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In These Economic Times, Everyone Has To Chip In



The Brits are tightening their belts...
Fighting record debt, the British government on Wednesday outlined the largest cuts to public spending since World War II — slashing benefits and thousands of public sector jobs with an austerity plan aimed at restoring the nation's finances.

After the country spent billions bailing out indebted banks, and suffered a squeeze on tax revenue and an increase in welfare bills, Treasury chief George Osborne staked the coalition government's future on tough economic remedies.

Osborne confirmed there would be 81 billion pounds ($128 billion) in spending cuts through 2015, which he claims are necessary along with some tax increases to wipe out a spending deficit of 109 billion pounds ($172 billion).

As many as 500,000 public sector jobs will be lost, about 18 billion pounds ($28.5 billion) axed from welfare payments and the pension age raised to 66 by 2020, earlier than previously planned.
Even Queen Elizabeth II will take a hit, asked to trim the budget the government provides for her palaces and staff by 14 percent.
...and they should be. And so should Americans. It's time to get serious about paying down our nation's debt.