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  Howard - of course the deficit can be closed, it has to be closed and the current account moved into a positive.
  
  Do you really think default is an answer? Your are retired, are you receiving a pension from an insurance company or a scheme pension perhaps? If the government defaults can you tell me how much you would be happy for your pension to drop by? You might even in an extreme case lose all of it. That is what would happen. If the government tries to print its way out and inflate the deficit away then the same thing happens, just in a different way, the value of your pension will drop through lower purchasing power. Those of us in work though will at least be OK with that one, those who suffer most will be you and other pensioners so are you happy with that alternative?
  
  I said that there is not an easy way out, there is no painless cure at all. The best approaches to adopt are cures that reaps the best medium to long term benefits and the expense of the short term. That is where we have to accept that the government has been spending far too much far too long and cuts to that spending must be made. These cuts need to be deeper and quicker to get the pain out of the way sooner and to lift some of the burden off the private sector so we can get recovery and growth.
  
  I am appalled that we are in the position we are in and our government must learn the lesson from it and never set about insane spending sprees again and balance the current account in future growth phases.
  
  We have been living above our means for years to a large part represented by a benefit culture that paid out benefits to households with an income as high as £50,000 - that is why we have this problem.

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