Wednesday, March 08, 2017

An Inanimate Debt

I listened to Phillip Hammond the Chancellor talking to Andrew Marr on Sunday the 5th of March 1917 in which he said "our" debt was £1.7 trillion and it cost £50 trillion to pay the interest on this debt. This payment he said was more than the cost of total military budget. 
He calls it "our" debt but in the local newspaper 'The East Kilbride News' of the 1st March 2017 it had an article under the title of "Drowning in Debt" in which it claimed that families with kids are on average £19k in red. The article went on to Comparing the family in East Kilbride with Central Scotland's family which it claims has an average debt being £13,753. 
I can relate to the "Drowning in Debt" article. People get into debt mortgaging a home, losing employment can be a factor. Illness and accidents can reduce income. The debt is theirs, should they not be able to continue payments on the mortgage they can be evicted. They must find the money someway, employment being the only way in most cases. A lottery win would be welcome but remote.
The Chancellor, of course,  will correct himself and point out it is the "country's debt" and this inanimate object must be paid by raising taxes and cutting benefits and clearing these debts by paying not this inanimate object but the people who the government borrowed it from. 
Who are these people? Well in case you didn't know, they are the people who own the means of production and of course the country as well.

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