Thanks to Osbo, the national debt is nearly 2 trillion

‘We act now to fix the roof when sun is shining. I’ll introduce new fiscal framework with permanent commitment to run surplus in normal times.’ George Osborne blithely tweeted this when he was still Chancellor last year.  Now the extent of his selfishness and incompetence is revealed.  osbocommons The UK national debt grows at a rate of £5,170 per second.

It totals £1,781, 601,972,500 at this second, but is zoinking upwards as I speak.

The extent of our indebtedness is truly scary.  Journalist Peter Oborne says: “Britain would be in far better economic shape if Mr Osborne’s much-vaunted ‘Plan A’ to rein in spending and borrowing had done what it was supposed to do.

Well, the fact that the debt even now is £1.7 trillion shows that he certainly did not fix the roof: we are currently spending more on servicing our debt than we are on transport or defence!”

Mr. Oborne continues later:  “Perhaps the problem was that he was always an intensely political Chancellor, with one eye on his own burning ambition of getting to No 10.

For that reason, while he did instigate departmental cuts in government and tried to tackle the vast welfare bill, he was never willing to go far enough because it would make him so unpopular.”

It is not only Osbo who has bought off the public for the sake of popularity. Gordon Brown and Ed Balls hoiked up the national debt to just under a trillion pounds.

Let’s be honest.  The Chancellor with the courage to tackle our debts in the way they should be tackled would be hated so badly, he would be burnt in effigy on every street corner on a daily basis.

“Now Mr. Hammond is trying another approach, says Oborne,   but it’s one I fear will only exacerbate the mess his predecessor left behind.”

But Osbo thinks he might return to public office.  What are the chances?  On the bright side, probably better than Tony Blair’s.

7 responses to “Thanks to Osbo, the national debt is nearly 2 trillion

  1. During the labour term, the government used borrowing to inject money into the economy such that the growth during the labour period was due to this injected money from borrowing.

    But sooner or later it has to be paid back. And like all debt the amount paid back will be larger – so the “bust” in the economy as the debt is paid back – the removal of economic activity – is larger than the original boost.

    The only way around this is if the money is invested, and it starts generating economic growth on its own. But no – labour squandered the money.

    So, I have some sympathy with the Tories – but really? Two trillon pounds debt – doubling it during your term? That’s not acceptable.

    To put simply, we really owe it to future generations not to leave them with more debt than we inherited from the previous generation. That’s the responsible way to run the country. So, stop pissing around, and start paying down the debt.

  2. George Osborne should hang his head in shame and how in the world he thinks he will ever get back into Gov. beats me!!

  3. Balance of payments is reduced. That is the difference between the money we get in & the money we pay out. But the national debt is MASSIVE. We owe trillions.

  4. The rich still get richer,the working class are now in the Victorian workhouse, we are not going to be ignored any longer, the job centre for you lot

  5. Still how many billions have we and do we pay into EU can someone enlighten me and please no deciept or lies straight truthful answer

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