Thursday, 11 October 2018

Debt mountain? Well, eh...


Funny is it not? I have mentioned this many times before. Our national debt mountain. By all accounts and this is from the IMF, it stands at over £2 trillion! Actually, it is NOT funny at all. It means if we say there are 65,000,000 of us in the country each and everyone of us, immigrants, babies and octogenarians all included, owe £30,770.00 (rounded up to nearest pound). That is an absolute disgrace, our various coloured governments have failed so miserably. The ultra left now in power of the Labour party wants to even up that amount. The article I read stated that the debt mountain was not helped by the recent financial crisis. No, really? Who gave the bankers free rein? I know one thing it wasn’t me! The GDP of the country (Gross domestic product) does not even equal this debt.
The politicians keep talking of reducing the deficit hoping of course we don’t understand and equal deficit with the word debt. In actual fact reducing the deficit does not lower the debt, it increases it. Deficit just means that the amount needed to run the country does not equal the amount coming in as taxation. No indeed, when we let companies get away with little tax. But I suppose if they are large employers taxes will be levied another way, income tax, NI contributions etc. The problem now to be faced is what to do if and when the next financial crisis hits us. Well, they can always sell Parliament and confiscate the wealth of the aristocracy (who have done little to earn it anyway). There are some ways to get it right but as we know thousands of ways to get it wrong. I just wonder why the French revolution started? Oh dear I’ll get my coat….

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