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David, as said, you are fundamentally right, but at the moment, the State needs to spend £50 billion a year on interest on the Public Debt. To do this, the State needs to increase tax, cut spending, axe jobs, print more digital money, sell more bonds and gilts, cut benefits, and all at the same time.
However, at the present rate, the Public Debt is set to double within about 12 years (give or take a year or two).
That means, in 12 years time, we could be spending £100 billion a year on Debt interest.
Greece has gone that road to the end, and if it were not for another bailout tranche coming within weeks, that country would be without enough money by December 2012.
They would have run out of money 2 years ago without a bailout.
Spain, Portugal and Ireland have all gone that same road. In each case, it is the public debt that sent them into bailout mode.
Italy is going down the same lane. Other countries are near the end of the same road.
We too are approaching the end, even if it takes a decade longer.
To cut tax now would be disaster, sheer and pure, especially as Barry wants it, where the mightily rich have a massive tax cut, and all the corporations which roll in money.
The Public Debt needs to be sorted out first, it needs to be cancelled while the financial assets are still there to do it.
Only then could we talk of tax cuts.
A public debt is not a private debt, it is there for all the Country, and those with massive financial reserves stacked away are part of the Public. They need to pay up a part of their financial assets to cover the Debt, else our Country will go the way Greece is in.
The Government will never cut taxes as Barry wants them to with the present Debt. If Barry were right, Gov. would have already cut taxes as he says they should.