News Spot (with Future Implications) 26/04/12

• The total amount of student loan debt in the U.S. topped 1 trillion dollars yesterday.

• It was Tax Freedom Day in the US last week. The average American worked three-and-a-half months just to pay taxes. The worse news is that Tax Freedom Day in the UK, which the Adam Smith Institute calculates each year, doesn’t occur until 29 May! In other words, the average person in Britain has to work five months of the year to pay taxes.

• But it gets worse still. As you know, governments spend everything they raise in taxes, and then borrow as much more as they can get away with. And it works out that those poor British blighters will have to work nearly another month to pay for all that extra spending that is being chalked up on the slate.

• Czechs en masse turned out to demand the resignation of the government over austerity measures last weekend. Upwards of 80,000 people joined in.

• Politicians throughout the EU are weakening their resolve over austerity measures to right their ailing economies. Voters, already hurting, want delivery on health care, pension entitlements and other benefits promised over the decades. The cupboard is bare however.

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