jack-
There is no parallel between dictatorships taking on debt which they cannot pay back and which is lent at extortionate rates, and a G7 country like the UK taking on debt with a AAA credit rating.
As I've said 1,000,000+ times before, the UK level of debt is historically very low. After WWII, the UK had a debt which was about three or four times what it is now, and we managed to create the NHS, National Insurance, and other social welfare programs. We can pay the debt back because we have the means to do so.
There have already been numerous alternatives to cuts given by many groups and economists. If you're fixated on reducing the deficit and debt through public spending cuts, then you're not going to think any of them are 'credible'.
The fact that New Labour would have made cuts is irrelevant to me. As far as I'm concerned they're two sides of the same coin.
As to responsibility - we (the adults) voted in a Labour government and they followed a policy of slack banking regulation, encouraging private debt, and public borrowing (at the top of the economic cycle). In a democracy we all take responsibility for that, I'm afraid.
Not really, jack. You may have noticed that in our so-called 'democracy', we have very little say in how things are run. You may have noticed that none of the three mainstream parties even discussed what cuts they were going to make during the last election. You can also be certain that the Tories, who are basically bankrolled by the financial sector:
More than half of Conservative donors 'from the City'
www.bbc.co.uk/news/uk-politics-12401049
Would have deregulated the banking sector as well. The fact is, the mainstream parties are basically parties of the ruling class. They don't exist to serve our interests.
The Tories (or any other party which wanted to keep Capitalism chugging along) would have had to encourage people to take on debts as well. The reason being is that wages in real terms (that is, taking in to account inflation) have basically stagnated or decreased in the past few decades, while the cost of living has increased. So people are getting poorer and poorer.
The only way to keep the economy going to get people to keep buying stuff that they can't afford - that's why credit was used to put money in to the hands of consumers. Now the bubble has burst, and no one has any money to spend, so the economy is fucked once again.