The consequences of living beyond our means

While each of the current challenges in our core services (NHS, Royal Mail, water, rail, etc) may have has its own explanations, causes and proposed fixes, together they ultimately add up to a systemic problem. Sticking plasters are not going to deliver the decent services a civilised society should expect to have. It’s not that we don’t know how to fix these problems, but rather we are not prepared to do what is necessary to put them right. As a society, we need to pay for these services and save to pay for the investment required and the ongoing maintenance. We prefer consumption now, selfishly expecting future generations to pay. What would living within our means really look like? What are the essential components of a sustainable economy? In this podcast, I outline the important ones: the polluter-pays principle; public money for public goods; investment in infrastructure through funding and finance; and proper saving for the future. The reality is proving inescapable, and we need to stop living beyond our means.