Double dip 'revised away'
Re: Double dip 'revised away'
It all seems to easy to rewrite history when it does to the "electorate" after they appear to have totally forgotten the global banking crisis after all they allowed the Tories in based on them saying it was all labours fault.
By this logic with the amount of power they had which enabled them to bring a global disaster upon the world if only they had used it to do good they could ended war.
By this logic with the amount of power they had which enabled them to bring a global disaster upon the world if only they had used it to do good they could ended war.
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David Johnson
- Posts: 7844
- Joined: Fri Jul 14, 2017 2:40 am
It's a game of two halves
I guess it matters politically the revision from 0.1% drop to 0% so that the coalition can say a double dip was avoided.
Economically it means nothing - a .1% change.
On the other side, the statisticians revised the drop in the recessionary period of 2008 from 6.3% to 7.2% which means that the coalition has made even more of a pig's ear at recovering growth given the dip was worse than what was first thought.
The other worrying thing is that the cost of UK borrowing has gone up almost 1% which some might think is bugger all. But if you imagine having a deficit of ?125 billion year on year and a huge debt, even 1% extra interest to pay off is really bad news in terms of paying down the money UK PLC owes.
Economically it means nothing - a .1% change.
On the other side, the statisticians revised the drop in the recessionary period of 2008 from 6.3% to 7.2% which means that the coalition has made even more of a pig's ear at recovering growth given the dip was worse than what was first thought.
The other worrying thing is that the cost of UK borrowing has gone up almost 1% which some might think is bugger all. But if you imagine having a deficit of ?125 billion year on year and a huge debt, even 1% extra interest to pay off is really bad news in terms of paying down the money UK PLC owes.
Re: It's a game of two halves
There's the old saying if you owe the bank ?1,000 you are worried; if you owe the bank ?1,000,000 the bank is worried.
Hang on, what about the cuts and austerity - the coalition are spending more than Labour did or in real terms, inflation etc etc the same.
Hang on, what about the cuts and austerity - the coalition are spending more than Labour did or in real terms, inflation etc etc the same.
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David Johnson
- Posts: 7844
- Joined: Fri Jul 14, 2017 2:40 am
Essex Lad
Well if you sack hundreds of thousands of public sector workers and spend the first six months telling everyone that the country is on the brink of collapse and do everything to terrify the population what do you end up with?
A collapse in retail spend. Everyone striving to pay down their credit rather than spending. Corporates hoarding their cash until the economic upturn comes along. An increased welfare state bill.
Result - no growth, spiralling debt, cutting of the deficit stalled for 3 years.
A collapse in retail spend. Everyone striving to pay down their credit rather than spending. Corporates hoarding their cash until the economic upturn comes along. An increased welfare state bill.
Result - no growth, spiralling debt, cutting of the deficit stalled for 3 years.
Re: Essex Lad
Don't forget all those shiny new private sector jobs...zero hour contracts, minimum wage, temp contracts highly trained personal now having to stack shelves.
Wonder how much it cost to train all those nurses that were made redundant?
Wonder how much it cost to train all those nurses that were made redundant?