Well, we've been here so many time before, Doc, so I'll keep it brief(ish).

Clearly, this whole "ever increasing borrowing and debt" Socialist mantra is empirically discredited bollocks, and it doesn't matter who's saying it, sorry old chap. Try telling Greece, Portugal, Spain or Ireland that they can just keep on borrowing more and more, and this is all somehow "good" in economic terms.
The problem with "large debt piles" is that there are "large interest payments" to go with them - all 'dead money' that's a continuous, never ending drag on the economy, and money that could've otherwise been spent on social programmes, infrastructure or whatever. Also, the more indebted a government becomes, the less likely creditors will believe they'll get their money back, and thus those aforesaid crippling interest repayments just spiral ever higher still (as widely empirically demonstrated). I mean seriously, Doc, this isn't rocket science or advanced economics, it's just bloody common sense.
Successive Labour governments have believed, in one way or another, that they can borrow/spend their way out of the shit, and each of them has been proved catastrophically wrong. For years I was told "governmental borrowing isn't like 'normal' finances" and all the rest, but subsequent events, still very much reverberating to the current day, demonstrate otherwise. (Ed Miliband's 'we didn't overspend last time round' sent a collective shiver down the spines of ordinary working people up and down England at least, consigning him and his party to almost total irrelevance)
Clearly, there also needs to be some distinction between WHOM we are talking about here. Yes, the US with its Reserve Currency and great financial importance to other big players like China and Japan, as well as being #1 world economy, does mean that it can borrow heavily (for now, albeit that could change long term). Same is true to a much lesser extent for Japan at #3. By the time you get down the list to France and the UK, though, this is much less the case, and for the likes of Greece, Ireland and Portugal, it most certainly doesn't hold (they don't have any money-rich sugar daddy states buying up their government bonds by default, to keep them afloat).
I think most people have woken up to the reality that, for the likes of mid-ranking economic countries such as ours, simply piling on debt on top of more debt regardless of the economic weather, and mortgaging everyone's futures not only isn't a good idea, but is actually not morally sound either. Why should my grand kids be expected to pay for the opulent retirement arrangements of the baby boomer generation that they themselves will never have, or for the manifest economic failures of our collective, current generations? There's not much very "progressive" about that as far as I can see (to coin the Left's latest buzzword for borrow, tax 'n spend).
We need to face up to responsibilities and reality, and that means cleaning up our own mess I'm afraid, not leaving it all to our hapless kids and grand kids.
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Beware of gavia articulata oculos...
Dr Lave wrote:
Of course, he's normally wrong but
interestingly wrong