Comment: Re:midnight (Score 1) 378
Comment: Re:Or what? (Score 3, Interesting) 340
Comment: Re:Not true (Score 1) 149
You seem to have a short memory. New Labour under Blair and Brown were running an increased deficit during the boom, even after increasing taxes. There was no room left for the government to do something with the economy when the recession came.
On the contrary, I have a very good memory.
Government debt stood at 29% of GDP in 2002, and had increased to 37% before the crash in 2007, despite incredibly strong economic conditions. What exactly do you think was going to happen? That's why it's spiralled so quickly to 90% of GDP.
WRONG!
UK debt end 1998 : 410,2 G£, i. e. 46,7 % of GDP (ONS)
UK debt end 1999 : 405,7 G£, i. e. 43,7 % of GDP (ONS)
UK debt end 2000 : 400,6 G£, i. e. 41,0 % of GDP (ONS)
UK debt end 2001 : 385,5 G£, i. e. 37,7 % of GDP (ONS)
UK debt end 2002 : 402,9 G£, i. e. 37,5 % of GDP (ONS)
UK debt end 2003 : 441,1 G£, i. e. 38,7 % of GDP (ONS)
UK debt end 2004 : 487,9 G£, i. e. 40,4 % of GDP (ONS)
UK debt end 2005 : 529,4 G£, i. e. 42,3 % of GDP (ONS)
UK debt end 2006 : 573,3 G£, i. e. 43,4 % of GDP (ONS)
UK debt end 2007 : 618,4 G£, i. e. 44,2 % of GDP (ONS)
UK debt end 2008 : 750,3 G£, i. e. 52,0 % of GDP (ONS)
http://www.ukpublicspending.co.uk/spending_chart_1950_2010UKp_11s1li011lcn_G0t_UK_National_Debt_As_Pct_GDP
So where's the debt crisis? It oscillated around 40% during the recent "good" years. It only started growing in 2008 because of the freaking global crisis. There was NO reason for austerity. And the effects of austerity turned out to be self-defeating - the projections show that their effects on deficit are minimal.
Everyone preaching about debt should read http://www.amazon.com/End-This-Depression-Paul-Krugman/dp/0393088774 . Go on, read it.
Comment: Re:Not true (Score 1) 149
I've looked at the numbers and I haven't seen any country in Europe (besides Greece by a little bit) reduce their spending year-over-year. That doesn't sound like austerity.
http://www.bbc.co.uk/news/business-10810962 - it was futile and unable to reduce deficits, of course. But spending cuts were very real.
He did raise taxes to reduce the deficit. And that will suck money out of the private sector and slow the economy. But I'm not sure if that warrants the label austerity.
Not 'will' but 'has'. The UK is in the midst of the SECOND recession and falling down still. Cameron achieved quite a dubious feat - UK has now been depressed more than in the Great Depression of 30-s. With no way out in sight.