Thursday 13 September 2007

New Labour on borrowed time?

Alistair Darling, the chancellor, has issued a warning on consumer debt (BBC News: Chancellor warns on consumer debt). Since he daren't attack the rich bankers (typo?) and had said he has no plans for tighter regulation, he has resorted to hectoring those who borrow money.

But why are so many people borrowing so much, and running into debt. Darling, along with many in the capitalist Establishment of which he is a part, is implying that if we run into debt we are either greedy or feckless.

Surely the rising level of debt has nothing to do with low wages, increased living costs, Brown's attacks on public sector pay, the increases in tax for the less well off while reducing the taxes on the rich, and the increasing struggle of many people and their families to make ends meet - has it?

Besides, what right has Mr Darling to lecture us on debt, when his own New Labour party is in debt to the tune of over £20 million, despite its donations from rich tycoons (BBC News: Labour gets most cash from donors). Then again, maybe they were hoping to consolidate their debts into an easy-to-afford Lordship ...

Of course, when politicians run up debts to rich capitalists, it's not their car, house or possessions which get sold.

It's their principles that get sold out. And their voters that get sold down the river :-(

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