Saturday, Jan 09, 2010
Recipe for Depression
The Wall Street Journal: Big Deficits Cloud Britain's Future
Even as Britain recovers from recession, it faces one of the largest budget deficits in the world at more than 12.5% of gross domestic product. That's nearly twice the deficit level it faced during the last major economic crisis of the early 1990s. Paring it down will drain billions of pounds from the economy, as the government boosts taxes and squeezes spending at a time when British consumers face mountains of debt.
Posted by devo @ 02:20 PM (837 views) Add Comment
5 Comments
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1. Jborg said...
But i thought in PMQs this week that out illustrious leader said that all nations were in as much debt as we are?....
2. alan said...
"Many economists fear that in the coming years the U.K. could still lag during periods of painful government and consumer belt-tightening. Taming the deficit will be a defining issue in the U.K. general election expected next May, and both major parties promise tough measures".
OK Gordo....why wait. Start being prudent NOW.
3. Cashrichassetpoor said...
"Mr. Dell does gives credit to the government for being proactive. But he also believes that some of its recent programs have been misplaced. In October, for example, he was offered £50,000 to pay for the costs of consultants. What manufacturers really need, he says, "is practical help such as upgrading software and training people.""
4. braindeed said...
alan@ 1 said...
OK Gordo....why wait. Start being prudent NOW.
Dave and his fag plan just that.
Contrarian view:
Maintain present course - await revived output and profitability of public (de faccto) banks.
It's not pretty either way. but Dave's stated inclination could mean depression.
5. alan said...
@braindeed,
I don't want to reproduce "the Mail" but getting rid of highly paid policy planners for policies we don't need and can't afford would be a good idea. For each one saved, we could employ a couple of road gritters in their place and still have money over.
Implementing Dave's ideas might actually give the people of the UK some hope that not all the pain was being felt in the private sector. I assume that's where your "output" would be coming from...
Maintaining the present course will bankrupt us. Look at the articles posted this week.