15th July 2010
We've all got a second mortgage!
A new report from the Office for National Statistics puts the real level of the national debt in the UK at £2 trillion, which is more than twice the official figure. The Daily Mail
http://www.dailymail.co.uk/news/article-1293940/Real-debt-Britain-78-000-family–twice-official-figure.html helpfully points out that this works out at £78,000 for every household in the country.
The calculation attempts to show the full scale of taxpayer debts by including figures for unfunded liabilities like public-sector pensions and the state pension scheme as well as the cost of projects funded under the Private Finance Initiative.
Last year Bernie Madoff http://www.guardian.co.uk/business/2009/jun/29/bernard-madoff-sentence was sentenced to 150 years in jail for the world's biggest Ponzi scheme, but his £38bn scam may not hold the record for long.
A separate report by the Public Sector Pensions Commission says that public sector pensions will become a national 'Ponzi scheme' unless immediate action is taken. The report said the total cost of unfunded schemes probably exceeds the £777 billion UK national debt of 2009/10. http://www.citywire.co.uk/money/public-sector-pensions-likened-to-ponzi-scheme/a412391
If you need a bit of cheering up after all this doom and gloom try the following Bernie Madoff jokes. http://www.dailycomedy.com/hottopic/Bernie_Madoff At least they can't put us all inside for 150 years – we wouldn't be able to afford the cost of the prisons.