Jeremy Corbyn Goes For Broke With Last Desperate Act, US Democrats Take Note

Authored by Mike Shedlock via MishTalk,

Labour's manifesto is a final act of desperation. US democrats, especially Elizabeth Warren, should take note.

Corbyn Goes for Broke with Radical Manifesto

The Guardian reports With the Polls Offering Little in the Way of Hope, Corbyn Goes for Broke

There is not much in the article worth reading. There seldom is from the left-wing Guardian who backs Corbyn, but the headline is at least accurate.

Labour's Radical Plan Highlights

  1. Increase government spending by a massive £82.9bn a year, about 4pc of GDP, all paid for by rising taxes

  2. A £400bn “national transformation fund”, which would “add to the government’s debt” but isn’t in the headline figures.

  3. Nationalisation of rail, water, energy, bus, mail, and broadband companies

  4. Seizure of 10 percent of the shares in every big UK company and handing the shares to workers

  5. Raise the corporate tax rate to 26% from 19%

  6. An £11bn windfall tax on the oil and gas sector

  7. Free broadband internet for everyone

  8. Free shelter for the homeless

  9. Super-rich tax rate

  10. Tax on second homes

  11. Raise £8bn via a Financial Transactions Tax

  12. Higher inheritance tax

  13. Force landlords to sell homes to tenants at a "fair" price as determined by Labour

Labour Declares War on the City

The Telegraph accurately reports Labour Declares War on the City with Wave of Taxes.

Labour Manifesto Stuff of Third-World Dictatorships

Echos of 1983

Please consider Radical Corbyn Wishlist Has Echoes of 1983

Labour this week issued a manifesto even more radical than its election wishlist from 36 years ago.

HM Opposition wants to increase day-to-day government spending by a massive £82.9bn a year, about 4pc of GDP – all of it funded by extra taxation. That’s almost double what was promised ahead of the 2017 election, when Labour pledged £48.6bn of extra annual spending.

An additional £55bn a year will go towards investment, another 3pc or so of GDP on green energy infrastructure, more council houses and other forms of capital spending. That will be financed by additional borrowing.

The £80bn-plus of extra taxation “won’t hit ordinary people”, says Labour, coming entirely from higher taxes on the City, other companies and those earning over £80,000.

On top of the figures above, the manifesto outlines a £400bn “national transformation fund”, which would “add to the government’s debt” but isn’t in the headline figures.

“That’s simply not credible,” says Paul Johnson, of the independent Institute for Fiscal Studies.

Having presented the 1983 manifesto, Michael Foot ended up delivering Labour’s worst election result since the end of the First World War – resulting in his resignation and the Labour party splitting.

Not Credible

Tax Robbery

Referendum on Corbyn

On November 19, I proposed Fear of Corbyn Outweighs Fear of Brexit

  • Brexit is fading as an issue, especially among women. Only 25% of women have Brexit as their number one issue.

  • A whopping 47.7% of men are likely to vote for Boris Johnson vs only 36.1% of women.

  • Check out the undecideds! Only 10% of men are undecided vs a whopping 23.5% of women.

  • The election has morphed into a referendum on Corbyn and away from a referendum on Brexit.

Who Would Make the Best Prime Minister

Not even 18-24 year-olds prefer Corbyn. The only demographic in which Corbyn leads is 25-34 year-olds.

"Don't Know" polls ahead of Corbyn among men, women, and age groups 18-24, 35-44, 45-54, 55-64, and 65-74.

See Fear of Corbyn Outweighs Fear of Brexit for more charts and other stats.

Lament from the Labour Marginals

On November 22, the Guardian reported ‘It’s More about Corbyn than Brexit’: the Lament from the Labour Marginals.

With three weeks to go until polling day, the Guardian spoke to candidates and officials in more than a dozen Labour-held constituencies.

One Labour candidate hoping to retain their seat in the West Midlands was extremely gloomy about their prospects, saying it “feels worse than last time”.

“It’s much more about Corbyn than Brexit,” they said. “I have people who are down as Labour supporters saying they won’t come out for me because of him. ”

Canvassers had detected a sharp gender and age divide. “Women and younger voters seem to be staying with us, and older men are more angry,” said another candidate.

Another candidate in a leave seat, who did not wish to be named, said he feared he would be hunting for a job after 13 December. “They don’t like Jeremy Corbyn and they don’t like our Brexit stance,” he said.

A colleague in a northern seat being heavily targeted by the Tories said it was “far too early to tell” and she was optimistic that the polls would narrow like last time. “I thought I was going to lose then, and I hung on. So let’s see if history repeats itself this time.”

Looking Like a Tory Blowout and Complete Collapse of Labour

Two days ago, I proposed Looking Like a Tory Blowout and Complete Collapse of Labour

Using the latest ComRes projections, I see something on the order of a 88 seat majority for the Tories. That's based on regional projections.

Just today, I updated that post with seat-by-seat changes. Please click on the link for an update.

Without a Doubt, Boris Johnson United the Tory Party

On November 21, I proposed Without a Doubt, Boris Johnson United the Tory Party

Upon further reflection, I am wondering if I have that correct.

Perhaps this is more accurate: Without a Doubt, Jeremy Corbyn has United the Tory Party.

History About to Repeat

Unless the polls change suddenly and dramatically, and in favor of Corbyn, history is indeed ready to repeat.

Just don't look for 2017 to be the model year. Instead, focus on the Echos of 1983.

Elizabeth Warren and Jeremy Corbyn

If Corbyn goes down hard, and he should on such a radically nonsensical platform, he will be forced out and Labour will also split hard.

US Democrats should take note.

Elizabeth Warren and Jeremy Corbyn are two peas in the same radical socialist pod.