National Debt passes £1trillion -time for Osborne to go?

[Gromit]

With last months borrowing hitting £14billion our debt has passed the £1Trillion mark.

After nearly two years in power, the Government instead of paying back our debt as they promised, seem to the borrowing even more crazyly than Labour did. Instead of our debt going down, it is getting larger.

http://www.telegraph....r-the-first-time.html

Even if you blame Brown for the mess, should the new Government's policy be having some effect by now? Should hings be getting better not much worse?
Is it time for Osborne to go as he has been a complete failure?

[Kromovaracun]

As Krugman and others (including, to be fair, some in the Labour party but don't get too excited) keep pointing out - deficit spending at the moment does make economic sense (though of course doing it in times of growth as all governments have been doing for the past 20/30 years doesn't). Growth is the only thing that will solve the problems of recession/stagnation - to achieve that, consumer spending needs to pick up. Unfortunately it isn't, so the only spender we have as an alternative currently is government.

[rov1100]

Maybe it could all be down to the law of diminishing returns. The unemployment rate is heading for 3 million which means less taxes coming in and more benfits to pay out. Osborne must certainly take some of the blame in not balancing the books but it must be similar to someone who takes out a credit card debt and the interest paid is higher than the monthly payment.

That is why the country must get some return on the benefits paid out, The claimants could easily do work that costs the country £bns in paying out to contractors. Alright some of these contractors would go to the wall but the country would benefit financially.

[youngmafbog]

Osbornes hands are tied by the Liberals. We need to cut deeper.

However, it will take a lot longer than a couple of years to undo a decade of labuor mis management.

Just who do you propose replacing Osborne with anyway, it is afterall a poison chalace

[Davethedog]

"However, it will take a lot longer than a couple of years to undo a decade of labuor mis management"??

You mean three years of totaly irresponsible economic management by the private sector.

[Squitty]

Yes I know its dollars but it this is some idea of the scale of the problem in USA if you havent seen it before.

http://www.youtube.com/watch?v=GNFb6qe7Tmg&feature=related

[Davethedog]

Taking polis out of this: Can anyone tell me when the ND went past a Billion? Isn't it just inflation? Not wishing to be simplistic but we will always have a national - Always. So before people go screaming in the streets, is a Trillion just a sign of the times.

he I first went to work my take home pay was £12 now its considerably more, a good house cost about £3,000 and a family saloon would cost about £5-700.

So rather than being a reson for woe is it "just" inflation?

[Davethedog]

Sorry theres something wrong with this keyboard:

Taking politics out of this: Can anyone tell me when the ND went past a Billion? Isn't it just inflation? Not wishing to be simplistic but we will always have a national Debt - Always. So before people go screaming in the streets, is a Trillion just a sign of the times.

When I first went to work my take home pay was £12 now its considerably more, a good house cost about £3,000 and a family saloon would cost about £5-700.

So rather than being a reason for woe is it "just" inflation?

[T&S]

Lets all have a whip-round

[HowardKennitby]

Inflation is obviously a factor. Between 1950 - 2010 the RPI increased by a factor of 26.

[d9f1c7]

It would be much more under Labour, this is about putting the brakes on at the moment. It will take the whole parlaiment to reverse this. Especially when the left keep blocking the necessary changes.

[Gromit]

d9f1c7 - Especially when the left keep blocking the necessary changes.

How are they doing that?

[rov1100]

HK ///Inflation is obviously a factor///

You are so right! If I wasn't so cynical I'd believe it was a government ploy to make our mountain of debt less painful. The government inspired currency devaluations have made the £ almost 50% of its value in less than a decade.

[HowardKennitby]

It is very scary if you think about it.

http://safalra.com/ot...ion-price-conversion/