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Originally Posted by Chris
In spite of austerity? What austerity? The country's still living way beyond its means and the national debt is still soaring.
The great big laugh here is that Ed Balls is tub-thumping over this and demanding action, when Moody has stated that it is downgrading the UK *for not dealing with the deficit quickly enough* . Moody thinks the chancellor should have done more, and should have done it more quickly. Funnily enough I could have sworn Ed Balls has spent the last two years demanding less, and more slowly.
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The country is going to be living beyond it's means whilst the economy stagnates and dips in and out of recession. The level of cuts that would be required to balance the books would be far too drastic. I don't think Moody's is downgrading just because we're not cutting fast enough, you could just as easily say we're not growing fast enough either. A growing economy would help us increase the money coming in and balance it that way.