The UK Gets It

Charles Sizemore:

Mr. Cameron is giving Mrs. Thatcher a run for the money as the biggest revolutionary to hold office in Britain in the past 30 years.

While the United States under the presidency of Barack Obama continues to post astronomical budget deficits that put the long-term stability of the country at risk, Mr. Cameron is unleashing austerity measure on Britain that would make him look like a villain in a Charles Dickens novel. Bah, humbug!

The UK’s planned budget cuts of £81 billion ($128 billion) over four years are the equivalent of 4.5% of projected 2014-15 GDP. These are just the cuts, mind you, not the budget itself. The Financial Times calculates that similar cuts in the United States would be about $650 billion, equal to the projected cost of Medicare in 2015!