Quote:
Originally Posted by Chris
I'm calling absolute BS on this. I mean, I have to admire your brass neck for trying to average out national debt increases over the last 40 years in order to blame the Tories for it, but how about we introduce some actual facts into the debate.
When you look at where the significant increases in national debt have actually occurred, it's obvious that the one very significant change to the long term trend was spending initiated by Labour during the financial crisis from 2008 onwards.
Obviously the structural deficit that ensued meant the Coalition years saw that figure continue to increase, but then that gives the lie to those on the left that like to simultaneously blame the Tories for the size of the national debt, whilst also trying to claim austerity was never necessary.
In fact the only significant upwards movement in national debt under the Tories, that can be pinned solely on Tory economic policy, is the spike caused by our crash out of the ERM in 1992, and frankly in comparison to where we are now, that looks no worse than someone letting their Christmas shopping get a bit out of hand. |
It’s 40 years of neo-liberal capitalist economics that has lead to here. Selling everything off helped massage the figures in the interim. But here we are saddled with all the debt and no more windfalls.
Your graph will also be skewed by changes in GDP, as opposed to considering the real terms value of the debt itself.