Do you trust the politicians to sort out your future UK General Election May 7th 2015

Well the UK General Election on May 7th, draws ever nearer, with all the parties hustling for our attention and votes.

Although I always vote, I find increasingly difficult to stay interested in modern party politics. Already weve had several weeks of bickering and backstabbing, lies and counter lies. Lots of "He said, she said" and to be honest its a complete turn off. On the whole I dont trust any of them, policy wise they all blur into one. Its a question of which is the best of a bad bunch.

 In the end, the only person responsible for your (my) future is you, not them!
Ultimately, politicians of all persuasions will more than likely make life difficult for ordinary working people.
If you want to better yourself, sometimes you have to take a chance, go out on a limb. Some people may ridicule you for it, whilst they sit back and do nothing. Theyre the ones who will never take action and actively do something to try and better their future.

On the other hand, you could like me take the bull by the horns and do something about it. If youve never made money on the internet before, then Myadvertisingpays is the place that you will.
If you want to sell or promote a website, service or product then you can do that too - and still make money!
If you want to improve the SEO of your site or blog, you can also do that too -
and still make money.
If you want to do all of the above, and even get involved with referring (though its not necessary), then thats available too.
Or why not just do the lot!
Oh, and still make money with Myadvertisingpays.

Get in touch or just sign up and let your journey begin!

Regards Tim :)

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Does Government Debt Actually Harm Future Generations

Tom Goldsworthy

The USAs national debt, visualised if it were in stacks of cash.

Does government debt harm future generations, as it is often argued? Government borrowing is argued to be immoral because of the supposed burden it places on our children, and our childrens children, and so on.  Higher debt-financed consumption today makes future generations poorer tomorrow, so the argument goes.  An article in the Telegraph last year entitled, Its time to come clean about our national debt used this very same argument.  Liam Halligan, the articles author, said:

"Why should we borrow so much, foisting our profligacy on our children and grandchildren...A spiralling national debt isnt only bad economics, but is also morally repugnant."

Unfortunately, many would point out that the economic logic behind the above argument does not completely hold.  In theory, government debt need not necessarily leave future generations any worse of at all overall - net.  This is because, for every pound the government borrows, there must be someone on the other side lending that money.  So, assuming all government debt is held only domestically, the burden on future generations will be zero.  While some parts of the population will pay higher taxes to service the debt, another section will receive interest payments for lending the government that money in the first place (and these two groups are likely to overlap).  Of course, there are many other reasons that excessive government debt may be undesirable in terms of its effects on future generations, not least the distributional consequences, but in terms of the question of a net burden on society, the case does not hold.

Having said that, around 1/3 of government debt is in foreign hands, and so there will be a net burden on society in the future to an extent.  The assumption that all government debt is held domestically is not completely accurate in Britain.  

Although, even then the argument over whether government debt burdens future generations is not settled.  It depends on how the government spends the money it borrows.  If it is being used to finance short-term consumption, then, yes, the fact that around 1/3 of our debt is foreign owned will mean that we are enriching ourselves at the expense of future generations. But, if the money is used to finance vital, beneficial long-term investments in, say, infrastructure, then future tax payers will feel the benefits of that spending, as well as the costs, and so not necessarily be worse off overall.

So, while in theory government debt neednt leave a net burden on future generations, in reality it probably will to an extent.  However, as shown, when government debt is domestically held (as 2/3 of British government debt is), hyperbolically stating that government borrowing is morally repugnant, irresponsible and so on, is clearly a huge exaggeration.  As the economic logic shows, the majority of British government debt will, in fact, not leave future generations worse off.

Tom Goldsworthy is the founder and editor of The Economic View, a blog that aims to provide the economic view on current events, analysing topical issues with the economists toolkit. 

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