If I earn £400 a week, but spend £450 a week, my expenditure exceeds my income and I run a deficit. I will also end up owing money and will have a debt.
If I borrow money to pay off my debt or to supplement my income, I will have to pay interest on the borrowing and will increase my debt. Sooner or later my position will be unsustainable. My debts will be due for payment, and I will not be able to afford to borrow any more. Then I will go bankrupt.
This argument also applies to national income, expenditure, debt, and deficit. This is why the economic borrow and spend policies of the Greens, the SNP, and Labour are so seriously flawed and irresponsible in the current situation of national debt and deficit. They will lead the country to financial ruin. The accumulated debts might take a generation or two to be paid off.
We may despair of the Greeks, but we would be putting ourselves at risk of being in the same position if Labour formed the basis of the next government.
Button Hill, Sheffield, S11