This is the age of fiscal distress. The Banking and credit crisis of 2008 paved the way for the European sovereign debt crisis, and growing fiscal distress among many of the developed economy governments. Long before the banking crisis many developed nations were already on unsustainable fiscal paths, with excessive spending on benefits and pensions, bloated government departments, and without the tax take to support it. Naturally a recession decreases tax revenue; so much more when the government injects fiscal stimulus and bailout packages. This documentary hones in on the UK experience. Also see Debtocracy for a look at the Greek experience.
Originally aired on channel 4 Film maker Martin Durkin explains the full extent of the financial mess we are in: an estimated £4.8 trillion of national debt and counting. It's so big that even if every home in the UK was sold it wouldn't raise enough cash to pay it off.
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