In the budget yesterday, hopeless Chancellor Hammond stated that he did not expect to be running a balanced budget until 2025 - his even more hopeless predecessor had - without much justification - predicted he'd be in balance a few years earlier. Channel 4 Fake New seized on this as a statement that the wicked Tories planned eight more years of austerity. Time and time again this mantra was repeated without challenge. It is, of course, just a fake news invention.
This hopeless Government has seen the debt to GDP ratio soar on its watch to 89%. that is an all time high. And it is also a critical level in that economists agree that at above 90% the burden of debt - and funding that debt - places a real brake on the ability of the economy to grow. Already we spend 3% of our GDP, and 8% of Government income, just servicing that debt.
The reason why that debt has rocketed is not that tax receipts have slumped under the Tories but that Government expenditure has continued to rise to ever higher - record - levels. And there is now no pretence by hopeless Hammond that he will curb the inexorable profligacy of the State. He merely hopes that - long after he has been stood down - economic growth will bring in more taxes so bringing the State budget to balance. He hopes, that is it.
But this spendfest is not austerity. It is fauxsterity. Naturally those on the left such as Channel 4 fake News ignores the data and just shouts austerity.
But it is worse. Since when does running a deficit equate to austerity? There is no linkage at all. That we will run a deficit until 2025 does not mean we face eight more years of austerity. If anything it means the exact opposite. But then for Fake News outlets such as Channel 4 who live in a post fact era, that is just a minor detail.