Quote:
Originally Posted by nomadking
What has how allegedly precarious the tax base was, got to do with excessive spending via borrowing as early as 2001? It wasn't precarious back then was it? How many ten of billions are being paid out EACH YEAR in debt interest to pay for their pre-2008 splurge? That is money being removed from the economy and from sustainable public spending.
Borrowing around £40bn a year for several years BEFORE 2008, means that it was hardly a one-off surprise.
If somebody gets a big pay increase, works a lot of overtime and gets bonuses and STILL has to borrow to fund their lifestyle, they are not doing as well as they make out and should cut back on their spending.
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That you compare a private individual's finances to those of a country is a pretty good indication this mightn't be a fruitful conversation.
EDIT: Probably a waste but
a little light reading for you. Might be educational if you feel the need to learn a little. Alternatively if thinking the economy is like a personal bank account appeals do as you please. If you could find the personal bank account where you pay yourself interest on a large part of your overdraft that'd be awesome.