Special report: Why the May Budget needs to show leadership

[keithholden]

Look at Greeces dept to gdp then look at ours and see what you think

[keithholden]

Public debt: 29.3% of GDP (2009 est.) country comparison to the world: 90 24.4% of GDP (2008 est.) Exports - partners: Australia 23.2%, US 10.1%, Japan 8.4%, China 5.9% (2008 Imports - partners: Australia 18.1%, China 13.2%, US 9.5%, Japan 8.3%, Singapore 4.7%, Malaysia 4.4%, Germany 4.3% (2008 Oil - proved reserves: 60 million bbl (1 January 2009 est.) Oil - imports: 147,600 bbl/day (2008 est

[caveltor]

Oh no, not the "our children will have to pay it back speech".

Thats just not how it works.

Show me a country that has ever paid off its debt denominated in its own currency. The dont exist, no country has ever paid off its debt, and probably never will.

Our children will not be paying back anything. They will be enjoying the fruits of our labour, and labouring such that thay and their children may enjoy the fruits of theirs.

[danbuck333]

@caveltor If we dont pay it back our children will be leaving not living off fruits

I believe germany payed off there debts although that was payed off in gold which actually made it more expensive

countries that dont pay back there debts lose there national resources and their children are poor and not living on fruits of there parents labour

[caveltor]

Are we encumbered with the debts run up by our parents and grandparents? No, but we enjoy their buildings, roads, gas pipes, power cables, technological, medical and economic developments.

[danbuck333]

@caveltor well we arent incumbered but we do have a lot of debt , our grandparents didnt spend beyond there means and neither should we,

look at greece uk america portugal italy etc they are just drowning in debt , its crippling there economy

People who live beyond there means are destine to live beneath them in the future.

There is a reason why all the money has moved out of europe and america into asia