‘There’s No Money Left,’ U.K. Minister Learns

Business Week ^ | 17 May 2010 | Robert Hutton

[Lorianne]

Arriving for work at the U.K. Treasury last week, the incoming chief secretary, David Laws, found a note from his predecessor, Liam Byrne, offering advice on the job.

“Dear Chief Secretary, I’m afraid to tell you there’s no money left,” Laws cited it as saying.

“Which was honest,” Laws, whose position is the No. 2 in the Treasury after the chancellor of the exchequer, told a press conference in London today. “But slightly less than I was expecting.”

The note underscores the task facing Britain’s Conservative-Liberal Democrat coalition as it seeks to reconcile demand for improved health and education services with promises to reduce the largest budget deficit since World War II.

[bgill]

Silly Brits. That hasn’t stopped the US.

... yeah, I know...

[Islaminaction]

Then how about they stop handing out welfare to those that immigrate there?

[Ingtar]

Paging Diogenese! Please pick up the white courtesy phone.

[Clintonfatigued]

This may help the Tories embrace a more freedom-oriented agenda than they had originally embraced.

[chickadee]

I am beginning to think that we all will sound like Dick “Night Train” Lane soon:

“Is I under the consumption that there ain’t no more money heah?”

[mainsail that]

Dear Obama,
there hasn’t been any money here for the past 8 years. But...

Truly yours,

George W Bush

Obama will change the names and write the same letter

[RobRoy]

“The trouble with socialism is that eventually you run out of other people’s money” - Margaret Thatcher

[Roccus]

Reminds me of when Pataki took over from Cuomo in NY.

Cuomo: “Oh and by the way, you have a $400,000,000 budget shortfall.”

Pataki got that news at the presser after his inauguration....he almost lost his lunch.

[GeronL]

This explains their announcement of massive spending for “green technology”

[Tzimisce]

Well just raise taxes, print more money and open your borders to illegals.

That’s how the US is handling the problem. :)

[ClearCase_guy]

The painful solution is to drastically cut spending. Take the hit. Realize that the entitlement society is over.

This is true for the UK. It's true for Greece. It's true for US.

The truth is staring us in the face. To rearrange the deck chairs on the Titanic ought to be a hanging offwnse -- and we still have plenty of lamp posts.

[Personal Responsibility]

Now that we don’t have guillotines handy, what happens to the overpromising socialists of the world when they run out of other people’s money?

[MHGinTN]

Bullets remain comparatively cheap ...

[VOA]

bump

[VOA]

Advisory: post contains reference to what bulls leave on the farm

“
‘There’s No Money Left,’ U.K. Minister Learns
“

Reminds me of one of my favorite cartoons from the British magazine “Punch”.

A well coiffed advisor is talking with the Prime Minister and shouts:

“PRIME MINISTER, this is serious. We’re all out of bull sh-t!”

[Vanders9]

It's going to have to be done, but - and it's a big but - it's going to be painful, and therein lies the problem. A democratic country is vulnerable to unscrupulous politicos who claim that it doesn't have to be done, and that with a little more borrowing, a little more taxing of "the rich" we can happily keep on going along exactly the same. In fact we can extend our spending because its "good for the economy". It's an attractive message, because it's easy.

Mark my words. These people WILL appear in the next 3-6 months.