[The graph for debt](https://i.imgur.com/HIglfm1.png) seems pretty crazy. As a layman it seems odd we increased our debt so much during the a decade of “austerity”.
Edit: Also, this sub is always complaining about the BBC not doing enough longer pieces of topical journalism, highlighting important issues as impartially as possible, then this is only 50% upvoted. It’s super odd. Almost seems like brigading.
A highly interesting question you will all be finding out the answer to in the next few years
Tories government. Wankers! And now just wait for the tax increase. Lol
Before Covid19 existed Tories accounted for 2/3rds of our government debt. They always borrow heavily without investing back into the country. Same as they have increased or made new taxes historically just to help raise funds to give to their friends rather than pay for things the country needs.
It is pure propaganda and lies the media spins for their friends in the Tory Party that makes the public think Tories are fiscally responsible and know how to care for the economy. They are incompetent and corrupt, they always have been and always will be.
They have a magic money tree every time they know they and their friends can get paid by shaking it but will not shake it to help the British public.
Note the government’s biggest lender. It is the Bank of England. In other words, the government is, essentially, borrowing from itself. The government does not need to borrow from other lenders. It does so in order to provide them with a service: a secure place to invest funds.
Moreover the government does not ‘need’ to pay the BofE back anytime soon. The BoE, i.e. the government, is not going to seize government assets.
What the BBC is describing is exactly what today’s economists researching Modern Monetary Theory, and even John Maynard Keynes described in The General Theory of Employment, Interest and Money (1936).
Missing is details of who payed back this debt, which I might have missed. The answer is taxpayers like you in future years.
6 comments
[The graph for debt](https://i.imgur.com/HIglfm1.png) seems pretty crazy. As a layman it seems odd we increased our debt so much during the a decade of “austerity”.
Edit: Also, this sub is always complaining about the BBC not doing enough longer pieces of topical journalism, highlighting important issues as impartially as possible, then this is only 50% upvoted. It’s super odd. Almost seems like brigading.
A highly interesting question you will all be finding out the answer to in the next few years
Tories government. Wankers! And now just wait for the tax increase. Lol
Before Covid19 existed Tories accounted for 2/3rds of our government debt. They always borrow heavily without investing back into the country. Same as they have increased or made new taxes historically just to help raise funds to give to their friends rather than pay for things the country needs.
It is pure propaganda and lies the media spins for their friends in the Tory Party that makes the public think Tories are fiscally responsible and know how to care for the economy. They are incompetent and corrupt, they always have been and always will be.
They have a magic money tree every time they know they and their friends can get paid by shaking it but will not shake it to help the British public.
Note the government’s biggest lender. It is the Bank of England. In other words, the government is, essentially, borrowing from itself. The government does not need to borrow from other lenders. It does so in order to provide them with a service: a secure place to invest funds.
Moreover the government does not ‘need’ to pay the BofE back anytime soon. The BoE, i.e. the government, is not going to seize government assets.
What the BBC is describing is exactly what today’s economists researching Modern Monetary Theory, and even John Maynard Keynes described in The General Theory of Employment, Interest and Money (1936).
Missing is details of who payed back this debt, which I might have missed. The answer is taxpayers like you in future years.