I have been gemused with how all of the main political parties would have us believe that a vote for "the other lot" would cause financial chaos.
Well, that has been rather blown apart by the unsurprising revelation that none of the main political parties are being entirely "honest" (politics and honesty do not go hand in hand) with the long suffering electorate.
It seems that were the political parties to actually implement their manifesto "promises", wrt cutting the deficit and not raising taxes, then we will see cuts in public expenditure the like of which have not been witnessed since the Second World War (if Tory) or the dark days of the Labour government of the 70's (if Liberal or Labour).
Were the parties inclined to minimise the cuts, if they want to get the economy back in good shape, then they will have to raise taxes to unprecedented levels.
I could of course point out that had Brown not frittered away the surplus revenues during times of plenty, on hiking public sector pay and on the fees of consultants, we might be in better shape now.
However, we are where we are and we cannot put the clock back.
Either way given that the tax payers are already massively overburdened, and that the country as a whole seems totally reliant on the state to wipe its collective bottom, the results of the cuts and tax rises will provoke civil unrest not seen since the 70's.
For what it is worth, I don't think we should get too stressed out by the debt levels. They are manageable.
What is actually required is a whole scale restructuring, and re design, of the public sector ie:
- public sector pensions
- pay
- what it is actually meant to do
- simplification of the tax system (see www.hmrcisshite.com for my views on what needs to be done)
- simplification of the benefits system
- a return to self responsibility and a recognition that actions have consequences
However, none of the political parties have the stones to do that.
I predict a riot whichever bunch of BS artists gets in!
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