Debts & Loans

UK Debt Management and Help

Since his introduction of the funding system in England during the 1720s, the Misses Institute, the secret was out that government debt need never be repaid...Walpole’s system proved its worth in financing British overseas expansion and imperial wars in the eighteenth and nineteenth centuries. The government could now maintain a huge peacetime naval and military establishment, readily fund new wars, and need not retrench afterward. The British Empire was built on more than the blood of its soldiers and sailors; it was built on UK debt management.

The new system was slow to catch on in America. Jefferson was against it. In 1789, in a letter to James Madison, he wondered whether “one generation of men has a right to bind another.” His answer was “no.” “The earth belongs in usufruct to the living,” he concluded. “No generation can contract UK debt management greater than may be paid during the course of its own existence. An intergenerational debt is an odd thing. Say a man buys a house. He may leave the house to his children, with a mortgage owing. The children were not party to the mortgage contract, but they take the bequest in good grace.

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The house may have a mortgage or it may need a new roof. A gift is a gift, encumbered or not. If it is too heavily burdened with debt, they could simply turn it down; they never made a deal with the mortgage company and are under no obligation to pay it. Suppose it is credit card debt. Say the man used the money to take a trip around the world. But the trip wore him out; no sooner does he return home than he collapses of a heart attack. Are the children under any obligation to pay the credit card bills? Not at all. But comes now, public debt. What kind of strange beast is this UK debt management service?

One generation consumes. It then hands the next generation the bill. The younger generation never agreed to the terms of the indebtedness. They are party to a contract - and on the wrong end of it, we might add – that they never made. Indentured servants only had to work seven years to pay off their indenture. This new generation, on the other hand, will have to work their entire lives. Such arrangements are often excused as part of the “social contract.” But what kind of contract allows one person to take the benefits while sticking the costs to someone else or UK debt management?

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But dead men don’t talk, and the unborn don’t vote. Politicians - just as those in Britain, Italy, and Germany - gradually came to see that they could get the benefits of spending money in the present, while passing on the debts to the next administration and the next generation. Then, as now, war provided cover for excess spending. First, there were the debts from the American Revolution, which were paid down quickly. Then came the War of 1812, Mexican War, and the War Between the States. Each time, spending was increased, UK debts management were taken on, and then, after the war, the debt was paid down, or paid off completely.

World War I saw federal debt explode from 3 billion to 26 billion. Presidents Harding and Hoover paid it down to 16 billion. But then came the Great Depression, Roosevelt, and World War II. By 1945, federal debt had reached 260 billion. Then came something new. The war did not end. It continued as the Cold War, and instead of the UK debt management being paid down, it was increased. Under Ronald Reagan, America’s debt seemed on course for Mars. Less than 1 trillion in 1980, it soared to 2.7 trillion before Reagan left off ice. One might have expected some relief after the Cold War was over.

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But the habit of UK debt management is hard to break. By the time George W. Bush took off ice, the debt had risen to 5.7 trillion. Mr. Bush, a conservative, might have seized the opportunity to pay down the debt. The nation was at peace and expected huge budget surpluses. He promised as much when he stood before a joint session of Congress in 2001 and announced his budget.