The Absurdity of the National Debt was already published by the then Duke of Bedford in 1947 but didn’t make a difference.
To the contrary: the dependency of Governmental budgets on Public Sector Borrowing Requirements (PSBR) kept increasing over the decades. In other words: Governments continue to sanction public debts for vested interest payments.
This chart covers the past years since 1999, when HM Treasury started to publish budgets in a similar way every year.
“Interesting” how the interest costs rose above the defence costs in the 2008 crisis when ‘other’ costs began the ‘austerity cuts’…
The difference that the national debt makes is the amount of vested interest payments!
- 138 Years of Economic History Show that It’s Excessive PRIVATE Debt Which Causes Depressions (zerohedge.com)
- Repudiating the National Debt (chasvoice.blogspot.com)
- Hamish McRae: Rising debt risks UK’s safe haven status (independent.co.uk)
- David Cameron dodges debt target question (independent.co.uk)
- Miliband confronts Cameron on pledge to get national debt falling by 2015 (guardian.co.uk)