@Piggywaspushed
https://www.spectator.co.uk/article/there-are-no-signs-of-government-borrowing-shrinking-any-time-soon/
https://amp.theguardian.com/business/2023/apr/12/uk-national-debt-will-continue-to-rise-over-next-five-years-says-imf
The Government now spends more on just debt interest payments than it does on the entire education budget.
Raising taxes on the wealthy has also always been a popular electoral message so long as the "rich or wealthy" are not them with a typical voter position as follows:
Voter: "I think the Government should spend more on [insert area where voter's selfish interest is - for example the retired want higher pensions, young families want more on education and everyone wants more on the NHS]
Question: OK how are we going to pay for it?
Voter : By increasing taxes on the rich
and cutting spending in other areas
Question: OK so who are the rich ?
Voter : Basically anyone earning about 30% more than me but most definitely not me.
Question: what areas would you cut spending on?
Voter: Basically any area that I don't benefit from for example the retired wouldn't spend any more on education and young families wouldn't spend anymore on the retired.
Currently the top 1% of income earners pay 30% of all income tax revenues, 48% of income earners don't pay any income tax because they don't earn enough. So to make any significant increases in income tax revenue the level of tax rises required on the top 1% would simply be unworkable. Current levels of taxation are at their highest for 70 years.
In short the old popular policies of borrowing to invest or taxing the rich are broken and are no longer an option (see the Spectator article).
There is a very good quote from Alexander Fraser Tytler in 1799 which is neatly summarises our current position:
"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy"