It’s high time that this mendacity was exposed for what it is. Government has done very little about its spending, has appropriated three-quarters of all gains in economic output for its own use, has carried on piling up debt – and has tried to pass all this off as ‘responsible austerity’.
Those are the words of Dr Tim Morgan, the global head of research at financial traders Tullett Prebon, as reported in the finance section of the Failygraph. While the UK media prattles on in inane fashion about the ‘cuts’ – and retail the government line that they are addressing the structural deficit – the reality is that public spending is higher than it was when the coagulation formed this God-awful managerialist administration.
Don’t take my word for it, the official figures from the Treasury show the facts:
This is what Ministers have insisted is public spending being cut at a rate not seen since the Second World War. But the total managed expediture has risen year on year, funded by ever higher taxation and, crucially, continued borrowing increasing the national debt. This is the fact of the matter. All that has changed is how the money is being spent.
Yet against the backdrop of this reality we see the utter delusion of the political class, as exemplified by George Osborne on the day Britain announced a £10bn guarantee to the International Monetary Fund on 20 April 2012.
Dealt with the debt crisis?
Spending is up. Debt is increasing. Taxes are rising. Borrowing is continuing. Yet the Chancellor of the Exchequer tells the British public that the government has dealt with the debt crisis. This is not even parody, this is a claim that warrants Osborne receiving urgent psychiatric attention.
There was hardly any analysis in the media to get under the veneer of Osborne’s comment and tell the public the facts. This leaves us with lies compounded by stupidity resulting in mass ignorance. And it takes a bond trader to speak out before the media will take notice and run a small piece that is barely noticeable compared to commentary about the outfits worn to various events by celebrities.
They treat us with contempt. We should treat them altogether worse.