So what happened in 2008/2009? New schools and hospitals all round? Free Houses at Government expense for everyone?
If the bank bailouts are taken off the UK would look relatively healthy!! Although there would still be a need to reduce the deficit..
And the other thing....Historically we have always run a smallish deficit look back to the 80's and early 90's, even from the mid 90's it was improving again and went into surplus around the turn of the Century.
If every other developed Country in the World's chart looks like this one from 08/09 on then no wonder there is a huge shitstorm gathering. Clearly we are in uncharted waters here! I don't suppose they could extrapolate charts like this from the 1930's depression although of course without globalisation economies would have been smaller anyway!!