August 28th, 2012

What Do You Know About Debt?

The Centre for Policy Studies is keen on making infomercials to accompany their research. They’re pretty good:

A worrying poll undertaken by the CPS has found that only 10% of the British public realise the Coalition intends to raise the national debt by £600 billion this Parliament.

You thought this government was cutting debt?


  1. 1
    Tuscan Tony says:

    £600bn, shurely…

  2. 2
    Arse says:

    You mean billion, not million :).

  3. 3
    Sir William Waad says:

    600 billion, silly, not 600 million.

  4. 4 says:

    This story was in the Independent yesterday, your either in front of the Indie or miles behind it eh Guido?
    Sent from my BlackBerry® wireless device

  5. 5
    Derek Draper says:

    Debt is not a problem!

  6. 6
    drplokta says:

    I think you’ll find that’s £600 billion, not £600 million. But what’s a little difference like £599,400,000,000 between friends?

  7. 7
    V1le Labour ruined my Country says:

    It really makes you feel good that all this money is going to benefit spongers, public sector parasites, foreign bank accounts, Euro expenses and MP expenses. When we’re all paying this back over the next 20 years it will really feel good to know this.

  8. 8
    SP4BS says:

    Woweee. you could make boris island with that much money.

  9. 9
    jgm2 says:

    It suits Labour to confuse the voters with the interchangeable use of deficit and debt. Hence deliberate confusion marketing equating the nominal 850bn of bank ‘guarantees’ with 850bn quid national debt – suggesting that the bank guarantees were the sole cause of an 850bn quid national debt.

    It might be suiting the T*ries too. If people realised just how fucked the economy was then they’d all stop spending. Apart from Labour obviously.

  10. 10
    Drop a daisy cutter on the BBC says:

    No because we need a Tory government to cut debt, what we have is Tony Blair with a higher forehead and a loon called St Vince who is Gordon Brown with a bald head.

    Cutting taxes and cutting spending is easy.

    Any real Troy would start by saving everyone £150 a year tax free by ridding us of the BBC tax.

  11. 11
    Tuscan Tony says:

    Labour operate as if the glazier’s fallacy was a sensible economic jungle guide and socialist training manual . Well worth a read if you don’t already know it:

  12. 12
    Lord Stansted says:

    WTH uses a blackberry these days!?

  13. 13
    Drop a daisy cutter on the BBC says:

    The BBC/Nu Labour/ The Guardian and the Unions don’t call it debt, they call it “investment in public services”

    So next time you want to go to the pub for a pint with your mates, just tell your wife that you’re “off to invest in my local community”

    See if she buys it.

  14. 14
    T Blair millionaire and war monger says:

    did someone call?

  15. 15
    Drop a daisy cutter on the BBC says:

    Rioters, drug dealers, scammers.

  16. 16
    Frankie says relax says:

  17. 17
    jgm2 says:

    Notice the Maximum Imbecile deliberately conflating ‘debt’ and ‘deficit’ in that clip. Starts off by claiming he’s planning to halve the deficit then ‘corrects’ himself to halving the debt.

    The man is a c*unt. It was deliberate policy to confuse the voters as to just how badly fucked Labour had left the economy. And, if only 10% realise that debt is still going up then it has clearly worked.

    Labour are still benefiting from T*ry (and BBC) failure to stress that there are no ‘cuts’ at all. Swooning about the place, blaming every misfortune on non-existent ‘cuts’. And 90% of the voters unaware that there are no ‘cuts’ at all. 90% of the voters thinking that, well, you know, it is a bit harsh to be cutting this or that, we could just cut a little less, it’s not like we haven’t got the debt under control…..

  18. 18
    ed martin says:

    …the statistic you quote (90% ignorance of debt) gives one explanation of why politicians treat the electorate as idiots

    its when the ‘mob’ realises the consequences (interest payments in a time of falling disposable incomes) that things become very dangerous

  19. 19

    What took them so long to work that out, i have known about the fact the people basically do not have a clue about what the government are doing.

    I am wondering who works at CPS as it sounds as if they are not that intelligent, they may have degrees and associated qualifications but that does not equal squat in realm of real world experience and just listening to people in the streets.

  20. 20
    jgm2 says:

    My missus just spent the entire weekend ‘investing in the local community’. I didn’t fall for it.

  21. 21
    jgm2 says:

    but that does not equal squat in realm of real world experience and just listening to people in the streets.

