I admit I have not read all the IFS Green Budget, published this morning.
This is the core of the fiscal forecast:
You can ignore pretty much everything more than three years hence - no one has a clue in any economic forecasting model what will be happening by then. So just look at the three years up to the next election and you'll see Osborne will still be piling on the debt using his definition of debt, as I've always predicted. To put it another way, the IFS think his whole economic strategy will have failed, completely. So by 2015 George Osborne will have no story to tell the electorate.
But it will be worse than that. We're already suffering in the UK and that is before, as the Guardian notes:
The IFS warned, however, that work on repairing the £114bn "black hole" in the government's finances had only just begun. It said that 75% of the deficit reduction programme was still to come, including 88% of the benefit cuts and 94% of the reductions in departmental spending.
SAo there is misery upon misery to be poured on the UK and all to no avail: the only reason for that misery is that supposedly it repays the deficit. But it isn't. And it won't. So it's pointless. It's a tale of wanton destruction of lives and well being all for no purpose. And none of it is necessary. Why? Because we're not suffering that level of debt at all.
That's the next blog.
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Unfortunately by 2015 the Coalition will have destroyed most things (eg NHS and welfare) that provides the bedrock for a civilised and caring society. For those who think this is a good idea, I suggest that they spend some time in a poor African country to experience the reality of a ‘small state’. This must be the end game for Cameron and his cronies, and here I include the LibDems, because why would they be pursuing these policies if not for this objective. This government is far worse than the Thatcher administrations which did of course include some one nation Tories.
The irony is that when it all starts seriously going pear-shaped, Osborne will probably revert to the OECD definition of ‘net public debt’ (gross debt minus BoE reserves, net assets values and Govt holdings of its own paper), thus greatly reducing ‘the debt’ at a stroke.
And of course, Teresa (above) is quite right—Osborne and his wrecking crew are worse than Thatcher.