How will we pay for the C19 debts?
Discussion
So the national debt has passed £2tr, bigger than the UK economy, and still growing as the rescue packages continue. And it’s the same picture around the globe - Italy will be over 160% of GDP, France 115%. Germany is better at nearing 80%, but still climbing.
If most of the national debts are owned by domestic governments, couldn’t they all just write it off? Or give as much time as they wanted to pay it down?
Or are we doomed to a future where the government spends more of our hard earned on servicing debt than on education, infrastructure and health?
If most of the national debts are owned by domestic governments, couldn’t they all just write it off? Or give as much time as they wanted to pay it down?
Or are we doomed to a future where the government spends more of our hard earned on servicing debt than on education, infrastructure and health?
k out of those that have massively benefited out of COVID-19 like Amazon, Serco, etc.It isn’t debt in the conventional sense that the uk gov has borrowed it from a third party
It is largely newly created money - additional £ that dilute the purchasing power of every other £. There is a strong argument for saying it doesn’t need to be paid back and that as long as uk money creation only happens at rates slightly lower than major competitor economies then the uk position would be very strong
It is largely newly created money - additional £ that dilute the purchasing power of every other £. There is a strong argument for saying it doesn’t need to be paid back and that as long as uk money creation only happens at rates slightly lower than major competitor economies then the uk position would be very strong
tracer.smart said:
Exactly. So if the debt is held mainly by domestic governments, couldn’t all governments agree to reset their own debt to close to Feb ‘20 levels?
No, because the government borrows money from financial organisations such as pension funds, banks and insurance companies and unsurprisingly they want the money back with interest on top.Recent thread on this subject here ——-> https://www.pistonheads.com/gassing/topic.asp?h=0&...
CzechItOut said:
We have a National Minimum Wage, so why not a National Minimum Tax? Set it at £10k per person, per year and people can consider it the price you pay for living in a country which offers the individual more opportunities than pretty much any other country in the world.
Where do the people go who cant afford it?CzechItOut said:
We have a National Minimum Wage, so why not a National Minimum Tax? Set it at £10k per person, per year and people can consider it the price you pay for living in a country which offers the individual more opportunities than pretty much any other country in the world.
At 10k extra per year May's well just pop myself on the dole. You can pay my part. I'll pretend I'm an alcoholic aswel, with a kid with adhd, and a carers allowance for my mum who doesnt need cared for but can qaulify for it due to stents etc. Infact I'm sure my lower back problems could probably get me on the disability payments although not top tier. Again though that plus not paying £10k a year for a debt I never asked for and never benefited from, I'd probably be better off. See, your way obviously wont work.
BlackLabel said:
Recent thread on this subject here ——-> https://www.pistonheads.com/gassing/topic.asp?h=0&...
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