Re: Go Angela,my kind of woman!
Posted: 1 Oct 2021, 8:49am
The subject of a country's debt is used to beat the poor. The years of austerity passed the rich by and will again.
The national debt has been much higher and at times when interest rates were much higher.
The difficulty of understanding that national debt is different to personal debt escapes most of us.
I'm careful with my finances and automatically feel the country should be the same.
I heard it explained that this thinking is incorrect, they are not the same.
One weird thing is that although the Debt is at 100% of GDP , 30% of it is owed by the Bank of England. It is unlikely this money will have to be paid back, although this will never be stated.
I'm all for more state borrowing if the money is used to help the poor and not the rich.
Forlorn hope I expect,
The national debt has been much higher and at times when interest rates were much higher.
The difficulty of understanding that national debt is different to personal debt escapes most of us.
I'm careful with my finances and automatically feel the country should be the same.
I heard it explained that this thinking is incorrect, they are not the same.
One weird thing is that although the Debt is at 100% of GDP , 30% of it is owed by the Bank of England. It is unlikely this money will have to be paid back, although this will never be stated.
I'm all for more state borrowing if the money is used to help the poor and not the rich.
Forlorn hope I expect,