somone uk said:
i know this is American but the laws of economics apply globally
What a pretty picture. Of course Labour's 'tax and spend' policies threw us into the recession with a structural deficit equal to about 3% of GDP; when at the end of such a 'golden' period of growth common sense dictates we should've been running a significant surplus. But hey, if you choose to believe that a
genuine dose of fiscal conservatism would spell the death knell for our economy, then on past form the Lib Dems are an appropriate choice; as is Labour, or Dave's lot. None of them railed against Labour's prolonged ratcheting up of State spending, and not one seems prepared to cut into it sufficiently to save us from the mother of all debt mountains.
Talking of which: The Bank for International Settlements recently stated that Britain will need drastic austerity measures to prevent public debt exploding out of control. Interest payments on the UK's public debt will double from 5pc of GDP to 10pc within a decade under the bank's baseline scenario - a level from which there may be no coming back as we get sucked into a 'compound debt spiral'.
For the reds our salvation comes in the shape of 'efficiency savings', with the blues it's
even more such efficiencies, and the yellows are, well, actually talking about Govt. doing less: reducing tax credits, winter fuel payments, child trust funds; abondoning ID card scheme.... That's a (small) shot of fiscal conservatism right there, and if they scaled it up (and pushed the need for public sector pay & pension cuts) then even I'd be tempted to vote for Mr. Cable - he is the one running the show, right?
But only tempted. Unfortunately I'm an old-fashioned believer in being able to chuck out the law-makers come election time, and our membership of the EU is incompatible with this. So I can't vote yellow....
The 'credit crunch' (causes & solutions thereof) is a whole separate issue, one on which UKIP (those people who don't know sh*t) and Lib Dems have common ground: Legislating for a rigid division between retail banks and investment banks - the Glass-Steagall solution.
Great, just popped into HairLossTalk.com for the first time in yonks and already I'm rambling away like a loon. Must stop now.
Slarti
Edited once for grammar, once to add this note.