Topic: | Re:When did the Country live within its means? | |
Posted by: | Will Watson | |
Date/Time: | 15/08/15 15:21:00 |
There has always been a national debt but that is not the same as saying we have never lived within our means. Right now we are spending more than tax is raising (the 'deficit') and because inflation is low this means that national debt as a proportion of GDP is going up. This graph show long periods when the debt as a proportion of GDP is declining - I think it is fair to say in those periods we were living within our means. |