George Osborne was recently in New York, soaking up plaudits for boldly leading Britain into fiscal austerity at a time when, apparently in contrast, America’s feckless political elite has allowed the national debt to balloon. The problem is that UK austerity, so far at least, is a myth.
November’s national accounts, released last week, were shocking. Government spending last month was sharply up on the same month in 2009 – yes, up! British state borrowing is still escalating, with the national debt rising very quickly.
However I do rather roll my eyes at the word ‘shocking’ as it has been screamingly obvious what was happening for quite some time. Sometimes I think Samizdata needs a category called ‘No shit, Sherlock’. How anyone could have thought Cameron’s dismal followers were ever serious about actually cutting back the state is hard to fathom.