Britain proposes fiscal restraint


Socialism is a curse that should be wished only on one’s enemies. Any society that embraces it will become sick and weak.

In the wake of the default of Greece and the loss of one-third value of the Chinese stock market, world financial advisers appear to be proposing some rare fiscal restraint.

In Britain, the majority party has–after years of reckless spending on welfare and government programs–proposed a budget that will slightly taper government spending over the next five years. The story is here.

Among the budget proposals is a proposal to limit the British inheritance tax to estates over $1.5m for married couples, to freeze working-age welfare benefits for four years, and to convert an expensive program that pays students to go to college from a grant program to a loan program.

Chancellor of the Exchequer, George Osborne, “cited the Greek situation as evidence of the need to balance the books.”