The United Kingdom is in recession again.
This was entirely predictable. The right convinced themselves that severe austerity measures would somehow magic up growth. It didn't work. Any student of history could have told them it wouldn't work.
They wouldn't listen, because their hearts told them that the solution to the nation's woes was to implement savage measures against the have-nots, while protecting the wealth and privilege of those at the top.
Something similar has been happening in New Zealand in recent years. Our austerity measures have been less severe, and the effects less dramatic, but the result has been little or no growth. The British situation is a reminder to us of the folly of slashing government expenditure during a downturn.
So what now for the UK? Their austerity measure didn't work, so what's to be done?
More austerity, dammit! The British economy must be brought back from the dead, but first they must kill the patient.
Wednesday, April 25, 2012
4 comments:
I welcome comments, but I ask commenters to follow a few simple rules:
1. I delete anonymous comments. Please use either a name or moniker. I am not asking anyone to reveal their secret identity. Just don't call yourself "Anonymous".
2. Please don't abuse or defame others.
3. Moronic or nonsensical comments may be deleted.
4. I don't often exercise the heavy hand of censorship, but I do reserve the right to delete any comment I don't like, for any reason.
Subscribe to:
Post Comments (Atom)
It's an odd thing that "The Iron Lady" movie is being shown and reminding viewers that severe measures have been tried and failed under the Tories. Yet the Tory/Lib Dem Coalition government can't seem to come up with any other plan to get themselves out of trouble.
ReplyDeleteOf course, David Cameron's mate, Jonkey, lacks any innovative thinking.
Trouble with key is that he clearly has not studied any history. Or Law.
Should be mandatory for MPs to have proof of having an awareness of "failed policies" but then getting the right extremists to admit failure would be well nigh impossible.
Bill English genuinely believes the private sector would take up the economic slack of his slash and burn ideology. That New Zealand doesn't have a proper private sector outside of the service sector, which is precisely the one where his austerity policies will cause the most damage, appears to be beyond his understanding.
ReplyDeleteBack in 30s during the Depression, the incoming Labour Government gave each adult (worker?) 5 Pounds. This must have been more that $1000 in today's money. The effect was to stimulate the economy and the recession receded. Austerity? Hardly.
ReplyDeleteYou're assuming that the right *want* general economic growth. I'd suggest that they're equally happy with a recession, provided there are ways (like taking billion dollar fees for privatisation 'advice') that their rich mates can get richer.
ReplyDelete