Tuesday, 19 October 2010

The Taxpayers Alliance

The Taxpayers Alliance are currently circulating their own version of the National Debt. They admit that much of it is speculation but it looks pretty accurate to me. Some of the figures are terrifying not just because the deficit is SO large but it proves that both banks and the government during the past few years have been utterly incompetent.

Firstly it nails the NoLab lie that the banks were solely to blame for the rise in the National Debt. For almost a decade not only did they allow the Debt to rise by £500 billion but they also failed to check the rise of the unfunded public sector pensions which climbed unchecked by £800 billion.

That is unbelievable and it proves that the public sector has burgeoned under NoLab to a point where we clearly cannot afford the resulting public sector pensions.

What really shivered my timbers however was the extent to which we had to bail out the banks. I had no idea that according to the TPA figures we had to find in 2008/9 £3439 billion pounds! Now these are supposedly professional finance experts but they must have been gambling with such disregard for consequence that it had to be criminal.

How on earth can any responsible government allow them to continue to milk bonuses considering their abject performance in the past. This is another lie nailed because if these are the same guys who benefit from the bonus system because they are the best in the business how come they lost all that money?

The last lie exposed by the TPA is the size of the official National Debt. The government owns up to an official debt of£890 billion but the TPA have added on unfunded public sector pensions, unfunded state pensions, the RBS/Lloyds debt, PFI (capital only), Network Rail debt, deficit on Local Government PS, nuclear decommissioning and sundry other deficits and the total national debt rises to £7873 billion!! A government has to be either extremely incompetent or corrupt to mass that kind of deficit.

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