It is the end of the world. Don’t take my word for it, read Fraser Nelson in the Daily Telegraph.
Covid-19 is no longer “the biggest fear haunting government”, he writes. Our “ticking debt bomb” is what will do for us. It does sound bad.
Ticking. Debt. Bomb.
That and inflation. And Joe Biden. He’s a disaster in-waiting that guy.
Nelson is not alone in this stuff, in fact it is nearly everywhere, the authors’ enthusiasm for the end of the world seemingly undimmed by them having been wrong every single day of their entire lives so far.
The press appetite for such doom is seemingly insatiable.
Editors otherwise looking for upbeat news to balance out the bad stuff, lose all judgement when it comes to economics, at which point they turn into your stereotypical taxi-driver, insisting on seeing the national finances as some sort of giant credit card (it isn’t).
Can’t just spend money where it is needed, guv, be a disaster that. Stands to reason, dun’ it?
I’m tired of it. The always-wrong crowd need outing.
I’m going to start with the actual economists. Mervyn King looks vulnerable.
Tomorrow we get the latest government borrowing figures for June. The amount we borrowed will sound like a lot.
It would be nice to read some commentary from the experts that claimed we actually aren’t borrowing enough, given the circumstances, that described the national debt as a public asset.
This is an arguable point. So let’s have the argument. We already know what the doomsters think.