Joe Public's basic understanding of economics

[North Cardiff Blue]

Re: Joe Public's basic understanding of economics

A startling poll by Survation was published today. It attempted to guage the general public's understanding of inflation.

Question One asked
"If a loaf of bread is £1 today and the annual rate of inflation is 5%, how much will the new price of the loaf be?"

Only 29% correctly identified £1.05!!!

Question Two asked
"If the rate of inflation halves in the coming year, does that mean...
A) Food prices will decrease
B) Food prices will stay the same
C) Food prices will increase by less

Only 23% picked the correct answer C.

At least this should be an argument for no more referenda to decide our futures please.

Yes there are a lot of Labour voters, they got them wrong ha ha

[Doucas]

Re: Joe Public's basic understanding of economics

Another great example from the brexit voters only Question Time this week.

https://www.thenational.scot/news/23609046.question-time-brexit-special-sees-woman-defend-brexit-roof-laws/

Also big shoutout to the guy who has 'literally seen people arrive on a boat and then go to the benefits centre to get benefits'

[Wash DC Blue]

Re: Joe Public's basic understanding of economics

Another great example from the brexit voters only Question Time this week.

https://www.thenational.scot/news/23609046.question-time-brexit-special-sees-woman-defend-brexit-roof-laws/

Also big shoutout to the guy who has 'literally seen people arrive on a boat and then go to the benefits centre to get benefits'

Well done, you have exposed some idiots.
Do you want a Blue Peter Badge or something?

[Doucas]

Re: Joe Public's basic understanding of economics

Well done, you have exposed some idiots.
Do you want a Blue Peter Badge or something?

Nah, pointing out flaws in brexiter arguements isn't worth that.

But my point is, the elder generation have been completely fooled by generations of anti EU propaganda with pretty awful arguments. It's only a matter of time before it's reversed because if you think Millennials are against it and right wingism wait until all of Gen Z are of voting age.

Tories and brexit are dying, permanently. Tick tock.

[JamesWales]

Re: Joe Public's basic understanding of economics

Nah, pointing out flaws in brexiter arguements isn't worth that.

But my point is, the elder generation have been completely fooled by generations of anti EU propaganda with pretty awful arguments. It's only a matter of time before it's reversed because if you think Millennials are against it and right wingism wait until all of Gen Z are of voting age.

Tories and brexit are dying, permanently. Tick tock.

Do you follow the news in continental Europe at all? You always strike me as the kind of person who only follows people on twitter who all say the exact same thing and thus suffer from confirmation bias. You seem pretty unaware of the issues in most European countries at the moment, which is surprising given you seem to be such a europhile. More than anything the eurozone is literally in recession at the moment, so it's hard to see you as anything other than a troll telling us that light is dark.

[Swiss Peter]

Re: Joe Public's basic understanding of economics

Do you follow the news in continental Europe at all? You always strike me as the kind of person who only follows people on twitter who all say the exact same thing and thus suffer from confirmation bias. You seem pretty unaware of the issues in most European countries at the moment, which is surprising given you seem to be such a europhile. More than anything the eurozone is literally in recession at the moment, so it's hard to see you as anything other than a troll telling us that light is dark.

Which European news outlets do you follow James? Do you think the rest of the continent is looking enviously at us and thinking things are so bad for them that they wish they had done their own Brexit?. I hear the exact opposite, so if you have some links that would be helpful.

[Doucas]

Re: Joe Public's basic understanding of economics

Do you follow the news in continental Europe at all? You always strike me as the kind of person who only follows people on twitter who all say the exact same thing and thus suffer from confirmation bias. You seem pretty unaware of the issues in most European countries at the moment, which is surprising given you seem to be such a europhile. More than anything the eurozone is literally in recession at the moment, so it's hard to see you as anything other than a troll telling us that light is dark.

3rd highest energy bills in Europe - https://www.euronews.com/next/2023/0...-electricity-a

German inflation rate - 6.1%
German food inflation - 14.5%
German interest rates - 4% (https://tradingeconomics.com/germany/indicators)

France inflation rate - 5.1%
Food inflation - 14.3%
France interest rate - 4% (https://tradingeconomics.com/france/indicators)

Switzerland inflation rate - 2.2%
Food inflation 5.3%
Interest rate - 1.75% (https://tradingeconomics.com/switzerland/indicators)

Spain inflation rate - 4%
Food inflation - 12%
Interest rate - 4% (https://tradingeconomics.com/spain/indicators)

Italy inflation rate 7.6%
Food inflation - 12%
Interest rate - 4% (https://tradingeconomics.com/italy/indicators)

UK Inflation rate - 8.7%
Food inflation 18.3%
Interest rates - 5% (https://tradingeconomics.com/united-kingdom/indicators)


Wage growth between 2007 - 2016 almost bottom - https://www.raconteur.net/report/cur...ls-to-deliver/ (I appreciate this is out of date now but I don't expect much has changed.

