I think the scariest part is the cuts we have to make are huge.
We have to cut enough so we aren't spending more than income each month and thus adding to the debt.
On top of that we have to cut further to start repaying the debt.
On top of that we have to factor in the fact that as our bonds fall due for repayment or refinancing the interest rate has gone up alot. So even with no extra borrowing our interest cost will be higher.
I honestly don't think people realise the scale of it.
The only other way out of course would be to dramatically increase income via growth and taxes. Some growth should be achievable but I don't think we are going to be able to purely grow our economy out of this mess.
There is only one solution and that is to make things 'acceptable' that we, society currently think is unacceptable. I mean sure we should grow our economy as well and pay our debt down as well. In the meantime the first job has to be to make spending less than income. No more borrowing except for investment for capital expenditure only that will back itself back.
So what do I mean by unacceptable cuts. We accept parents pay for their own kids and if they can't, they can go to the workhouse. Failing that we have to get used to kids on the streets hungry and homeless like days of old.
Same benefit claimants - pay for yourself, go to the workhouse or be on the streets.
Obviously not an ideal situation but years ago it was quite normal for children to be barefoot and ragged and starving living on bits of charity here and there.
Now apply this to every area.
If you need a doctor you pay for one. If you can't you don't get one.
If you need a house you buy or rent one and if you can't then you go to the workhouse.
You save for a pension and if you can't you go to the workhouse where you will likely die quickly.
Okay you get the drift.
We repay our debt, rebuild our country.
The price of this is some people will die. It's the way it was before the welfare state which was not that long ago.
We need to accept that no money means no service. Full stop.
As a byproduct immigration will drop like a stone after all there is no freebies to come for.
Law and order will probably suffer in the short term so we will likely need tougher laws and sentences. Execution for murderers. Severe sentences for minor crimes so they stop happening.
So for anyone that is about to protest in 'horror' give me a practical alternative.
None of the 'it's inhumane' or 'it's our job as society to care for the young and old'
That may well be your viewpoint but it does not balance our books.
Practical solutions to balance our books, reduce our debt, regain financial viability and rebuild the country.
So for anyone that is about to cry 'we can't do that because........' I want you to give me a real, practical solution to fix our spending/debt problem.
I think there will have to be a phasing situation though.
So state pension for example. Frozen in value.
People in sixties get 80%, people in fifties get 60%, people in their forties get 40%, people in their thirties get 20% and people in their twenties get nout cos they have time to save still. Then as people die off the state pension no longer exists.
Remember when / if we manage to return the country to profitablity we can start paying things again if we choose to (once we can afford them).
I suppose I am saying we need to return to a pre welfare, pre NHS type of country until we 'fix' the issue.