to tell you that £1trillion of national debit equals £35,090 for every person in employment?

[TheRealTillyMinto]

We owe £16,059 for every man, woman and child
That's more than £35,090 for every person in employment
Every household will pay £2,108 this year, just to cover the interest

This interest is taxes that dont get spent on the NHS, welfare or anything useful.

AIBU to say did you have any idea the debt this big? because i didnt. we are all in this together and we are all f**ked:

• if 2 people work in your household, your share of the debt is £70k.
• if you are a high rate tax payer, how much of the debt do you think is your fair share?

(& this isnt supposed to be a benefits thread, so if you dont want it to be about benefits, please dont make it about them. it doesnt have to be that way.....)

We owe more than that already because dear Georgie has had to borrow more than ever to cover his sorry arse economic non-policies.

I paid my share easily in tax then... Lovely. Next?

I was a bit shocked when I realised we pay more per household in interest to service the debt than we do into the NHS.

I was listening to radio phone in earlier This level of debt is unprecedented and will probably not be rectified in a generation! The UK is sliding into a dangerous abyss

HMRC arent going to say coraltoes has paid his/her tax, so no more. you are paying tax just to service it

Having been a Labour supporter all my life I have parted ways with them over the idiocy of the debt levels and their approach to doing somehting anything about it.

Our DC are going to be dealing with this mess!

Not only will they have to pay for tertiary education, and then find house prices and rentals ludicrous, they will find that their inherited national debt will have huge implications on the NHS etc.

Margaret Thatchers govt increased the national debt. surprising eh but true!

All politicians increase the national debt because we havent notived it increasing so they get to spend money we dont have to increase chances of their reelection.

then we are left to pay for it.

if the average salary is 26k, and the debt 35k for every person in employment, times you salary by 1.3 (35/25) to get your share of the debt.

then weep.

I heard Ed Balls on the radio earlier, resolutely refusing to state how he would reduce the debt. Instead talking about what he would spend...surely he realises that spending our way out of this crisis is not what we want at all.

We could get the 6 billion off Vodaphone. That would be a start.

Funnily enough Ed didn't mention that.
In government for twelve years. Did fuck all to tighten up the tax loop holes. Hmmmmm.

Georgie Porgie's mate let Vodafone off.

they are all fuckers and they have all done it for years.

and a shrinking economy isnt going to help...

Oh c'mon Hully you know the last Labour administration did nothing to tighten up the tax loop holes.

I'm not a fan of this administartion at all. But I'm not going to let the Labout party off just because it suits right now.

Where's CinnabarRed?

Her explanation of the Vodaphone events is worth reading. I'll try and link it here. But basically, no other outcome could have been reached owing to EU (not UK) law. A law that came in under the previous administration (not that they could have done anything about it - I only mention because none of it is attributable to the current Govt's decisions).

Salary Share of debt
20,000 26,923
30,000 40,385
40,000 53,846
50,000 67,308
60,000 80,769
70,000 94,231
80,000 107,692
90,000 121,154
100,000 134,615

ways to avoid paying interest forever:

• pay off the debt
• die
• emmigrate but not to USA - their government debt level is twice as bad.
• default
• get invaded

darlene a shrinking economy isn't going to help but I'll be honest I don't think anyhting Ed Ball's is suggesting is going to turn the economy around to such an extent that the debt will begin to fall.

I want to abandon ship

Trillion quids worth of debt and they're after buying a multi millionaire a fucking yacht........clever eh ?

I think it is probably more the fault of lots of Governments leading to it gradually getting worse and worse over the years.

Not sure why the debt is shared between only those currently employed though. Surely all adults should have to take a share, no?

We shouldn't have spunked all that lovely North Sea oil revenue. Sensible old Noway kept theirs and invested it and everyone is having a nice time there (bar the odd massacre).

I agree, but while the Labour govt are as shit as the rest, at least they give the poor 10p while they're at it.

MamaMaiasaura Wed 25-Jan-12 15:36:37
I want to abandon ship

Yep - but to where - look around the world, there is debt everywhere.

China and Saudi dont have much debt. but i prefer democrary, human rights & debt than none of them.

Hully - Norway it is then!

I pick emmigration.

I am, right now, packing the cat and the dog in to my OFRS and will swing by DP's work to pick him up. I will most definitely be flipping the birdie to any and all politicians on the way out.