While I’m very much pro government spending during a recession, Britain does have a very, very pressing debt problem that needs to be addressed sooner rather than later:
The latest forecasts indicate that Britain’s deficit this year will be
cent – the highest in the EU and four times the eurozone ceiling of 3
The country is also projected to have the seventh-highest level of debt
year: 87 per cent of GDP.
The problem I have is where the cuts come from. The Conservatives will cut funding for programs vital to the survival of poor people, ensuring they pay for the gluttony and recklessness of the financial industry. The Lib Dems have a far more attractive approach – slashing spending on useless military programs that only benefit defense contractors and taxing the very richest who can clearly afford it.
It looks like the Tories should win the next election so it doesn’t look great for those least off in Britain who will have to look forward to paying off the debts of the rich.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.