I read this article
The End Of Britain
Lots of pretty scarey language used - could be seen as pretty sensationalist - but an interesting read all the same.
They're basically saying:
- Britain is third only to Japan and (rather depressingly) Ireland in its debt rate
- The welfare state, started by Llyod George in 1909 with a 5 shilling pension payment to males over 70, has spiraled out of control
- Successive governments since have promised more and more as the electorate will simply vote out those who attempt to fix the worsening problem. This results in political parties offering unaffordable 'cradle to grave' welfare.
- Growing population, increasing life expectancy, NHS costs and Britain's 'unfunded obligations' make its debts 900 billion
- In spite of the current Coalition's austerity scheme the debt is in fact increasing
- Debt is becoming endemic in every section of UK society
- Britain is broke and would have been made bankrupt long ago were it an individual. Once interest rates rise back to normal levels it won't be able to repay its debts. Interest rates are certain to rise significantly in the coming 30 years
- Since the IMF bailout in the 70's Britain's debt has multiplied 12 times over (I'm not sure if that's in real terms)
The article goes on to show a step by step guide to how the end could very possibly come - comparing the UK to Argentina.
Is it scaremongering? How much of it is irrefutable?