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Interestingly, every Lab government has left office with lower national debt than when it came to power.
The idea that Lab govts ‘tax and spend’ is another carefully crafted #ToryLie pushed out by the right wing client MSM.
The Tories are useless at economics.
The idea that Lab govts ‘tax and spend’ is another carefully crafted #ToryLie pushed out by the right wing client MSM.
The Tories are useless at economics.
Before the US sub-prime triggered banking crises (yes, Tories tried to blame Lab for that as well), UK national debt was below £500 billion - so about 20% of what it is now. AFTER bailing the banks out it rose to £750 billion. All quite manageable and internationally
respected position. After the crash and interest rate collapse, economists were at pains to make the point that the correct response to a deeply contracted economy was a sustained fiscal stimulus ie a Keynesian response. Cameron did exactly the opposite. The Tories slashed
We’re borrowing huge amounts of money and paying over £100 billion a yr in interest because of austerity.
And it’s likely to get worse.
When Labour left power we had debt of £800 billion AFTER bailing the banks out. You Tories slashed spending and still ran up debt.
And it’s likely to get worse.
When Labour left power we had debt of £800 billion AFTER bailing the banks out. You Tories slashed spending and still ran up debt.
This outcome is exactly what Keynes predicted. The Tories are monetarists. They don’t believe a government must spend so thru do the exact opposite of what’s required and the result is a long term structural hole in national finances that will take DECADES to fix
So, far from bring the party of sound financial management, the Tories are the party of slash and burn economics. Slash spending after the 2008/9 crash and the result is the economy shrank, tax receipts declined , so then they had to borrow and have not stoop since.
For the Tory neolibs that look to America as a role model of small government, ‘government off the back of people’ and ‘individual freedom’ it’s interesting to note that that US govt share of GDP is 45.3% vs the UK’s 44.6%.
So, the US is more of a nanny state than the UK?
So, the US is more of a nanny state than the UK?
Then think about the fact the US has a privately funded healthcare system which runs at 18% of GDP vs the UK’s 10% and it has worse clinical outcomes than the nationalised UK system. Further, inequality and mortality in the US are the worst in the developed economies
Of course, we must point out America has chosen to spend its money on guns and the UK on butter to paraphrase the ‘guns and butter’ analogy used by economists. Nevertheless, what these figures show is that in advanced, wealthy economies, governments play an enormous role
