The Welfare State, Illustrated
Britain is going broke. Which, coincidentally, is what happens to every other nation that dared to try Karl Marx's tired old ideas.
As many times as this history has been repeated, you'd think somebody in power would've figured it out by now.
I bolded that last part to make sure that all of you who trust Barack Obama with your "national" insurance understand what's coming our way.
As many times as this history has been repeated, you'd think somebody in power would've figured it out by now.
The stark evidence of the growing imbalance between what the Government raises and what it spends is likely to intensify the political row over the public finances and may strengthen calls for cuts in spending.
Treasury figures show that welfare payments will exceed income tax receipts by almost £25 billion. Normally, income tax receipts comfortably cover the benefits bill.
In 2009/10, the Treasury is expecting to take in £140.5 billion in gross income tax receipts. Social security benefits are projected to be £164.7 billion.
The disparity between tax revenue and welfare costs was identified by Andrew Brough, a fund manager at Schroder Investment Management, who suggested that the amount of money spent on social protection could soon exceed that raised from both income tax and national insurance.
I bolded that last part to make sure that all of you who trust Barack Obama with your "national" insurance understand what's coming our way.
