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Friday, 19 November 2010

Does the size of the UK national debt scare you? It bloody well should

This Burning Our Money article scares the pants off of me, how about you? Here's the beginning of the article:
'As we've blogged many times, our real National Debt is far bigger than the government officially acknowledges. When we calculated the real debt for the TPA this year, we estimated the true overall total at around £8 trillion, nine times the official total, and over £300,000 for every single household in Britain. '

Here's the conclusion:
'But when you sit down and do some arithmetic, it does look horribly like default is the only real way of cutting the debt as much as it needs to be cut. Default on all those grandiose pension promises made by successive generations of politicos since Lloyd George launched the state pension one hundred years ago.

Never ever trust politicians who claim they can give you something for nothing. Try to remember that in future.'
Depressed yet?
at

1 comment:

  1. Katabasis19 November 2010 at 15:43

    Thanks for that NaS.

    Quite a revelation to realise that most of the government's liabilities are inflation-indexed, so inflating its way out of trouble isn't possible.

    And of course (real, substantial) growth isn't going to happen without an economic miracle - simply not possible whilst wedded to the EUSSR.

    So default indeed it is. Cripes.

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