Quote:
Originally Posted by Maggy J
I still want my pound of flesh..I don't think any of them have made up for their behaviour and the resultant crash and the 5 years of austerity.
|
The 5 years of austerity are largely due to the excessive spending ie borrowing, long BEFORE 2008.
---------- Post added at 20:41 ---------- Previous post was at 20:25 ----------
Quote:
Originally Posted by Damien
I would say the massive crash in 2008 is probably more to do it. Labour can be blamed for leaving the country ill-prepared for it by running deficits which could be said to have prevented the ability for us to spend our way out of recession as well as making the cuts seem worse. However to say that it was the deficits and not the crash that caused the problems of the following years is to swallow a line that not even the Tories are peddling.
|
The excessive borrowing meant that cutbacks, ie austerity, were required to bring spending and borrowing under control. If you are excessively spending £50-60bn(£40bn borrowing + >£10bn surplus) annually before 2008 and in the supposed good times, that is the level of spending cuts that would be required even if any crash hadn't happened.