Politicians hooked on spending

Politicians hooked on spending

ublished on 22/03/2012

Spend, spend, spend. By the government’s own admission, the deficit this year will be a record £126B with next year forecast at £120B. In the private sector, the Chancellor would be asked to resign if presenting this Budget to a company Board. At the end of the day, debts  are either repaid or the administrators are called. Total UK debt and on [and off] balance government liabilities are now some £5T, with public debt now increasing at the rate of £700,000 every 60 seconds. If the debt obligations were repaid at £1M per day, it would take 13,700 years to pay it off. The debt moutain is so big, the taxpayer can never repay it.

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