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Monday, 3 May 2010
Old parties' deficit sums don't add up
Despite them refusing to say where the axe will fall, all the three old parties still insist we've got to cut, cut and cut some more to reduce the national debt. Yet take a look at the graph. It shows the proportion of national debt to gross domestic product (GDP - the value of all the goods, services and raw materials produced in Britain each year).
If shows how ridiculous is the insistence of all the establishment parties on cutting the national debt and risking a deeper recession that could cost millions their jobs, homes and services. National debt was higher than it is now (as a proportion of GDP) throughout the period 1917 to 1969. In 1945 the national debt stood at over 200% of GDP, compared to 69% now. Yet from 1945 onwards we build a quarter of a million council houses every year, create the NHS and send our students to university for free - and with a grant.
We don't need cuts, we need investment - and a vote for Respect is the best way of getting it.
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