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Thread: Daniel Hannan:"Raising taxes 2 deal w/ deficit = letting out ur trousers 2 deal w/ weight"

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    Daniel Hannan:"Raising taxes 2 deal w/ deficit = letting out ur trousers 2 deal w/ weight"

    http://blogs.telegraph.co.uk/news/da...eight-problem/


    No one emerges with much credit, so to speak, from the Moody's downgrade. It was, in retrospect, silly of the Chancellor to have made such a big deal of Britain's credit worthiness. His lapse of judgment, however, is as nothing compared to the unlovely enthusiasm with which Ed Balls has greeted the news. The Shadow Chancellor did his best to look sombre, but couldn't conceal his pleasure. Quite apart from appearing unpatriotic, he reminded everyone of how unserious Labour is when it comes to deficit reduction.

    What has gone wrong? Quite simply, spending remains too high. Three years into the Coalition, net public expenditure is at the same level as during the final, demented months of Gordon Brown. This is not entirely the government's fault. There have been departmental budget reductions, but these have been wiped out by higher debt interest payments, falling tax receipts, increased benefits claims and rising EU contributions. Such deficit reduction as there has been has come largely from tax rises rather than spending cuts.

    There was a moment, immediately after the election, when the electorate was in he mood for actual, rather than notional, self-denial. Most people appreciated that the country had been bingeing and needed a purge. But, for three years, talk of austerity has not been matched by actual reductions, and the mood has turned. With every day that passes now, we become more determined to retain our present perks, whatever the cost to future generations. We are downgrading ourselves.
    Last edited by compromise; 02-24-2013 at 08:31 AM.



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