    What this reveals is that 90% of people in the streets are utter fucking morons. No wonder politicians don’t listen to them.

  22. 22
    Santos says:

    I like the bit in the vid where Osbourne magics debt into a puff of smoke.

  23. 23
    DZ says:

    Cameron and Osbourne are both Socialists.

    There is NO difference between plan Brown to plan Osborne Cameron

  24. 24
    a saucer of milk says:

    It starts off not bad ( with the plastic theme) but looses “punch”, a fair attempt tho’

  25. 25
    Ed Balls MP says:

    So what!

  26. 26
    A spokesperson says:

    Thank you for taking the time off from sucking Vince Cables cock to tell us that!

  27. 27
    All politicians are psychopaths says:

    And politicians.

  28. 28
    Hansard [Redacted version] says:

    ‘So weak’

  29. 29
    The British Public says:

    But the BBC told us that the nasty Tories are cutting public spending and putting the disabled out on the streets ! So it MUST be true !!!

  30. 30
    The Mafia says:

    10 times over…

  31. 31
    Plato says:

    A person who does not take part in politics finds himself ruled by his inferiors

  32. 32
    Dave Cam says:

    We have to bribe the inhabitants of Las Vegas to keep quiet about further Harry revelations

    It’s the right thing to do

  33. 33
    local community photographer in a long raincoat says:

    Wanna buy some photo’s of your missus?

  34. 34
    fuck 'em says:


  35. 35
    jgm2 says:

    Democracy: Where 51 Bob Crows can over-rule 50 Einsteins.

  36. 36
    jgm2 says:

    I’ve got lots already.

  37. 37
    Santos says:

    But everyone who takes money from the public sector is ‘good’. Anyone who cuts is ‘baddie’.

  38. 38
    fuck it says:

    *tries harder*


  39. 39
    Anonymous says:

    Do I really live in a country where national debt needs explaining to adults using a cartoon with some children’s music behind it ?

    I do don’t I.

    Fuck me, this is going to be fun to watch in the next few years.

  40. 40
    E says:

    WOOOOT !!!

  41. 41
    Sir William Waad says:

    The National Debt started from zero in 1688, at which date it first became distinguishable from the King’s debts. So it took about 320 years to run through the first £650 billion, but it will only take 7 years to splurge the next £650 billion.

    I don’t care so much about ‘progressive’ or ‘conservative’. I would settle for ‘competent’.

  42. 42
    SP4BS says:

    Or twice if you only very mildly pessimistic. ie realistic.

  43. 43
    Einstien says:

    If my theory is wrong, it should only take one Bob Crow to prove it

  44. 44
    jgm2 says:

    It trebled from 240bn (ish) in 2001 to 700bn by 2008. Only doubling in seven years is, incredibly, an improvement.

    It’s fucking well insane.

    And remember there are hundreds of billions of additional debt held off balance sheet in the form of PFI deals.

  45. 45
    Jimmy says:

    You seem surprised to learn that mass unemployment is expensive. Perhaps you’ll stop voting for it.

  46. 46
    SP4BS says:

    But Einstein had the sense not to become a politician.

    (yes, Its probably an urban myth that he was offered the presidency of #country#we#shall#not#mention# )

  47. 47
    Goldman Sachs says:

    The Goverment issues billions of IOUs to punters who pay forvthem with real money. We get a juicy commission. Then the Bank of England buys them back off the punters with made-up Toytown money. We get another juicy commission.

    It’s an absolute piece of piss to do but, hey, who’s complaining?

  48. 48
    Sir William Waad says:

    Unfortunately, the laws of mathematics cannot be legislated away.

  49. 49
    jgm2 says:

    You seem surprised to learn that mass unemployment is expensive.

    Not as expensive as fake state employment. As demonstrated by the sainted Thatcher and, once again, by Osborne. It’s much cheaper to pay state sector workers the dole (which is all many of ‘em are worth) than 30K a year plus a heated corner office. Plus pension entitlements.

    Plus it improves the child poverty statistics.

    Will nobody think of the children.

  50. 50
    annette curton says:

    BBC say: cuts, and now for Ed Balls again: “cutting too far and too fast”, but wonga is still very much alive, indeed it’s flourishing.

  51. 51
    Anonymous says:

    Competent ? Would’nt that be Pe#achy ?

