You have to give David Cameron...

...credit for being serious about cutting Britain's $1.3 trillion debt.

Whether you believe that austerity or further stimulus is needed in this recession, Cameron's budget calls for cutting spending as well as raising taxes, particularly the VAT. It will be interesting to see if it succeeds in lifting the UK out of recession.

In today's Bloomberg, there's a piece titled, "U.K. Cuts Will Push Insolvencies Up, Accountants Say":

U.K. government budget cuts will push more companies into bankruptcy in the second half of this year as departments from education to transport delay or cancel contracts, insolvency practitioners are predicting.

Industry trade body R3 said its members were forecasting corporate insolvencies will rise as much as 20 percent in the second half, compared with the first six months, when there were fewer than anticipated.

I'm actually rooting for Cameron to succeed, partly because I think he's taking an honest approach to cutting the debt. But either way, I can already hear the Wall Street Journal's spin on the outcome. If Britain succeeds by taking the austerity route, the Journal will jump on the opportunity to say I told you so. And if the effort doesn't succeed, the Journal can also say I told you so, because you should never, ever, ever raise taxes under any circumstances. Either way, it's a win-win for the Journal. (I wouldn't be surprised if the pieces have already been assigned.)

And that's my problem with the Journal. They seem to be more interested in pushing their narrative than in pursuing truth.