Wednesday, 30 September 2009

I'm never going to be able to retire!!!

So Labour's our national debt stands at over 700billion (nearly a 20% increase in the last year!) and is heading towards 1trillion. And yet, Mr Brown announced yesterday lots of great things that Labour are going to do for us - all of which will cost MORE money - but without making any cuts to 'frontline' services and there was no mention of increasing taxes(?). Also, during his speech he made a big deal of how Labour were right to spend their way out of the recession...... It seems as though Mr Brown believes that the economy will recover in a few years and once everyone is back in work and spending their wages again, then the Govt. will be able to pay off their our debt with all our their tax money.

Now, I've been thinking......

The current 'generation' are up to their eyeballs in personal debt (mortgages, credit cards, etc...) and so many people (hopefully) have learnt their lesson and will not be returning to the 'consumerism' of before and will use their wages to pay off their debts and start saving up (for the next recession!!). So, the economy may well pick up, but it will be very slowly. So that means it's upto the next generation to pay off the debt......

(Much to the annoyance of my ex-wife) I often think about the future and alot about my Daughter's future. Mostly, I think about her education. During Mr Brown's speech yesterday he mentioned how Labour have now made sure that all kids will stay in some form of education until they're 18. Also, they are getting more & more to go to university. This potentially means that my daughter will be in fulltime education until she is in her mid twenties. Also, more than likely, she will leave university upto her eyeballs in debt from student loans. So, she'll probably be paying off her student debts for the rest of her twenties and then she'll want to buy a house and stuff when she's in her thirties, which means she won't be spending alot of money...... which will not help the economy, which will not help reduce our national debt.

But, most importantly, she will not be able to pay for my retirement home and mental health care!!

So, how are we going to pay off this debt? Simple - No-one is allowed to retire!!!

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