Big Society: If it smells like BS…it probably is!
Wednesday, 30 March, 2011 Leave a comment
Call me a cynic if you like but things, literally, aren’t adding up and guess who’s going to end up paying AGAIN!?
The link to this article is shown below and it makes for some pretty staggering reading but I would also recommend the source “Duncan’s Economic Blog” tends to be a pretty informed read:
Here we can clearly see the impact of Osborne’s changes over the next three years: public debt down by £43bn BUT private household debt up by £245bn – five times as much.
This shouldn’t come as a huge surprise. In today’s Financial Times one city economist notes that:
‘With real household disposable income set to fall this year through a combination of flat employment, negative real wages, tax rises and benefit payment cuts, the only way we are going to see spending grow in 2011 is if the savings ratio falls.’
Given the tax and benefit changes Osborne is presiding over, households have little choice but to borrow more to make ends meet. And that is how Osborne plans to drive down public debt: by increasing the household debt that helped cause the crisis in the first place.
Please read this article
but don’t miss out on any of these…