Debt based economy, where the government currently has to pay nearly 10% of its Tax revenue (43 billion per year) just to service the interest it owes.....while this figure continues to grow year on year.....what happens, services and the quality of life for people that rely on the state begins to decline, as they cut services and welfare to make sure the deficit between outgoing payments and income tax revenue is shrinking...as if they don't, the borrowing continues to grow and thus the figure of the payment to cover the interest will also grow.
The upper middle class and the rich aren't affected, as their reliance on the state is minimal as they mostly use private education, health care etc.
Its a bit like a family spending more than they earn each month and putting the extra on credit cards, which then in turn increases their monthly outgoings.....a viscous circle.
The upper middle class and the rich aren't affected, as their reliance on the state is minimal as they mostly use private education, health care etc.
Its a bit like a family spending more than they earn each month and putting the extra on credit cards, which then in turn increases their monthly outgoings.....a viscous circle.