It’ll take 100 years to pay back Osborne’s borrowing: The rats loot the sinking ship

Osborne is preparing his Autumn Statement. He’ll probably say that his deficit reduction plan is ‘broadly on course’ and would have been fine if the Eurozone had not imploded. Labour will of course claim the Government is cutting too far too fast. And the usual political and economic commentators will come out with their usual blether and everything will carry on as before.

What is wrong with you Brits? Is your education system so bad now, thanks to the teachers’ unions’ allergy to proper teaching, that none of you can do simple arithmetic? Let me try to help. When Osborne became chancellor, the UK’s debt was about £700bn. By the 2015 election, debt will be almost £1.5trn. Osborne has cut sweet f…. a… He has borrowed over £140bn per year more than the utterly incompetent, financially incontinent Labour.

Politicians shouldn’t be arguing about whether to cut £20bn or £30bn or whatever – they should be talking about how to cut public spending by £140bn. And even if a government could actually eliminate the deficit and start paying our debt back at say £8bn a year, then it would take over 100 years just to pay back the money Osborne has borrowed to bring the country back to where it was in 2010 and another hundred years to pay off our national debt. We are bankrupt! Broke! Finished! This parrot is not pining for the fjords – it is dead, well and truly dead. Probably around the time of the next election, there will be a massive economic collapse as our borrowing costs shoot up, the value of the pound will fall by another 30% and whatever government we have will be forced into almost unimaginable cuts in spending and tax increases that will plunge Britain into a Greece/Spain recessionary downward spiral.

So what do our leaders do? Loot as much of our cash for themsleves as the ship goes down. Our MPs are now claiming over £30,000 a year each more in expenses that they did before the MPs’ expenses scandal broke and are planning to increase their own salaries from £65,700 to over £85,000. The Lords have changed their expenses system so they can claim over £50,000 a year each in expenses without ever doing any work and without ever spending any money. At the BBC, in the NHS, in the military and in many other government departments top bosses are awarding themselves hundreds of thousands of pounds each to ‘retire’ and then many are coming back to work the next day as ‘consultants’. Since the 2007 crash our useless regulators – FSA, Ofwat, Ofgem and many others – have doubled the amount of our money they take for themselves. Meanwhile about five million Brits can’t be arsed to get an education or job because they earn much more on benefits than they ever could working.

At the next election most people will vote Labour so the borrowing and spending can continue as before. Well I have news for you – it can’t and it won’t, whatever Miliband and Balls promise. The real crash is coming and it’s going to be very ugly indeed. Prepare for years of social unrest, riots, strikes – the future isn’t bright, but none of our leaders have the courage to admit this.