  52. 52
    Merv says:

    Doesn’tmatter at the rate I’m printing money it will seem like peanuts in a few years time

  53. 53
    Trahison des Clercs says:

    Competent? Where?

  54. 54
    a saucer of milk says:

    do you know if you piled that up in pound coins we could have our very own space elevator. ” Ha smoke that, septics”

  55. 55
    Capability Brown says:

    Or fill in the whole Thames Estuary

  56. 56
    The Brown Family says:

    It’s people like Gordon who give us a bad name.

  57. 57
    Thinkin about going OT? Make it MASSIVE!! says:


  58. 58

    I work this out . Wait ….

  59. 59

    When the Economic Plans Fail
    The Chancellor Wails
    When more people become unemployed
    or on a low income requiring WTC
    The Chancellor Wails
    When more people get ill through stress
    the Chancellor Wails

    But saving face is more important
    Than doing what America once said
    Or what the IMF then said
    Or what the Chancellors very own economists now say
    So the Chancellor Wails

    So insead of generating growth
    The Chancellor has generated despair
    So instead of insiring this nation upwards
    The Chancellor had kicked it on the floor

    Yet the solution is ever so simple
    Even a fool like me can get it
    QE the debt interest away instead of putting into bankers bonuses
    With a more balanced budget invest in jobs that pay a decent living wage

    Employment will increase
    Unemployment will fall
    Less WTC will be paid increasing tax take
    Which also gets more from business and payroll tax
    Less stress on the NHS
    And for the Coppers on the street

    National Mood lifts
    Debt falls
    And the beers are on the Chancellor
    Who wails at the (taxpayer subsidised) bar
    Wondering why his clear skills in politics
    Dont translate into economics.

    You see what he failed to grasp
    Was that politics is idealistic
    Which economics is complex
    And the law of unintended consequences can be a bugger
    As this nation fails to understand
    So the Chancellor Wails

  60. 60
    a saucer of milk says:

    My german friend would say to me,
    “Do you know that America almost decided to make their national language German” and I would go “fuck me, what a difference THAT would have made to the world”
    then some Welsh bloke says the same thing but it is Welsh language and I go ” fuck off”

  61. 61
    Charles Murray and Richard Herrnstein says:

    Ever read The Bell Curve?

    Only 50% of the population have an IQ above 100, and only approx 10% have an IQ above 120.

    And on top of this we are actually dumbing down as a country via mass immigration from countries with much lower mean IQ per population relative to the UK.

  62. 62
    Dudley Muggins says:

    Why don’t we ask Owen Jones what to do?

  63. 63

    Yes? And your point, although very well made, beautiful in it’s brevity and concisley true, is…..?

    Alfonso!! Get greased up and bring the KY and a large cold Pinot – Mamma feel the lurve!

    Sent from my TenaPad:

  64. 64

    Gordon was David and the UK economy was Goliath.
    He catapulted those windows good…

  65. 65
    Porche sales have doubled over the last 3 years says:

    If by that you mean socialism for the rich, then you are correct.

    The bank bailouts and property/equities shoring up via QE were simply means to privatise the profits and socialise the losses.

    Look up the term useful idiot and you may just begin to understand what a fuckwit you are.

    Look up respected (non kosher) economists like Prof Michael Hudson to gain some worthwhile insight.

    Britain’s richest 5% gained most from quantitative easing – Bank of England

  66. 66

    I thought I might buy Blackbury and use my computer magic to transform it’s fortunes…

  67. 67

    Like me. Sheer fucking class.

  68. 68
    Greedo Muhammad Saeed al-Sahhaf Fawkes says:

    This was a really good story when it was in the Independant.

    Desperate smell wafting from Fawkes villas.

  69. 69
    Second Lootendant Crow says:

    Blackberries give me the pip.

  70. 70
    Basil Nadir says:

    My money,and there’s a lot of it,is on Grant Shapps to replace Baroness Warsi as Conservative Party chairman.

  71. 71
    jgm2 says:

    The bedwetters constantly call
    For more cash to piss up the wall.
    They’re tied up in knots
    When the borrowing stops
    And their policy’s good for fuck all.

  72. 72
    Ed Itchy Balls says:

    Look cretins.
    The tax paid by a public sector worker happily pays 40% of their wage. We borrow the remaining 60% over 1 billion years so it costs very little.
    The pension and benefits are all millions of years in the future so no need to worry about that at all.

