FWIW – comments on the SCOTUS DECISION on tariffs and the scale of Rachel Reeves fiscal incompetence
woops! UGH!
We have all seen the 6-3 SCOTUS decision – split along party lines?!?
There is not much to add to the comments made by the paparazzi.
It seems to me that justices think that any country should be permitted to ‘fine’ the US for access to their markets, but ay move by the US to impose reciprocal tariffs should not be permitted.
A legislated trade deficit with resulting fiscal deficits and a continuation of the national debt spiral!
Reciprocity b damned.
I doubt the justices have any fiscal or global macro economic expertise at all and are mathematically challenged!
Trump may have selected the wring legal path for tariffs – maybe an act of congress would have been the ‘legal’ way to go – but the chances of such a bill passing both Houses of Congress are remote and are fading fast with the Democrats set to win the mid-terms handily
Winers and losers, across the globe – SCOTUS thinks the US should always be the loser.
Across the pond, giving Rachel from Accounts’ control of th UK’s finances has thrown up yet another massive cock-up.
First we had the massive tax increases to correct a £20 billion ‘black hole’ I the UK’s budget – ad now we have the corollary of a similarly massive £30 billion ‘surplus’.
From here:
Rachel Reeves just saved her own neck - but next blow could still be fatal
“Britain posted a record £30.4billion budget surplus in January, the biggest since 1993. Tax receipts outstripped spending, and we all know why. Because Reeves has ramped them up to record highs, bringing the economy to a standstill.”
“Lower debt interest costs helped too, as markets anticipate falling interest rates. Over the first 10 months of the financial year, borrowing totalled £112.1billion. That’s still the fifth highest figure on record, but below the £120.4billion forecast by the Office for Budget Responsibility.”
How on earth did that ‘surplus’ eventuate.
“Taxes have soared, borrowing has broken records, spending has threatened to run out of control, and our national debt and deficit look ever more daunting. She inherited a stuttering economy, but almost everything she did made it worse. Her relentless £66billion tax blitz has slowed growth and driven up unemployment. Reckless borrowing spooked the bond markets. Labour backbenches threaten to throw a wobbly at the first mention of spending restraint.
Reeves increased taxes by £66 billion and has a ‘surplus’ of £30 billion.
Go figure. She raised taxes by twice the amount necessary for a balanced January 2026 fiscal position. Quite the fiscal error!
Of course the ‘surplus’ is illusory and will not be applied to reducing the 3 trillion pounds national debt.
Take note of the record borrowing in th last ten months. “Over the first 10 months of the financial year, borrowing totalled £112.1billion.
Who made th decision to borrow ha much in the face of a ‘surplus of a £30 billion?
Why wasn’t borrowing £82 billion?
Anyway, the war that the UK needs to fight is the ‘war on debt’. ‘Rachel from accounts’ does not have the acumen to take this on, le alone articulate the current fight for economic survival..
PLEASE take a (paid or unpaid) subscription or forward this article to those you think might be interested
You can also donate via Ko-fi – any amount from three dollars upwards. Ko-fi donations here: