Credit Cards and the National Debt

Tory Party Chairman Baroness Sayeeda Warsi has once mentioned that it is our duty not to burden the next generation with the debts of this generation. A better future for the next generation is what we should look for.

This concern from the Tory Party could be considered as “fake concern”. But it is of even more concern that the Conservative party is simply fine with this saddling of debt on the next generation.

The Tories concern about the nation’s credit card can be considered as fake because they are actually putting everyone in greater debt; more debt from a credit card; more debt for education; all debt to be levied on the future generation.

Although attempts were being made to restrict the interest rates, Conservatives and their yellow colleagues ensured that any such effort wouldn’t work well.

London’s Mayon from Tory Party is friends with Wonga who charges APR of 4000% on payday loans. So, you can imagine the seriousness of Tories over the debt issue.

Even the OBR estimates highlight that the overall household debt would increase by 0.5 trillion pounds just within the next four years.

Tory Plan of building the next generation and reducing the debt is just limited to shifting the debt from Nations’ debt to personal debt. The misleading metaphors used by the professionals have also been warned in the guardian’s editorial.

The finances of the government are not like the household budget that we have or the credit card finances. It is a lot of different. These finances are a country’s finances not the finances of an individual. The government can raise the amount of taxes, print more money and even deficit budget won’t create many issues for the government. Rather a surplus budget of the government means that the individuals have a deficit budget, which can create a more negative impact on the overall economy as compared to the deficit budget of the government.

But the issue here is that this sense has already been lost. Even the recent speech from Ed Miliband depicts that he is reading from the same old sheet and creating analogies of paying off the government debt. So, the next time any such analogy is made by any of the politicians, you can simply ignore what is being said.

According to Clifford Singer as the politicians are raising their voices in the favor of “right”. It is important that the left should also raise voice and create their own narrative rather than leaving all the responsibilities for the newspaper editors.

It is no longer time to leave this narrative to the media only. This is the time when the lies of the politicians must be unveiled. We should question them so that they cannot tell us anymore lies.

The economic choice that the government is making in the form of paying off “the nation’s credit card” shouldn’t be given much attention to, rather they must be stopped every time when such an analogy is made so that they won’t consider us this stupid to believe in everything that they say.

Don’t forget to question your PM the Next time such a statement is made.

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