LIVING BEYOND OUR MEANS

I agree with this article. In particular public sector pensions are an unexploded bomb in the public finances which will go off at some point forcing the government to take drastic action. There is a case already for steep cuts in public spending and MPs could set an example by cutting their own salaries, pay, pensions and expenses. After 1929 President Hoover thought that the way to end the US depression was increased government spending and an increase in the money supply (partly ironically to bail out Britain which was at the time addicted to cheap credit!). Hoover failed and the Great Depression was prolonged for eleven years.

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