Antonia Senior in the Times today reports that every U.K.household owes £47,000 to public sector workers:
'If everyone (else) carries on as if nothing is wrong, and as if there is not a giant pension shaped bomb tick-tocking away at the heart of our financial system, we can delude ourselves its all going to be OK. The Emperor is wearing Prada, and all our demographic nightmares will be solved by wishing hard enough'.
If you look in the pub, the restaurant, the train, everyone is carrying on just the same. They don't believe that there is really a massive financial crisis around the corner. 60% of people believe that we can get out of the government's borrowing hole without making any cuts to front-line services.