How are we affording all this welfare?

I think force of circumstance is somewhat going to result in a bit of a "reset" down the line TBH that in normal times wouldn't happen.

I suspect future generations will see an impacted quality of life due to it to some degree as well. When there is light at the other end of the tunnel of this situation though I think new opportunities, etc. arising will somewhat offset the impact more than maybe people might think.
 
essentials is where they'll claw it all back, gas electric water council tax vat especially on products working class people buy
 
hominid said:
Debt, borrowed at interest of course from the private bank that is 'the bank of England'!
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So just raise the debt ceiling, why not. The debt is becoming meaningless, you wonder why countries like China are so keen to own our debt as what happens if they turn around and say we want our money back now. It's just going to be war.

It's always very creepy how everything is glued together by money as if it's some supernatural power of eternal life.
 
jsmoke said:
The debt is becoming meaningless
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It's not. When money is 'borrowed' from a bank, it's created out of thin air with the main side effect being the dilution of the previously existing money supply - in other words, inflation!

That's how the system works.
 
hominid said:
It's not. When money is 'borrowed' from a bank, it's created out of thin air with the main side effect being the dilution of the previously existing money supply - in other words, inflation!

That's how the system works.
Click to expand...

I'm talking about thing like the external debt which is in the trillions.

Also there is deflation, the bank can take money out of the economy also to prevent hyper inflation.
 
It's a pyramid scheme. Which is worrying because those can't last. There will have to be change to something sustainable, but it's better politics to keep putting it off as long as possible so it becomes someone else's problem. The nature of a partially democratic system is that it's rare for politicians to plan more than 1 election ahead and usually bad for their career to do so. But it's the least bad political system we know of.
 
jsmoke said:
Welfare everywhere, basically encouraging people to take it now, here's a new one I noticed from Scotland for example, maybe that's just a drop in the ocean but over last 20 years plenty of new welfare. Are we going to go bankrupt one day or is it just a case of how it's all managed and just a small percentage of people on it?

http://www.dailyrecord.co.uk/lifest...amilies-receive-invitation-apply-22428263.amp
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It's a Remainer plot to keep us in the EU - via a massive EU bailout, with the condition that....?

or , a bailout from China.
 
It doesnt matter.

The system is rigged either way. Its a controlled ponzi scheme for want of a better word.
 
VincentHanna said:
It does amuse me that the World runs on a completely made up construct.

Money is just something that humans have decided to produce and say "This has value"
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It's simply a more convenient version of trading things directly. If you imagine a world in which money didn't exist and people wanted to exchange goods and services for something of equal value, people would eventually get tired of having to make multiple transactions to get what they want (e.g. you've got a cow and want a sheep, but the sheep guy doesn't want a cow) and decide to create a common medium of value which could be used to trade with. Which is exactly what happened, and here we are with... money.

To answer the OP, we are living beyond our means. A certain amount of expenditure has always been passed on to the future and assumed growth, but I do feel that we're now taking the **** a bit and at some point it will fall apart.
 
The debt will just be passed on and yes, living standards will fall... pretty much what’s been going on for the last couple of generations.

Next generation will have less free access to education, healthcare, social housing, transport. You name it, you pay for it or don’t get it.
 
Things like this isn't helping

"Even as the coronavirus pandemic rages across the world, the world's richest are estimated to grow their wealth in the coming years. According to a report, Amazon founder and CEO Jeff Bezos could potentially become the world's first trillionaire as early as 2026, at which point he will be aged 62, says a study."

I'm all for people doing well, but there comes a point where that money needs to go back into the business. Automation and efficiency is one thing, but over time more and more people will need welfare. MPs actually spoke about this problem years ago but nobody listened. I believe things will get much worse, then much much worse to the point governments will be forced into making a fundamental change. Welfare is going to grow, no two ways about it. People can only be taxed so far, before they start thinking what's the point. Hell, we're only in 2020 and I'm thinking it. I had a payrise for a promotion, but the majority has gone on tax. I might as well earn a little bit less for a lot less stress. Then I'm not paying as much tax, and the government becomes worse off.
 
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