Saturday, February 26, 2011

Gordon Brown's spending spree: The evidence is clear

OECD figures for 1970-2007, General Government Expenditure as a % of GDP (for explanation and data see here):

No wonder Britain is staggering under the weight of its national debt - the year before the financial crisis UK government spending was almost as high as it had been under that well-known spendthrift Margaret Thatcher.

I wonder what proportion of the British population is aware that government spent a greater proportion of GDP in the Golden Age of Margaret Thatcher (1980-86) than it did in the year before the financial crisis? In 1981, government spending was over 49% of GDP, higher than now. Did anyone talk about Margaret Thatcher's spending spree?

As the saying goes, you can have your own opinion, but you can't have your own facts.