So in conclusion if you compare the UK to western/northern Europe and even Spain and Italy it is damning, we are behind on what I'd consider to be the most important factors. Third highest energy/gas bills, outside of Eastern Europe we're among the worst for interest rates, inflation and food inflation.

From my point of view I've had £170 added in gas bills per month. I'll have about £400 added in mortgage payments as well. A huge tory success.

Considering you once said nobody in the UK has ever said to stop all immigration, gammon is racist and GB News isn't right wing your credibility is the same as an average Daily Mail reader.

In your world unless you think GB News is a legitimate news source you think people who are against brexit and tories suffer from comfirmation bias lmao. Just stop now, it's embarrassing.

PS - Before you say about how Switzerland aren't in the EU, they are in the Schengen.

[Wash DC Blue]

Re: Joe Public's basic understanding of economics

Nah, pointing out flaws in brexiter arguements isn't worth that.

But my point is, the elder generation have been completely fooled by generations of anti EU propaganda with pretty awful arguments. It's only a matter of time before it's reversed because if you think Millennials are against it and right wingism wait until all of Gen Z are of voting age.

Tories and brexit are dying, permanently. Tick tock.

You’ve made your opinions abundantly clear regarding older generations and I find it really dogmatic and callous.

You continually conflate with people being Anti EU as right wing and that simply isn’t fair.

What propaganda were Tony Benn and Mick Skinner fooled by?

[Swiss Peter]

Re: Joe Public's basic understanding of economics

3rd highest energy bills in Europe - https://www.euronews.com/next/2023/0...-electricity-a

German inflation rate - 6.1%
German food inflation - 14.5%
German interest rates - 4% (https://tradingeconomics.com/germany/indicators)

France inflation rate - 5.1%
Food inflation - 14.3%
France interest rate - 4% (https://tradingeconomics.com/france/indicators)

Switzerland inflation rate - 2.2%
Food inflation 5.3%
Interest rate - 1.75% (https://tradingeconomics.com/switzerland/indicators)

Spain inflation rate - 4%
Food inflation - 12%
Interest rate - 4% (https://tradingeconomics.com/spain/indicators)

Italy inflation rate 7.6%
Food inflation - 12%
Interest rate - 4% (https://tradingeconomics.com/italy/indicators)

UK Inflation rate - 8.7%
Food inflation 18.3%
Interest rates - 5% (https://tradingeconomics.com/united-kingdom/indicators)


Wage growth between 2007 - 2016 almost bottom - https://www.raconteur.net/report/cur...ls-to-deliver/ (I appreciate this is out of date now but I don't expect much has changed.

So in conclusion if you compare the UK to western/northern Europe and even Spain and Italy it is damning, we are behind on what I'd consider to be the most important factors. Third highest energy/gas bills, outside of Eastern Europe we're among the worst for interest rates, inflation and food inflation.

From my point of view I've had £170 added in gas bills per month. I'll have about £400 added in mortgage payments as well. A huge tory success.

Considering you once said nobody in the UK has ever said to stop all immigration, gammon is racist and GB News isn't right wing your credibility is the same as an average Daily Mail reader.

In your world unless you think GB News is a legitimate news source you think people who are against brexit and tories suffer from comfirmation bias lmao. Just stop now, it's embarrassing.

PS - Before you say about how Switzerland aren't in the EU, they are in the Schengen.

Economically, it is a shitshow everywhere in Europe at the mo. The question is, with our 'new found freedoms', are we in a stronger or weaker position to climb out of this pit, relative to other European economies. I have my own views, and time will tell, but posters repeatedly referencing the current German recession relative to small growth here make themselves look a bit dim by refusing to look at the bigger picture.

