Quote:
Originally Posted by joeydb
They had to cut expenses. HAD TO.
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Yes. I'm not saying it's easy or black and white. But history - and many economists - predicts their economy will completely crash now. We'll see (the last link above talks about the negatives). Of course, the good thing is that they will be in a far more stable financial position in the next 5 years. But let's see what is also being predicted now from this (the second link, above)
• About 490,000 public sector jobs likely to be lost
A half-milllion unemployed thrust into an economy that's already fragile.
• Over $11 billion in additional welfare budget cuts
So, will these guys just starve on the streets? It's not like they can go to work, there are no jobs
• Police funding cut by 4% a year
Hopefully they can continue to fight crime.
• Retirement age to rise from 65 to 66 by 2020
Keep working another year in that economy with no jobs.
• National Health Service budget in England to rise every year until 2015
And healthcare costs skyrockets.