20 October 2008

1970s all over again

Everything I see about where we stand wrt the economy at the moment makes me worry that we are going to do the late 1970s all over again.

Everything the Government is talking about doing is inflationary, and with no money in the bank, everything Brown tries to do to spend his way out of recession will have a huge cost to it in terms of long term debt for the UK. Today's announcement of record borrowing is proof of that.

It means that the Conservatives will, once again, have to inherit a massive legacy of failure and will have to do painful things to put Britain back on its feet.

Instead of increasing borrowing why can't we review every penny the Government and make sure that they spend wisely instead of just glibly spending more? There is huge scope for greater efficiency in National Government, maybe we should look for those efficiency savings and use the money generated to invest in infrastructure projects that boost the economy.

The last thing we need is more spending on waste, and without an efficiency drive, increased Government spending will mean increased waste.

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