My friend and Parliamentary candidate Matt Wilson has posted a great little video about the myths surrounding The National Credit card being maxed out!
I would also add to what Matt has said that a national economy is not like a household budget, and in rough times it is time to borrow and invest to get the economy going again. In 2008 when the GLOBAL economic crisis was in danger of tipping into a global depression the deliberate decision was taking to boosting the global economy through investment and spending. It was a route taken by many economies not just ours and history will probably be favourable in crediting this action to staving off a global depression which may have made our recession look like a picnic in the park.
Thanks to this video from Matt some of the current hype is put into perspective.
View from the Margins 