A one-eyed take on debt reduction.

Daniel Hannan claims to have a solution for reducing the national debt.

http://blogs.telegraph.co.uk/news/danielhannan/100040348/how-to-abolish-the-national-debt-overnight/

The problem here is that he hasn’t been straight about what the national debt actually is. Is he confusing/conflating it with the budget deficit?

The current national debt has been with us since the end of the First World War and this should give us a clue as to how the debt is accumulated (I talked about this in an earlier blog). Hannan assumes the public’s total ignorance with regards to the nature of the national debt and continues to peddle the lie – as do most politicians of all parties – that it is caused solely by social spending (he infamously expressed a wish to see an end to the NHS).  The national debt could be reduced by withdrawing from Iraq and Afghanistan and by ending our taste for military adventures overseas. I agree that Council Tax should be scrapped but inheritance tax?  That’s a tax that principally affects the rich…in other words, the friends of Daniel Hannan.

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1 Comment

Filed under Conservative Party, Economics, Government & politics, laissez faire capitalism, neoliberalism, Spiv capitalism

One response to “A one-eyed take on debt reduction.

  1. Pingback: The ‘Deficit’? Which deficit are they talking about? | Guy Debord's Cat

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