19 October 2010

Past the point of no return

Today's Taxpayers' Alliance research paper "The Real National Debt: A Decade of Reckless Growth" will be ignored by the Coalition government because, were they to admit the truth, it would do them more damage than it would the Labour pukes, who will just say it's all Gordon Brown's fault and, anyway, it can all be cleared up by punishing the bankers.

This is what the Labour regime did, quite deliberately, to poison the well, so that the successor administration would be destroyed by the political costs of clearing up the mess, counting on the stupidity of the electorate to return them to power for ever and ever after the hard work was done. 
  • The real national debt stands at £7.9 trillion, over £300,000 for every single household in Britain.
  • During the last decade debt has more than tripled from £2.3 trillion (230% of GDP) to £7.9 trillion (560%).
  • Official national debt (quoted by the Chancellor in his budget) hugely underestimates taxpayer liabilities.
  • Relative to GDP, this is a far bigger national debt than after World War II.
TPA has released this video by Mike Denham, author of the report, to illustrate the figures.

Not mentioned are the opportunity costs of the wasted North Sea oil revenues, of the power stations and other vital infrastructure projects not built, and of growth sacrificed on the altar of "equality" and of the EU.  

There is no way back from this. The only hope would be that the economy might grow to reduce the debt as a percentage of GDP, but burdened with EU regulations spitefully designed to harm Britain and the costs of  creating an allegedly "sustainable" energy infrastructure, it will not.

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