He used a speech this morning to paint a near-apocalyptic picture of a country in which wasteful public spending has run up unsustainable debts.
He said: “There are three simple reasons why we have to deal with the country’s debts. One: the more government borrows, the more it has to repay; the more it has to repay, the more lenders worry about getting their money back; the more lenders start to worry, the less confidence there is in our economy.
“Two: investors do not have to put their money in this country – they will only do so if they’re confident the economy is being run properly, and when confidence in our economy is hit, we run the risk of higher interest rates.
“Three – and the real, human, everyday reason this is the most urgent problem facing us is that higher interest rates hurt every family and every business in the land. They mean higher mortgages and lower employment.
“They mean that instead of your taxes going to pay for things we want, the money you work so hard for is going on paying the interest on our national debt.”
President Obama coming clean about the US deficit?
No – Prime Minister David Cameron giving a reality check to the UK….
