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Budget Bullshit Bingo (2020)

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11 minutes ago, thesultanofsheight said:

Yes £44m found down the back of the sofa. 

And yet Tim Banker Baker Chandlestick maker still wants to put us into debt. Borrowing money for future generations to pay back.

 

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On 2/18/2020 at 8:04 PM, Non-Believer said:

So JW voted against the Budget (the only one to do so), citing undemocratic practice, which he'd stated pre-Budget.

However both he and Chris Robertshaw are also questioning the Budget's figures, claiming spin and calling for independent verification of the Island's finances, both tallying with Watterson's earlier call for an Auditor General.

Sowing seeds of doubt eh?

When Chris Robertshaw MHK was a fresh-faced newbie after much trudging around the streets of Douglas East and catching up with the reality of Tynwald from the outside, he went in looking for an example of poor government to highlight.'

He chose the IRIS project and carried out some serious amount of research.  Presumably as an intentional impediment, they made him do most of this at Meary Veg as many of the documents were not available for release. Nonetheless he continued undeterred and carried out a sterling job.

He took his findings to the floor of Tynwald including tales of mysterious black holes that had swallowed up many £millions.

He was on to something and the big boys didn't like it.

The bright backbencher looked like trouble, so  . . . they made him a MInister. One of the big boys of the Comin Thursday club.

And verily his mouth was stuffed with gold and his ego massaged beyond his wildest expectations.

Job done. The newbie was nicely neutered.

Not too long afterwards, one Peter Karran MHK called on the Public Accounts Committee to look into the finances of IRIS.

The motion failed and CoMin relied on its block vote, which included of course one Hon. Christopher Roy Robertshaw MHK.

 

(True story. All on Hansard.)

 

 

 

Edited by gettafa
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20 minutes ago, Holte End said:

And yet Tim Banker Baker Chandlestick maker still wants to put us into debt. Borrowing money for future generations to pay back.

 

What has he proposed? I missed that. 

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1 hour ago, Non-Believer said:

So JW voted against the Budget (the only one to do so), citing undemocratic practice, which he'd stated pre-Budget.

However both he and Chris Robertshaw are also questioning the Budget's figures, claiming spin and calling for independent verification of the Island's finances, both tallying with Watterson's earlier call for an Auditor General.

Sowing seeds of doubt eh?

Nah.

Just pre-election grandstanding of the "After I explained how undemocratic it was of course I stood up for you..." etc etc kind - pass the sick bag Alice!

The bit that concerns me is that they have been stating that the PS Pension runaway gravy train is sort-of under control for a while now. Strange but true I don't see what they're doing is a long term solution. Now I've yet to see a pension scheme that didn't have a touch of that sneaky Charles Ponzi about it. To wit the pensions of those baling out of the top of the stack are largely funded by those coming in at the bottom plus those currently in the system.

Now I am of the opinion that the current CS/PS is not only appallingly over-graded and thus over-paid but there's far too many of them as well.

Only when their numbers are being seriously eroded AND the PS Pension gravy train is sort-of under control will I start to believe they're starting to solve the problem afflicting every non-CS/PS on the island...

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Chris Thomas has stated on these boards that the PS pension position is now on a "sustainable footing". Now.

Still leaves the massive legacy outstanding. A contributor on iomtoday (Fell) has picked up on a Budget speech section that states that the reserve will deplete 2022-23. After that £50M pa will be required to be injected from tax revenue and for that reason "Budgetary prudence is required" (Alf Cannan's speech).

As Fell points out, your taxes at this point start to pay pensions, not deliver the services you think you're paying for. 

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27 minutes ago, Non-Believer said:

Chris Thomas has stated on these boards that the PS pension position is now on a "sustainable footing". Now.

Still leaves the massive legacy outstanding. A contributor on iomtoday (Fell) has picked up on a Budget speech section that states that the reserve will deplete 2022-23. After that £50M pa will be required to be injected from tax revenue and for that reason "Budgetary prudence is required" (Alf Cannan's speech).

As Fell points out, your taxes at this point start to pay pensions, not deliver the services you think you're paying for. 

2021 or 2022 was always the tipping point where [even more] taxes picked up what had been exhausted. 

Edited by thesultanofsheight

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Psssst. have we pensioners got away with paying NICs on earnings????

Interesting insight into the forthcoming English budget on Radio 4 this week...............

If a measure is to benefit  everyone, ,,,,,,,,,,, then everyone  should contribute.

If a measure is to benefit future generations, then, future generations should pay for this!

If a long term investment is to provide a benefit, such as. HS2 , in the 40s, then the financial burden of it should be put off till the 2040's when the benefits will be become apparent and so, the future generation should be the ones to carry this financial burden?

 

Sounds OK to me!!!!!!!!!!!!

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Gutted that the Felt Museum/Monorail combo ignored again. What the fuck is wrong with Cannan? Who needs a bloody air ambulance??!

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A guy who seems to understand the detail reporting a 3.5 million cut in DHSC spending not the raises as trumpeted !

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The biggest joke of this whole budget, was the statement by our old favourite the people prince.

'However I remain a loyal supporter of the island's immagration and work permit systems to protect Isle of Man worker".

He needs to learn what the relaxation of work permits means ffs.

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Any thoughts on the FERSA assessment that has granted the £40M returned to reserves?

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22 hours ago, gettafa said:

That's the state pension (same as me btw). not the gravy train pension.

Not all public sector workers are on the gravy train though. The pension schemes are pyramids where the ones at the bottom get a very poor return while those at the top get the real serious gravy. For those at the bottom the growth rate is so slow that they could work till they're eighty and still get a piss poor pension; while others at the top retire at 55-60 with a wheelbarrow full of annuity and lump sum on top of the massive salary that Joe Public has been paying them.

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