Deficit denial

A new report by the Institute of Economic Affairs (download here) contains the following graphic, in both senses of the word.

Mark Littlewood, the DG of the IEA, editorializes as follows:

'The current arguments about whether or not to raise National Insurance by a fraction are grossly inadequate. Cuts must be made far in excess of "efficiency savings" or the British public may be sure their taxes will rise substantially to plug the gap. Unless serious action is taken it is possible that the next government could end up being the highest tax rising government in Britain’s history'.

Hat-tip to Mr Eugenides, who states what should be, but sadly is not obvious to anyone who professes to be interested in the reality Britain faces:

I understand why [the Tories] are coy about the scale of the abyss into which we are staring, because they are terrified of the reaction from voters if they spell out just how big a needle they're about to plunge into our buttocks. But we're getting the needle whether they show it to us or not - and you can be sure that the hysterical shrieking from Labour about 'savage Tory cuts' will start anew on May 7th. Each and every measure to plug the holes will be opposed; every tax rise painted as a betrayal, every pay freeze the focus for a strike. These people would rather scuttle the ship than see it sail into port under a different captain.

That's exactly the way it's going to go. And I believe that Labour may yet win it because even if people are in denial about the correction that must follow the last quarter-century of living beyond our means, they can be in no doubt that the vested interests built up by the Labour pukes will fight like rabid skunks to hang on to their totally undeserved income and status.

I don't think this society would be up for a fight even if offered more convincing leadership by David Cameron. In fact I think that a cold-eyed appreciation of just how abject the British have become may explain everything he says he believes in.

But, excuse me: if he is right, the question he needs to answer is why would anyone want to put himself at the head of such a spiritless rabble?