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Tsotsi,

I think it worth putting our current debt into some context. Given the distorting effect of historical and future inflation on any cash figures, the most reliable means of judging debt level is by comparison with our GDP.

We currently have a debt to GDP ratio of about 62%. This is higher than average, but not as high as it has been in relatively recent decades – for example, in Harold Macmillan’s era of the late 50’s it was at around 100%.

The banking crisis, caused by the risk-taking and irresponsiblity of bankers, whom I would suggest were not likely to have been natural Labour supporters, accounts directly for approximately half (30%) of the aforementioned 62%, leaving a net debt that might be attributable to the last government of some 32%.

This is a little higher than the previous Tory regime got it down to (circa 24%) but then again Labour have invested large amounts in the NHS and Education, rather than running these down in favour of tax cuts for the rich.

So you can see that the current debt crisis is being over-hyped. In some cases this is simply to provide news, but increasingly it’s being done to impose ideologically-driven cuts to our public services.

If (and it’s a big ‘if’ under the current government) the banking recovery is managed in such a way that protects the public purse rather than the private pockets of bankers, we will get down to historically-manag...
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The Columbus Dispatch is seeking a Business Reporter to cover personal finance, banking and insurance. Columbus, the 16th largest city in the U.S., is a hub for banking and insurance activity. It is home to Nationwide Insurance and Huntington Bank, as well as numerous other financial-services companies. It also is a major operations center for JPMorgan Chase, which has more than 15,000 employees in central Ohio. The ideal candidate should have extensive Business news experience, including a background in personal finance and other elements on the beat. The Columbus Dispatch was recognized last year by both the Associated Press and the Society of Professional Journalists as the best newspaper in Ohio. If you meet these qualifications and are interested in applying, please visit http://wwwphp.dispatch.com/careers/ We are an Equal Employment Opportunity Employer.

(AP)

COLUMBUS, Ohio — TV host and zookeeper Jack Hanna says he took his own advice and used pepper spray on grizzlies headed toward him.

The Columbus Zoo keeper and frequent David Letterman guest says he was with his wife and other hikers in Montana’s Glacier National Park on Saturday when they saw the mother bear and two large cubs coming toward them. Hanna and the others moved slowly back up the trail to a clearing and stood still while the mother and one cub passed by.

Hanna says the other cub, weighing about 125 pounds, charged toward the hikers. Hanna spra...
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ARMY

Oshkosh Corp., Oshkosh, Wis., was awarded on July 22 a $41,422,390 firm-fixed-price contract. This undefinitized contract action will be for 60 Iraqi heavy equipment transporter systems (HETS) and associated ancillary items. The Iraqi HETS are comprised of the M1070A0 tractor and the Fontaine 635NL trailer. The associated ancillary items include 6,240 spare tires; Iraqi HETS spare parts; non-standard trailer manuals; and IHETS operator training. Work is to be performed in Oshkosh, Wis., with an estimated completion date of Sept. 30, 2011. One bid was solicited with one bid received. TACOM, Warren, Mich., is the contracting activity (W56HZV-07-C-0594).

Longbow, LLC, Orlando, Fla., was awarded on July 22 a $39,509,964 cost-plus-fixed-fee contract for the award of engineering services for the Hellfire and Longbow missile requirements. Work is to be performed in Orlando, Fla. (50 percent); Baltimore, Md. (25 percent); United Arab Emirates (10 percent); and Taiwan (15 percent), with an estimated completion date of Sept. 30, 2012. One bid was solicited with one bid received. U.S. Army Aviation and Missile Command, AMSAM-AC-TM-H, Redstone Arsenal, Ala., is the contracting activity (W31P4Q-10-C-0256).

NAVY

Sauer, Inc., Jacksonville, Fla., is being awarded a $15,350,000 firm-fixed-price task order #0006 under a previously awarded multiple award construction contract (N69450-...
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