Jump to content
House Price Crash Forum
interestrateripoff

It's Even Worse Than We Feared: Cost Of National Debt To Each Family Is A Staggering £138,360

Recommended Posts

http://www.dailymail.co.uk/news/article-1374668/Its-worse-feared-Cost-national-debt-family-staggering-138-360.html

Britain's debt mountain is the equivalent of £138,360 for each household in the country, research reveals today.

The national debt is even larger than initially feared, according to a think-tank.

Official figures, from the Office for National Statistics, show the total public sector debt is estimated to be £876billion, equal to £33,100 per household.

If the debt from the banks rescued by the State is included, the figure balloons to £2,252billion, according to the ONS.

The debt without the banks keeps altering.

http://www.debt-clock.org/

http://www.debtbombshell.com/

Then for those brave enough here's the global debt clock:

http://buttonwood.economist.com/content/gdc

Share this post


Link to post
Share on other sites
It's Even Worse Than We Feared: Cost Of National Debt To Each Family Is A Staggering £138,360

Don't worry, if everyone just sells their houses all at once we could pay it off in one hit. And the average hard working family would still have £23,640 to spare..

Share this post


Link to post
Share on other sites

Even if 100% of our taxes went into pay this debt it would not be paid off within the next 30 years. If you were to do this you would also have to stop ALL public services.

It can't be paid back. Simples!

Share this post


Link to post
Share on other sites

Don't worry, if everyone just sells their houses all at once we could pay it off in one hit. And the average hard working family would still have £23,640 to spare..

The big problem the world faced was the lack of off planet markets to expand into.

Share this post


Link to post
Share on other sites

Even if 100% of our taxes went into pay this debt it would not be paid off within the next 30 years. If you were to do this you would also have to stop ALL public services.

It can't be paid back. Simples!

We can't even stop getting in more debt, trying to reduce the deficit by 50% is likely to cause mass strikes and public disorder, how does that effect your 30 years calculation? When you think how people have been running their own personal finances on the back of the last governments new philosophical teachings it's easy to understand how the masses have learned to stop worrying and love the bomb

Share this post


Link to post
Share on other sites

Even if 100% of our taxes went into pay this debt it would not be paid off within the next 30 years. If you were to do this you would also have to stop ALL public services.

It can't be paid back. Simples!

I don't think paying it back is the plan. That would stop all that lovely income source of never ending interest payments to the banks. No, let it bubble over into infinity. That great big honey trough is going to keep the elite going for centuries.

Share this post


Link to post
Share on other sites

I don't think paying it back is the plan. That would stop all that lovely income source of never ending interest payments to the banks. No, let it bubble over into infinity. That great big honey trough is going to keep the elite going for centuries.

Usury/riba business as usual. The world desperately needs a move to sharia finance

Share this post


Link to post
Share on other sites

and with the deficit @ £160bn, its going up by £10,000 every year (160bn/60m/4)

Share this post


Link to post
Share on other sites

Even if 100% of our taxes went into pay this debt it would not be paid off within the next 30 years. If you were to do this you would also have to stop ALL public services.

It can't be paid back. Simples!

Too big to fail?

Share this post


Link to post
Share on other sites

These figures are child's play. The total debt including off-balance sheet obligations starting now and spanning the next decade or so is, wait for it...

8 Trillion Pounds!!!

That includes all the pension payments coming due as baby boomers retire, decommissioning of nuclear power stations by 2020, National Rail debt and a host of other things.

WE ARE F......

Any one for some gold?

Share this post


Link to post
Share on other sites

These figures are child's play. The total debt including off-balance sheet obligations starting now and spanning the next decade or so is, wait for it...

8 Trillion Pounds!!!

That includes all the pension payments coming due as baby boomers retire, decommissioning of nuclear power stations by 2020, National Rail debt and a host of other things.

WE ARE F......

Any one for some gold?

Can I eat it, what does it taste like? :rolleyes:

Share this post


Link to post
Share on other sites

These figures are child's play. The total debt including off-balance sheet obligations starting now and spanning the next decade or so is, wait for it...

8 Trillion Pounds!!!

That includes all the pension payments coming due as baby boomers retire, decommissioning of nuclear power stations by 2020, National Rail debt and a host of other things.

WE ARE F......

Any one for some gold?

8 Trillion pounds gives about £300,000 debt per family.

So sell your average house and you still owe about £140,000 into the future.

The media keep on announcing figures (todays is £138,000 per family) and they vary day to day. Just a couple of days ago they mentioned a figure of about £40,000 per family - so that figure must have had a different basis? They seem to forget what they print even a couple of days ago but whatever the reason it's very diffficult for most people to get a true grip on how bad the situation really is when the figures quoted vary so much day to day.

The reasons for publishing widely different figures so often is a matter for conjecture.

