What the Tories were promising back in 2010 Heres a direct quote from George Osbornes incredibly hubristic budget statement in June 2010, where he claimed that as a result of his ideological austerity experiment the budget deficit would be completely eliminated by 2014-15, and that by now the budget would be in surplus and the national debt would be falling. [The] deficit will then be eliminated to plus 0.3 per cent in 2014-15 and plus 0.8 per cent in 2015-16. In other words, it will be in surplus. Public sector net debt as a share of GDP will be 62 per cent this year, before peaking at 70 per cent in 2013-14. Because of our action today, it then begins to fall, to 69 per cent in 2014-15 [source] A look at the reality shows us that the deficit is still absolutely enormous. Instead of reducing net borrowing to zero as he promised, hes still borrowing almost as much as Labour were at the very peak of the economic crisis. By the end of 2014-15 Osborne will have borrowed over £207 billion more than he said he would, and the economy will be over £127 billion per year smaller than he claimed it would be. In fact George Osborne has already created more debt in four years than all of the Labour governments in history combined! Instead of the national debt falling to 69% of GDP this year, George Osbornes 2014 budget statement admitted that it would rise to 77.3% of GDP and wouldnt start coming down until 2018-19. Its hard not to notice that in 2010 he claimed that it would take four years to eliminate the deficit, yet four years later hes still claiming that it will take four years to eliminate the budget deficit! Upon realising how spectacularly inaccurate his predictions have proven to be, its hard to understand how the public arent completely furious about this abject incompetence. Eventually its possible to understand how the public have been duped into trusting this over-privileged towel folder by looking at the way the mainstream media reports his failures. Instead of holding him to account by comparing his latest increased borrowing figures and downgraded economic growth figures with what he originally claimed, the media compares them with his previous set of increased borrowing figures and downgraded economic growth figures, meaning that his failures are dished out incrementally, rather than being held up against his ridiculously hubristic promises in 2010 that he would have eradicated the entire budget deficit by now.
Posted on: Wed, 01 Oct 2014 21:17:11 +0000
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