The fact that the UK government has been just as dumb as the US one in their use of public funds to bail out banks does not negate the fact that the UK government has decided to extract a fairer amount of tax from the highest earners (unlike the US one FWIW).
This means that, effectively, it *is* being put to use for the common good as it is in the big pot for all things (good and bad) but has made that pot larger (for all things).
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