Reply to post: Re: Impulsive voting

NEVER MIND the B*LLOCKS Osbo peddles, deficits don't really matter

I ain't Spartacus Gold badge

Re: Impulsive voting

You haven't even quoted enough evidence to support a disagreement with me, let alone call me dishonest.

I didn't call you dishonest. I said your argument was - because I've only seen it made by people from the left as a sort of "nyer nyer Osborne's shit" mantra. I don't know where you sit on the political spectrum, and I wasn't sure if you were even saying you believed that argument, or if you were using it as a way of demonstrating people's lack of understanding of the problem.

However, my supporting evidence, from my post, is here:

in that the trajectory of national debt was set during the administration of the previous government - and short of insane levels of cuts, as were enforced on Greece with utterly disastrous (and utterly predictable) results the coalition was only ever going to have a limited effect on the total debt.

To put this more clearly, the deficit in 2009-10 was something like £150 billion ish (sorry for not looking up the exact figures, but an approximation makes the point perfectly well). The coalition emergency Summer budget had about £6 billion of cuts in it, and I think they also underspent that year by a few billions more.

But even with making cuts the total stock of debt was going to go up by those figures of hundreds of billions a year. So what was the total debt stock by 2010? £700bn? Add 5 x £120 bn and you've got some serious money...

So yes, the ever increasing debt stock was a problem they inherited from the last government. There was no realistic policy they could have pursued that would have made a material difference to the fact that national debt was going to roughly double in that period. They could have cut more steeply, which would have been bad for the economy, or they could have defaulted on a portion of the national debt to get it down to reasonable levels - which would have been a catastrophic idea.

Even if Osborne had managed to follow his plan to eliminate most of the deficit by the end of the Parliament (which would have required the Euro crisis not to happen - amongst other things), national debt would have still ballooned massively.

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