It was a joy to see John Redwood on Newsnight baffle Kirsty Wark by this statement. She looked thoroughly non plussed, as this is the 'progressive' line by the BBC and the generality of the red/pink/green left. Every evening we have groups fighting 'the cuts' each public 'service' re-defining its self as an essential frontline service.
All that is happening is that the State is SLOWING its rate of growth. It is still spending more than it is bringing in taxation.
According to this year’s budget plans, public current spending will rise from £600.6 billion in 2009-10, the last Labour year, to £692.7 billion in 2014-15, the last planned year of the Coalition government in this Parliament. That’s a rise of £92.7 billion, or more than 15%: a rise of £1500 for every man,woman and child in the UK.
Let me give you an extract from the Swiss Consitution
Chapter 3: Financial System
Art. 126 Financial management
1 The Confederation shall maintain its income and expenditure in balance at all
times.
2 The ceiling for total expenditure that is to be approved in the budget is based on the expected income after taking account of the economic situation.
3 Exceptional financial requirements may justify an appropriate increase in the
ceiling in terms of paragraph 2. The Federal Assembly shall decide on any increase
in accordance with Article 159 paragraph 3 letter c.
4 If the total expenditure in the federal accounts exceeds the ceiling in terms of
paragraphs 2 or 3, compensation for this additional expenditure must be made in
subsequent years.
5 The details shall be are regulated by law.
The Government of the Swiss Confederation are constrained by LAW and the Constitution
from allowing Government spending rip, because they recognise that it is the Swiss Taxpayer that at the end of the day who puts his hand in his/her pocket.
Can you imagine this Country operating like this ? No wonder the political classes do not want a Constitution or anything to change.They actually prefer crisis management.
Why is it?
1 day ago
2 comments:
Interesting.
Government debt, at all levels, should clearly be illegal. Whatever people may say about the social contract, it is outrageous to expect future generations to pay for current profligacy. Public consent, through a referendum, should be required for any increase in taxation or the money supply.
If Wikipedia is to be believed, Switzerland's public debt stands at 40.5% of GDP (better than ours, but still non-zero, and actually worse than Sweden's 35.8%).
I wonder how that came to be. Perhaps it is all non-federal public debt?
It would also be interesting to know what Switzerland's off-balance-sheet liabilities are like.
We're completely screwed, as are the Americans.
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