowing, I've posted that. Public on the hook. Post the numbers for the state pension debts, and for the public sector pension debts. They are inflation linked and MMT says you can't print your way out of inflation linked debts. I'll make my prediction now. You won't post the numbers because you can't find them.
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@lonevoice So of the debt, I agree. 1 trillion of it, is QE or more ccurately the Asset Purchase Facility. But now add in the 16 trillion pension debts. That's inflation linked debt. MMT says clearly that print to pay, doesn't work for inflation linked debt. It's tax or default for that.
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@lonevoice 5% of the true debt is QE.
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@rfrisbee1 The IFRS one. present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. 1. Obligation. For example. Pensions 2. Past events. Receiving money, goods or services in the past. 3. Outflow in the future. Paying out money, goods or services in the future. 4. The two legs, one in the past, one in the future are connected.
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@gio-oz8gf He is. There's aren't enough rich to solve the mess. But you won't be told that. The reason is the state has created the mess, they want to hide that they are the people responsible
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So the workers have paid the state 18% of their income for their old age. Real actual wealth. Why are you against wealth inequality, when the state has taken it from the workers.
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@kevinwells768 No I don't. I know exaclty how it works. There's small fund, of money the state owes the state. ------ your entitlement to claim the same benefit is judged on how well you paid for previous generations. ----- If you pay more you get the same pension. ie. If you earn more. So the assets are very small How big are the liabilities? Why is that the left can't say how big the debt are? Can you put a number on it? If not why not?
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@kevinwells768 Next error of yours, and its a partial one. Public sector pensioners paid for by current public sector workers, who get all their money from taxation. Even the money to pay their tax. [1] [2] [3] Current state pensioners, paid for out of NI. It's hypothecated. [1]. MPs for some reason don't operate their pension in this way [2] Local government have some funds, but massive black holes where assets < liabilities. [3] Starmer of course has a personalised, just for him law that means he dodges taxes on his pension
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@kevinwells768 Local goverrment schemes are "fully funded". Backed by assets. However for all the schemes the level of the debt exceeds the level of the assets. That's 2. 3, There's a law that exempts Starmer from the taxes that others have to pay on their pensions. Just for Keir Starmer QC. Not the plebs. At the same time multimillionare Starmer is demanding poor pensions pay the price.
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@kevinwells768 On 3, it's just for him. No one else.
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@prodlowd It's wealth. We are talking wealth.
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So they hoard money at 0% interest. How again do they increase their wealth? How big are the state's debts? Negative wealth = debt.
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@michaelmayo3127 They are. The top 10% pay the same amount of tax as the other 90%. Apart from Starmer who has is own personalised tax evasion law. The Pensions Increase (Pension Scheme for Keir Starmer QC) Regulations 2013
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@Redf322 It's a deny the debt channel. Dont' mention the debts, The cause of the mess
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@rfrisbee1 The state makes a 30% gross profit on its services. 300 bn to be precise, each year
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@michaelmayo3127 So how much does the state need? List the debts for starters. Then you will see the problem
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@got2bharmony How will the RSPB and National Trust pay their massive tax bill? How will the state pay its massive tax bill? Forestry Commision? Why not go after Leprechauns? They have lots of gold.
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@Redf322 It won't work. Austerity is the consequence. Why is the government spending 30% of tax on debts? Why don't you ask how big the debts are? All of them, not just the money owed to bankers? Here's my prediction. The big debts are pensions. You will not post how big those debts are. Why won't you do that? Simply put you can't find the numbers and Richard will never tell you.
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@Redf322 Taking 18% of the poors income. Then spending it leaving them in debt servitude. Not investing the money so they gain like the rich. So why did the socialist welfare state loot the wealth and hide the debt?
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It is. So the cause of the inequality is the big problem. The state asset stripping the workers via NI, and hiding the pension debts off the books is the cause.
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@abody499 Where's the money people have paid the welfare state for their old age? Tories looted it Labour's looted it Lib dems have looted it. Westminster's looted it.
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