Thursday, June 07, 2007

Who's Gonna Pay For All This?

Standard & Poor's projected future national credit ratings on the basis of current policies and promises. So in 2023 French government bonds will be junk rated (that means very likely to default) and the same for the US in 2026.....ooooeerrr. Full report here.

S&P are predicting debt to spiral out of control unless current fiscal policies are radically reversed

In addition,

i) Gordon Brown could have entirely abolished income taxes had he kept spending constant.

ii) Tax Freedom Day is now only reached on June 3rd (compared to April 25th in Australia).

iii) 47% of UK voters work for the State.

Something's got to give....

via Scrivener and the Adam Smith Institute