Just wonderful - England has run out of other people's money
From the
UK Telegraph:
George Osborne: UK has run out of money
In a stark warning ahead of next month’s Budget, the Chancellor said there was little the Coalition could do to stimulate the economy.
Mr Osborne made it clear that due to the parlous state of the public finances the best hope for economic growth was to encourage businesses to flourish and hire more workers.
“The British Government has run out of money because all the money was spent in the good years,” the Chancellor said. “The money and the investment and the jobs need to come from the private sector.”
What is really sobering is that there is an inline poll asking readers to select between these three options:
- Tax the rich more to allow the income tax rate to be lifted to £10,000
- Borrow more and worry about reducing national debt in future years
- We can't afford any tax cuts
Odd that cutting government spending was not included.
Title? Margaret Thatcher. From a Feb. 5, 1976
television interview:
"...and Socialist governments traditionally do make a financial mess. They [socialists] always run out of other people's money. It's quite a characteristic of them."
Posted by DaveH at February 27, 2012 7:44 PM