[Doucas]

Re: Joe Public's basic understanding of economics

3rd highest energy bills in Europe - https://www.euronews.com/next/2023/0...-electricity-a

German inflation rate - 6.1%
German food inflation - 14.5%
German interest rates - 4% (https://tradingeconomics.com/germany/indicators)

France inflation rate - 5.1%
Food inflation - 14.3%
France interest rate - 4% (https://tradingeconomics.com/france/indicators)

Switzerland inflation rate - 2.2%
Food inflation 5.3%
Interest rate - 1.75% (https://tradingeconomics.com/switzerland/indicators)

Spain inflation rate - 4%
Food inflation - 12%
Interest rate - 4% (https://tradingeconomics.com/spain/indicators)

Italy inflation rate 7.6%
Food inflation - 12%
Interest rate - 4% (https://tradingeconomics.com/italy/indicators)

UK Inflation rate - 8.7%
Food inflation 18.3%
Interest rates - 5% (https://tradingeconomics.com/united-kingdom/indicators)


Wage growth between 2007 - 2016 almost bottom - https://www.raconteur.net/report/cur...ls-to-deliver/ (I appreciate this is out of date now but I don't expect much has changed.

So in conclusion if you compare the UK to western/northern Europe and even Spain and Italy it is damning, we are behind on what I'd consider to be the most important factors. Third highest energy/gas bills, outside of Eastern Europe we're among the worst for interest rates, inflation and food inflation.

From my point of view I've had £170 added in gas bills per month. I'll have about £400 added in mortgage payments as well. A huge tory success.

Considering you once said nobody in the UK has ever said to stop all immigration, gammon is racist and GB News isn't right wing your credibility is the same as an average Daily Mail reader.

In your world unless you think GB News is a legitimate news source you think people who are against brexit and tories suffer from comfirmation bias lmao. Just stop now, it's embarrassing.

PS - Before you say about how Switzerland aren't in the EU, they are in the Schengen.

Oh let's add that the death rate from treatable conditions is higher in the UK compared with similar countries, fewer doctors and nurses per person, fewer beds - https://www.bbc.co.uk/news/health-65992173

Another win for the UK.

[cyril evans awaydays]

Re: Joe Public's basic understanding of economics

You’ve made your opinions abundantly clear regarding older generations and I find it really dogmatic and callous.

You continually conflate with people being Anti EU as right wing and that simply isn’t fair.

What propaganda were Tony Benn and Mick Skinner fooled by?

Don't know about Tony Benn but Mick Skinner probably thought England was the best rugby team in the world in the late 80s/early 90s

[Wash DC Blue]

Re: Joe Public's basic understanding of economics

Don't know about Tony Benn but Mick Skinner probably thought England was the best rugby team in the world in the late 80s/early 90s

WTF lol
Mick Lynch :)

Mick Skinner was the streets as well wasnt he?

[cyril evans awaydays]

Re: Joe Public's basic understanding of economics

WTF lol
Mick Lynch :)

Mick Skinner was the streets as well wasnt he?

Or Mick Skinner, the Frankenstein fusion of Mick Lynch and Dennis Skinner, creeping out of the shadows and assaulting LoM and North Cardiff Blue with its rabid socialism when they least expect it!

[JamesWales]

Re: Joe Public's basic understanding of economics

Economically, it is a shitshow everywhere in Europe at the mo. The question is, with our 'new found freedoms', are we in a stronger or weaker position to climb out of this pit, relative to other European economies. I have my own views, and time will tell, but posters repeatedly referencing the current German recession relative to small growth here make themselves look a bit dim by refusing to look at the bigger picture.

The point here is that some people will only ever report bad news, and in often hysterical and hyperbolic fashion and they will do so not at an attempt to be accurate but to make party political points - I suspect several posters are members of parties and thus view this as part of the battleground.

So when people only ever cherry pick bad news and then, with limited rationale then point it back to an event in the past they disagree with, it does become relevent to point out that nearly every single problem facing Britain is also faced by other countries, sometimes to a greater extent, sometimes to a lesser extent.

And that's important in my opinion, because that is far closer to the truth than some people want to portray.

[the other bob wilson]

Re: Joe Public's basic understanding of economics

The point here is that some people will only ever report bad news, and in often hysterical and hyperbolic fashion and they will do so not at an attempt to be accurate but to make party political points - I suspect several posters are members of parties and thus view this as part of the battleground.

So when people only ever cherry pick bad news and then, with limited rationale then point it back to an event in the past they disagree with, it does become relevent to point out that nearly every single problem facing Britain is also faced by other countries, sometimes to a greater extent, sometimes to a lesser extent.

And that's important in my opinion, because that is far closer to the truth than some people want to portray.

Seems Joe Public doesn't have the best grasp of how inflation works, but they know instinctively when life is getting worse for them and, for the large majority, that's what's happened over the past fifteen years, thirteen of which have seen the same party in power. If there are countries out there in western Europe who have had things as rough as we have over what is now getting close to a generation, I'd be interested to hear about them.