    And if that employed person is really just working on union business at taxpayer’s expense, So What?

  73. 73
    Desperate says:

    Can’t we send her to Obamaland or Ecuador as Ambassadress?

  74. 74
    Pawn Sandwich says:

    If you are on benefits you can afford to have any size family that you please. More kids = more money. Rent, council tax are compliments of another persons work.

    If you can convince your doctor that ‘Billy with the tic’ is disabled then its party time all around with DLA and carers allowance.

  75. 75
    annette curton says:

    Got sick of living in Cyprus?, the Ronnie Biggs syndrome.

  76. 76 says:

    It suits the Tories because it helps fool Johnny foreigner into thinking that they are serious about tackling the debt problem. In the last twelve months government spending rose 2.6%.

    And look at the graph in the Guardian link showing money coming in v going out since 1963. Every year the orange line is above the blue one means national debt is increasing.

  77. 77 says:

    But most of the QE happened when the Labour party were in power.

  78. 78

    I think you’ll find you DID ultimately buy it, jgm2!

  79. 79 says:

    Did that clip go too far and too fast for you, Ed?

  80. 80 says:

    “Only 50% of the population have an IQ above 100, and only approx 10% have an IQ above 120.”

    Its all that cannabis, innit?

  81. 81 says:

    And those children are also going to be hammered to pay back the debts that politicians like Brown have been responsible for racking up.

  82. 82
    feel good... says:

    perhaps in order to be blessed one needs to be close to what one wants.
    Be close to BoE if you want to be rich………………..Bankers are.
    B close to billionaires if you want to super rich……..TB is.
    Be close to politicians if you want power……………..Murdoch was.
    be close to the media if you want influence………….Boris is.

  83. 83

    Don’t forget to pay the licence fee – it’s a criminal offence noy to.

    Thank you for your attention.

  84. 84

    I am never surprised that voting LieBore turns out to be catastrophically expensive – every time the public vote for the loony smelly sock brigade, we have a chav’s party for a few years (think: Swinging 60’s) followed by a fucking great hangover for the next 15 years (1970’s until about 1985.)

    Repeat ad infinitum.

    Those who choose to ignore the lessons of history are doomed to repeat it.

    How long have you had amnesia, Jimmy?

  85. 85
    Anonymous says:

    I’m sure the BBC will.

  86. 86
    a saucer of milk says:

    or put a nickle alloy wall around the place

  87. 87

    There was a bedwetter from Poland
    Who had lots more in common with Hollande
    He would spend and he’d spend
    And overextend
    Until the UK’s in debt and with noland.

  88. 88
    A Bloke Of A Certain Age says:

    You can clearly see from this graph that the deficit was at its lowest in the first few years of Blairs Government when by their own admission they stuck to the spending restraints as set out by the last Conservative administration.

    Now look at the steep rise in spending over the next few years as Brown cuts loose from reality.
    Further to this there is a secondary and even steeper acceleration of spending which corresponds to the time Brown becomes PM and note the cheeky little reduction in tax revenue which also occured around this time as Brown attempts to buy the impending election.

    Im surprised the Guardian printed this as it lays bare the Idiocy of Brown in no uncertain terms.

  89. 89
    Fuck 'em All says:

    Only if the you think that the government won’t pay

    1. PFI
    2. Civil servants any pensions
    3. Abolish the state pension
    4. Abolish the state second pension
    5. Default on bank guarantees
    6. Leave Postie high and dry after nicking his pension fund.
    7. Leave Rail Track high and dry for its debts.

    Yep, its not just 600 bn. Over 5 years is closer to 2,400 bn

  90. 90
  91. 91
    Fuck 'em All says:

    Size of QE – 375 bn

    How many Gilts has the government bought?

    345 bn.

    So who bought the rest.

    1. Banks because they were forced to
    2. Annuitants because they were forced to
    3. Insurance companies because they were forced to.

    I don’t think Johnny foreigner was fooled at all. We were, however, conned.

  92. 92
    gillian duffy says:

    is gillian duffy working for the CPS?

  93. 93
    ho hum says:

    So you also regularly get crap hands at Bridge?? Welcome to the club.

  94. 94
    ho hum says:

    Good idea. She can take Julian in her excess baggage allowance.

  95. 95
    BarryW says:

    In the same way that the very large subsidy given to public transport in London totally distorts the housing prices in London.

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