Yeah, it’s always loosing its teeth until there's a war that they need help with…..
There is nothing wrong with being proud of what we do achieve but it's a big world and that factor has to be considered.
Pride comes before a fall.
The war like aspects - cut backs and some weapon give aways that may or may not be for free.
Debt has it's interesting factors. Wilson for instance was proud that he paid of a war debt. Ball pointed out that one down to Canada was paid of far more recently. Wilson has a number of UK F100 companies which probably helped him but he also used tax in general. An MP I know told me that they had way more money to spend in the past. Their pot has reduced significantly.
A country's acceptable max debt levels has changed over time. Last time I noticed it was 100% of GDP and had been a lot lower. Just crept up. Make the metric suite the situation. It can change up or down. Interest rates can change.
So debt levels need controlling to some level. How to do it? Increase taxation or cut back services etc. What's the balance? Emergencies crop up so debt will at times be needed. How to recover cut backs? Tricky the tax take has to icrease - so called growth provides that providing it exceeds true levels of inflation. LOL Wages figure in this too. An aspect that can restrict growth in some sectors. The gov is currently collecting more tax as wages have increased above ideal amounts and thresholds have not been corrected.
Cut backs tend to go on for a long time with things getting worse and worse in some areas. At some point money gets thrown in. Usually not enough and recovery times can be very extended. Cut backs can allow taxation to be reduced just as they help avoiding increasing it.
Who will get elected on the basis of changing taxation so that they get more from it? LOL Looks like it's needed to me.
Go to the land of the brave and home of the free and take a look at their income tax breaks. Rather different to ours. Now there is a country that votes max debt levels and it seems they needed an increase recently. Not sure what happened as their political people didn't want to do it. Take a look at taxation levels in other countries. The petro lot are particularly interesting as well. Their population is paying for that take as are many others plus their gov's take.