The total figure of £8 trillion is terrifying but it never seems to be quoted by any poltician for them to explain how the UK is going to deal with it, even when they're "debating" the subject of debt and deficit.

Indeed on TV last night a female Labour MP called Flint was saying the UK should have even more and more debt "because austerity sucks" and although someone else called such a policy completely crazy they didn't even go close to mentioning the full extent of the problem.

Edited by billybong

Share this post


Link to post
Share on other sites

Even if 100% of our taxes went into pay this debt it would not be paid off within the next 30 years. If you were to do this you would also have to stop ALL public services.

It can't be paid back. Simples!

That just begs the question, who lent the money and why did they lend, and continue to lend, to someone insolvent....

Share this post


Link to post
Share on other sites

More Mass Hysteria of ignorantly easily led.

Bit of Perspective from the (IP) Govt propaganda!

Note that Bailing out the Banks is one of the biGGest causes of the debt - so much so it is listed as such. Millions of people thrown out of work and banks NOT lending to business has caused major collapse and less tax receipts!

Why are they getting Billions in bonuses when that can be used to pay orf the mess the bankers put us in!

Since 2008, National Debt has increased sharply because of:

* Economics Recession (lower tax receipts, higher spending on unemployment benefits)

* In particular, tax receipts from stamp duty and income tax were badly hit by recession.

* Financial bailout of Northern Rock, RBS, Lloyds and other banks.

Although 60% of GDP is a lot it is worth bearing in mind, that other countries have a much bigger problem.

Japan for example have a National debt of 194%, Italy is over 100%.

The US national debt is close to 71% of GDP. [see other countries Debt].

Also the UK has had much higher National Debt. e.g. after the second world war it was over 180% of GDP.

Share this post


Link to post
Share on other sites

Check out the National UK debt Stats (source Govt/treasury) since 1922

http://4.bp.blogspot.com/_Z_3bgQQpLBE/TL_tYYSpP6I/AAAAAAAAAE4/6_NAPKhXUmg/s400/debt-gdp.jpg

Share this post


Link to post
Share on other sites

Check out the National UK debt Stats (source Govt/treasury) since 1922

http://4.bp.blogspot.com/_Z_3bgQQpLBE/TL_tYYSpP6I/AAAAAAAAAE4/6_NAPKhXUmg/s400/debt-gdp.jpg

erranta,

I think that the BBC article was misleading, in that it was willing to quote all the liabilities of the banks, but made no attempt to offset the assets of the banks. If those assets were worthless, then there would be plenty to worry about. I am sure that there may be a difference between what those assets are marked at and what they are worth, but not such a big a discrepancy as occurred in Ireland with their banks.

What is worse however, is that the official government debt figure does not include many items, such a public sector pension liabilities and PFI debt. Put that into the mix, add in a sprig of a shrinking economy and rising oil prices, bake in index linked obligations and EU commitments, and serve with a huge structural deficit, and very soon you really do have a lot to worry about.

Share this post


Link to post
Share on other sites

Even if 100% of our taxes went into pay this debt it would not be paid off within the next 30 years. If you were to do this you would also have to stop ALL public services.

It can't be paid back. Simples!

It doesn't all need to be paid back. If it all got paid back then that would imply that the private sector no longer has any need to save. National debt is like a system of revolving credit, one just needs to pay the interest.

Besides, if eventually it all gets rolled into 3 month bills paying some fraction of a percent then the burden would be a lot lower and eventually this will happen. Then, there is not much difference between a 3 month bill paying some fraction of a percent and paper cash paying 0%.

Share this post


Link to post
Share on other sites
<br />erranta,<br /><br />I think that the BBC article was misleading, in that it was willing to quote all the liabilities of the banks, but made no attempt to offset the assets of the banks. If those assets were worthless, then there would be plenty to worry about. I am sure that there may be a difference between what those assets are marked at and what they are worth, but not such a big a discrepancy as occurred in Ireland with their banks.<br /><br />What is worse however, is that the official government debt figure does not include many items, such a public sector pension liabilities and PFI debt. Put that into the mix, add in a sprig of a shrinking economy and rising oil prices, bake in index linked obligations and EU commitments, and serve with a huge structural deficit, and very soon you really do have a lot to worry about.<br />

A few months after we paid off the last WW2 war debt installment to USA

>>> Blair forced us straight into 'phoney' Gulf War 2.

Are you saying the war debt payments (and others) are NOT included in the previous Govt statistics either?

Share this post


Link to post
Share on other sites

A few months after we paid off the last WW2 war debt installment to USA

>>> Blair forced us straight into 'phoney' Gulf War 2.

Are you saying the war debt payments (and others) are NOT included in the previous Govt statistics either?

No, where did you get that from?

The official national debt is the cumulative surpluses and deficits from all previous years.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.