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The truth about spending cuts

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As Europe looks set to throw Greece and Spain to the wolves, an economic catastrophe is inevitably looming.

By the end of this parliament, pensioners will be nothing less than starved; most families will become homeless, begging on street corners whilst the mainstream press continue to produce doomsday stories about so-called ‘spending cuts’. If asked, nearly every person in Britain will tell you that these cuts have been destroying the country, and David Cameron is simply ‘evil’ or ‘nasty’.

However, a new report by Tullet Prebon, the bond trading company, has revealed that, despite what the left-wing press have to say, public expenditure has actually risen since the Coalition came to power. According to their figures, spending actually rose by 0.3% in the first year of government, and fell by a measly 1.5% during the second.  

Economist Dr Tim Morgan, who produced the report, said: “It’s high time that this mendacity was exposed for what it is. Government has done very little about its spending, has appropriated three-quarters of all gains in economic output for its own use, has carried on piling up debt – and has tried to pass all this off as 'responsible austerity.’”

He goes to say that the word ‘austerity’ has become a tool to calm the markets and if the Prime Minister wishes to see a glimmer of real economic growth he must start cutting further; that’s right, you read it here first. In addition, spending will increase massively in the next 3 years, with George Osborne appearing more and more out of depth each day- thus giving Labour the advantage. Ed Miliband must realise that his party’s policy of borrowing more money is equally ludicrous because it simply drives investors away.

Labour has always squandered billions of taxpayers’ money whenever they’ve been in office- so their promise to “deal with” the debt is laughable. The notion that (yet another) bank bonus tax will create an extra 100,000 jobs just makes the party appear cheap and therefore, it’s difficult to concede whether or not Miliband or Balls actually understands that the public sector does not- and will not- create economic wealth.

With the next election over three years away, the Prime Minister must get his economic policy right- or face political oblivion. Otherwise leaving the electorate in the hands of the Labour Party will only lead to a catastrophe, with no happy ending.

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