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Sounds like an argument for the UBI.....

I'm curious what the 'new benefits' were.... There aren't many places in the developed world where social provision is being extended, and not contracted.

If by 'nails' you mean 'pins', more harm has come from reading 'just the famous bits' from An Inquiry into the Nature and Causes of The Wealth of Nations than any other I can think of, except the Bible. Give me a candidate who can spout bits from The Theory of Moral Sentiments: The very...

You have to watch the ones in Grantham especially carefully. Or at least their daughters.

A related issue worth considering is the fact that in both the US and UK, equity issues have basically stopped. Oh, there's shiny IPO's every so often, but economy-wide, debt has eaten equity. This is not without negative social consequences (OMG, I'm linking to the Torygraph! :facepalm:)

I'm not worried about the accountants. They're doing what they claim to do. I'm worried about politicians -- here and in the UK -- who are able to exploit this popular misconception to drive unrelated agendas, like shredding social provision and sucking the progressivity out of the tax code.

The Market, blessed be it, has spoken. UK government securities are liquid, there's copious information available on them, a large number of buyers and sellers, transaction costs are very low.... It's as close to a perfect market as exists in this world. And that's what it's priced UK gov't...

And the average punter has no idea what it is. From this a great deal of mischief flows. The notion that the government is just a greengrocer's writ large, whose profit-and-loss statement has to be in the black every 90 days, is a very pernicious one.