National Debt - when did you first become aware of it?

It is a political choice is it not?
As you say, Tories and Starmer's party do seem bent on austerity, probably for the reason that you state.
The National Debt after WW2 was much, much higher, but it was the political choice of a decent Labour Government to introduce the NHS and try to make life better for the majority of people in the country.
( I also studied A level history by the way, although not the same period)

I'm sure you already know what I think about the National Debt. I must have said it often enough over the past few years.

It is a nonsense in this day and age because the government doesn't need to borrow from anyone to finance itself. It did in the past, but since our currency hasn't been linked to gold for at least 40+ years (and some will say since 1931, which is 60+ years) there has been no physical limit to what the government can spend (there is, of course, a limit, but that's another story).

I have even posted about Premium Bonds before. In fact, on the Premium Bond thread people were completely against the government unilaterally paying their purchase money back to them...😁 It could be difficult to 'repay money to folks who don't want it repaid...

Richard Murphy brought this up on his blog a few days ago (and I would point out that what I've said in the past about PBs was not influenced by Murphy, it was influenced by common sense and knowing what the 'national debt' actually consists of)

I quote:

If we understand the national debt to be money owed by the government to people who deposit funds with it, and that is what, at present, we describe the national debt as, then things like Premium Bonds are part of the national debt because you can go and buy a Premium Bond, you can save with the government as a result, and as a consequence, the amount of the National Debt goes up and, as a consequence, you, as the owner of a Premium Bond, become one of those people who is causing nightmares to right-wing politicians, journalists, commentators and others, all of whom are screaming that we must repay the National Debt because it is a burden upon our grandchildren.

He goes further into what the 'national Debt' actually comprises.

The whole post is here:

You can watch it as a video, listen to it or read the transcript.

www.taxresearch.org.uk/Blog/2024/10/16/premium-bonds-will-not-crash-the-economy/

It would be very helpful if those who don't believe me or Murphy, or many other economists, could tell us who they think we owe this 'debt' to, and if our creditors are going to demand repayment any time soon..

I agree Dinahmo
All countries have a national debt but ours is mentioned all the time recently.

A political weapon now. Who amongst us cares?Most of us just want to live our lives and be able to afford to live reasonably comfortably. Where I live the state is bankrupt because of an inept and dishonest ex leader but of course all he gets is praise and promotions in his new enterprises. One of the reasons that particular political party is on the nose as far as I’m concerned.

Am more interested in my own debt tbh.

I cannot remember a time when i did not know about it. I was born during the war and the size of the National Debt was a constant source of news throughout the 50s and 60s.

I come from a news orientated family, oi I was listeneing to the news on the radio from about 4 and reading a newspaper, whenever I could from about 6 because these subjects were clearly of great interest to my parents and grandparents.

National debt is a moderate concern for most western nations, its much more important for developing nations where the population demands more than the economy can deliver.

You can conjour money out of nothing healthcare, education and all the improvements the population want has to be paid for. Many countries sell natural resources to achieve this, others borrow too much and have to devalue currency, it’s a major global problem.

interest to pay on the national debt, which is mainly caused by the gov issue of debt via bonds etc, is paid back to the gov ie from one side to the other. Ridiculous state of affairs, sleight of hand

karmalady

interest to pay on the national debt, which is mainly caused by the gov issue of debt via bonds etc, is paid back to the gov ie from one side to the other. Ridiculous state of affairs, sleight of hand

Not ridiculous, it’s the way the financial system is transparent, so that our lenders can be assured that we can pay our debts.
A State CAN print its own money, what it CANT do is print unlimited amounts, the UK treats QE as borrowing its accounted for in the same way.

Many states operate in this way so that financial investors can see where money is being spent and make a judgement on the risk of any transaction.

Many states have an unstable currency, in practice commercial trade sometimes even tourism is conducted in US$.

I have always known about national debt, so called, since the Thatcher years.

She seemed to give the impression that handling the economy was like shopping in a supermarket, although I doubt she ever shopped in one herself.

We all have had mortgages and credit cards (well I don't have a credit card but that's my choice) don't we?

It just another one of those things the politcal class focus on to make us feel bad, and the media exaggerate it too.

Please don't compare Reeves' policies with Osborne's austerity either- we haven't had the first budget yet.

In the 1960s.