Britain's Spending Cuts

Britain today announced drastic government spending cuts in an effort to reduce their ballooning deficit.  Chancellor George Osborne announced £81billion worth of cuts, saying "Today is the day when Britain steps back from the brink, when we confront the bills from a decade of debt. It is a hard road, but it leads to a better future." Nearly 500,000 public sector jobs are expected to be lost as a result of the cuts, with an expectation that some of those jobs will be picked up by the private sector.  Spared from the cuts was spending on health, schools and international development.

In addition to the spending cuts announced today, there was also an announcement that the retirement age would rise from 65 to 66 by 2020.  I wonder if Britain will see the massive protests and riots France is currently experiencing.... (see a previous post with my opinion on that)

So, Britain has apparently decided to take a decidely different approach to national financial health compared to the United States.  Instead, the US government continues to lack the strength to address incredible deficits, and instead wants to "stimulate" the economy by maintaining or growing government spending. 

Britain's wants to reduce deficits to prevent bankruptcy of the British government.  Maybe they can bail out the US government once we go belly up.