Even the Queen Realizes Spending Has to be Cut
October 20, 2010 by Website Administrator
The U.K. is on a mission to cut spending. Taking the responsible path (unlike the U.S.) is not always easy though. The proposed 83 billion pounds in spending cuts in the next four years will displace an estimated 500,000 public sector workers and sharply cut benefits for welfare recipients. Amazingly, even Queen Elizabeth II will take a cut to the royal household budget by 14%.
In defending the cuts, Treasury Chief George Osborne offered words of wisdom: “It is a hard road, but it leads to a better future.” Despite all the government programs and agencies that would take a hit under the new cuts Osborne said, “It would take time to turn around the debt supertanker.”
Unfortunately, while the Queen of England is cutting almost 1/6 of her royal budget for the sake of her country’s future, our politicians have decided to spend MORE in an effort to save their political careers in the short term (e.g., Monday’s announcement that the White House would be sending out $14 billion of Social Security checks to cover cost-of-living adjustment despite inflation remaining flat).