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March 24, 2010

How Do You Finance Crazy Levels of Government Debt When No One's Interested In Your Bonds?

Hmmm. I wonder.

Just weeks before the country is due to go to the polls, the Chancellor warned the well off that they must pay their “fair share”.

Such is the scale of public debt, which Mr Darling forecast would rise to £1.4 trillion in the next five years, he was unable to announce substantial tax breaks or giveaways aimed at attracting voters.

Instead, he was forced to reveal a series of measures that would raise money.

Forced. What else could he do, he's forced into this.

After warning the "well off" what was in store for them, he then announced a laundry list of tax increases that oddly seem to affect, well, everybody. It appears the Brits have moved past soaking the rich and onto taxing the middle class. I'm so looking forward to the American version of this English sitcom.

ALSO see happy bond stories here earlier from DrewM, and this one courtesy of the man-lesbian Andy, the other man-lesbian (they're overrun with them) over at the Hostages.


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posted by Dave In Texas at 08:20 PM

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