With all the massive amounts of spending/borrowing by our Conservative government, which has been forced to adopt Keynesian economics because of the pandemic, what are we going to do about paying it all back?
Clearly the right/centre right and even some of the left of UK politics will favour more austerity and lower taxes whereas the left generally will favour less or no austerity and higher taxes. We think like that because that’s what we’ve been told our options are. But are these black and white options really the only way forward to address the situation? Yes, I realise that some will say just kick the can down the road and let future generations pay it off; the ultimate act of selfishness you could call it? Now don’t shout at me, just have a look at the link below to a video on the BBC website entitled ‘Why we need to debunk the deficit myth’. I know, I know, it’s produced in US terms but the concept is pretty much the same in any sovereign country:-
Have your views changed? Are you better informed? Or are you stubbornly staying in your tribal left or right tent unwilling to see a different perspective?
My thanks to Stephen Hesketh for the lead to this posting
The Guardian has the opinion piece on its web site – see link above
Oh dear and let’s face it we are not really being told anything here that we didn’t really know already yet we still keep on creating more debt. Is this like Brexit in that we are becoming addicted to financially self-harming ourselves?
With thanks to Roy Connell for the lead to this posting.
This is probably one of the biggest financial problems facing the UK because at some point our financial systems will recover and interest rates will start to rise. On that basis what will happen to those who are in debt up to their arm pits and have incorrectly assumed that historically minute interest rates are the norm and that they will be in the future.
Some people will sadly be ruined.
With thanks to story spotter Roy Connell
Bootle Crest. This version is fixed to the wall of the Council Chamber in Bootle Town Hall.
The Liverpool Echo has the story on its web site – see link above
Quote from the Echo article – ‘More people are struggling to pay their debts in Bootle than anywhere else in the north west.
New research reveals the scale of the debt crisis facing the town, which has the fifth highest levels of insolvency in Britain’.
Debt must be up there with poor health (indeed it is a significant cause of ill health) as being a blight on the lives of people. Many politicians have tried to fix the position of the poor, because debt and poverty go hand in hand, but still our society has a significant proportion of it where poverty is an everyday thing.
Our welfare system designed by William Beveridge (and tinkered with by government after government) forms the basis of the safety net to assist those with little yet problems of poverty still persist. Maybe it’s time for a new war on poverty as it will always fuel debt.
Here’s what Beveridge was trying to do, all be it in the first half of the last century:-
Surely poverty is the greatest social challenge to the UK yet no prominent politician has obviously led a campaign to address it in recent times. Indeed, it was not so long ago that senior politicians in the Labour Party were all but falling in behind the Tories in attacking the poor in an attempt to gain votes from the middle classes. And of course even some Liberals (what would Beveridge have thought of them?) were sucked into what almost became a shameful mainstream political movement against those on welfare.
The longer that poverty and causes and consequences of it are political no go areas for major party politicians the more the poor will be exploited by UKIP and the the far right for their own purposes. It’s time to wake up and smell the coffee all you supposedly progressive politicians, especially those of you who take far too much notice of the rabid right wing press.
The UK is at No.17 with Japan being the most indebted.
Not an easy website to follow through but interesting facts if you persevere.
With thanks to Roy Connell for spotting this story