Quote:
Originally Posted by Ignitionnet
Though no-one compelled Labour to spend so heavily during a boom that they were increasing our debt to GDP ratio, alongside these off-book liabilities that they were accumulating and the tax increases they were enacting.
States are supposed to deleverage during growth periods so that the stabilisers can kick in during recessionary parts of the cycle without causing major issues.
It was, without a doubt, a means to conceal debt and remains as such. It will likely only get worse with the completely misplaced obsession over our debt and deficit.
It would be fabulous if people were shown our current unfunded liabilities. That would put the alleged debt into some focus.
As it is we're, including what PFI has stashed away, in a level of debt not seen since the early 60s and our recovery from the Second World War, thanks to a wonderful series of inept decisions by economic illiterates over the past couple of decades.
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A Tory idea which, in practice, was almost entirely implemented, manipulated and misused by Labour. The worrying thing is that, as with immigration, I don't think these were all just mistakes made by inept people. I think there was a large dose of political cynicism at work - short term gain at the ballot box which, the real price of which, if all went well, would either never become apparent to the electorate or would do so only after those responsible had long left office and would be living the high life on their fat perks and pensions.