David Craig, on November 26th, 2014Day after day we get article after article telling us that the UK economy is booming while the Eurozone is mired in recession. But few journalists seem to want to mention our massive, rapidly rising debt (click to see more clearly)
I’m not an economist. But here’s some simple arithmetic. Let’s say the UK economy is ‘growing’ by 2.8% a year. Then that’s equivalent to around �48bn in ‘growth’. But the useless Coalition is borrowing and spending about �100bn a year – that’s equivalent to 5.9% of GDP.
So, it looks like the supposed ‘growth’ is actually just the Government borrowing and spending money it doesn’t have and which is increasing the interest we have to pay each year. In fact, the interest we’re paying is already about �50bn a year.
In summary, being an economic ignoramus, as far as I can see the Government is borrowing �100bn a year. Half of this borrowing is being used to pretend the economy is growing by around 2.8% a year and the other half is being used to pay the interest on our ever-increasing debt.
If this is economic success, I’d hate to think what failure looks like!
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Well knock me down with a feather, only discovered your blog today, you make the fourth person in the country who can actually see this elephant.
It’s not much different to running a house, if there’s an income of �300 a week into the kitty, and there’s �400 outgoings, it doesn’t take a genius to work out that things ain’t on the up no matter how much you try to spin it.
Any fool can spend other people’s or borrowed money.
Regards
Judd
It’s usually about now that some clown tells us that our economy is the envy of Germany. Watch out for that one.
No your not the only one David. As ever you have hit this very large nail on the head with aplomb. It’s only a matter of time before it all comes home to roost.
David,I don’t have your understanding of economics, but I know there are snouts in the trough in australian politics and business.We also have the “elephants in the room” problem.Its fairly obvious all our governments get their directions from elsewhere.Even our Environmental Protection Agency is corrupted in favor of big business.Keep up the good work, don’t be surprised if your website dissapears, this happened to me years ago!
Update- I just watched “the world according to MON$ANTO” this is absolutely mind boggling. The amount of people who have literally “sold their souls” to MON$ANTO is unbelievable.I wonder how many Australians will eventually be revealed?