The debt time bomb..a warning

[brianthedog]

The government's debt has nothing to do with banks or anything else. It is down to government spending being higher than tax revenues. The global down turn was merely a side show and a catalyst.

 

The government has spent far more money than it receives through taxation and claimed that by growing the economy future taxes would rise to pay for the overspend. It is like a person living beyond their means on the expectation of eventally getting a higher paid job to pay to pay off their loans and credit card bills.

 

Sadly we ignored the possibility of redundancy and failed to make contingency plans for when things went wrong.

 

But common sense has never stopped epiphany blaming everything on those evil banks

[epiphany]

But common sense has never stopped epiphany blaming everything on those evil banks

 

Where did I blame everything on the banks?

 

Should I assume you blame everything on the evil government?

[crookesey]

As someone born just after WW2 I was always taught to have something in reserve incase the worst happened. The UK's gold reserves would have been a good reserve if Gordon the moron hadn't sold them when their value was circa a third of what it would have been now.

 

Fear not, the budget deficit could be cleared as and when the share price of the banks that the state more or less own double in value from the price that they took them over at. I am only talking pence here, it will happen, banks will start to lend again, and the likes of HBOS and RBS could be split up and sold off.