this post was submitted on 31 Oct 2024
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Explain Like I'm Five

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55
ELI5: Why should a minimum wage worker care about GDP growth? (self.explainlikeimfive)
submitted 5 days ago by Tamo240 to c/[email protected]
9 comments fedilink hide all child comments
 

Following the budget announcement in the UK, why is the media obsessed with the predicted growth being 0.2% lower, instead of applauding the much needed investment in our public services? Does it really matter that much?

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[–] [email protected] 1 points 4 days ago (1 children)

It's important to note that most of the money borrowed by the US govt is in the form of bonds to its own citizens, and the interest paid is to those citizens.

[–] [email protected] 5 points 4 days ago (1 children)

The OP is talking about the UK though.

[–] [email protected] 2 points 4 days ago

Good point and I missed that in the original post.

It does appear to be a similar situation with the UK though, only with pensions and other funds.