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  Howard - no that is where people actually make a mistake. The bottom line is as simple as your own finances. You have income, you have outgoings and if the latter are higher than the former for an extended period then you have a probem.
  
  Like you and your own finances you can weather a downturn in your income for a short period by managing cashflow with your credit card, as long as it is a short period. If you dont repay your debt when your income increases then you are less able to cope with the next downturn in income...
  
  Borrowing can be positive for you, to buy a home or other capital spending, as long as you can repay it and do so. It is the same for a government.
  
  If your have a budget surplus (saving) and little of no debt you are not wasting money on interest repayments and have scope to borrow when times get tight without getting into trouble. This may be more difficult for an individual than a government but credit cards are commonly used.
  
  Brown himself laid out some golden rules that were very much along these lines, but then he broke them and that is why we have a problem now.

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