Labour have been touting the above meme as some sort of criticism of George Osborne. In fact the opposite is true as anyone who understands basic economics or even basic maths will know. What that graph shows is Labour losing control of the economy due to fiscal incontinence and then the Conservatives fixing the problem. Only the hard of thinking would believe otherwise.
The simple fact is that the debt is accumulated deficits. So with a balanced budget the debt does not go up or down. The debt goes up when there are deficits and stays up until there are surpluses.
So what happened to the British debt is that Labour totally lost control over spending. As they always do. So the debt started shooting up. George Osborne inherited this huge deficit and has been brilliant, reducing it by a half as a % of GDP. However until he gets rid of all of it (which the Conservative long term economic plan will deliver) the debt will continue to go up. It is Labour’s legacy.
The Guardian newspaper used to create an annual chart of the deficit. They have stopped doing it now because it shows Labour in such a bad light economically and the Conservatives, with George Osborne, in such a good light. Here is the last one that they made:
Now you can very clearly see why the debt is so high and what caused it. Brown, Balls, Burnham etc totally lost control of government spending. Just as they would again if they were returned to power.
One amusing Labour stupidity is that they go on incessantly about “austerity”. There is no real austerity, the economy is booming. What the Labour propagandists mean by “austerity” is reduced government spending, what economists call fiscal prudence. So when Labour complain about the debt they want more fiscal prudence. When Labour complain about “austerity” they want less fiscal prudence!
You can see plainly that Labour don’t understand even simple economics. They are shouting loudly for two opposite things. Nobody with any education can surely vote for this.