So today Britain is officially back in recession. This is no time for shallow politicking, people have no confidence that things will get better any time soon, and millions of us are frantically chasing work. Somehow we manage to have the Olympics, a housing crisis, a major infrastructure deficit and STILL the construction sector leads the way for economic downturn.
It is time for Gideon and Dave to admit what many of us have known for some time, that Plan A is not working, that the cuts have been too far and too fast, whilst tax reductions for the super rich were simply not appropriate at this time. This Coalition is making the ordinary people of the UK pay for an economic crisis caused by unregulated finance and thirty three years of monetarist dogma. The very rich men who agreed to come together in May 2010 to restore the nation’s finances have now proved not to be the economic geniuses that they claimed to be. They pretty much look like a bunch of shysters on the make.
In Scotland, News Internationals First Minister plays fast and loose with the essential economic truth, namely that Scotland’s economy is too tied to that of Wales and England to have any chance of independent recovery. His fictional “Arc of prosperity” disappeared when Iceland and Ireland went bust, yet he is content to take the odd pot shot at the rest of us, whilst the public works north of the border are still largely funded from Whitehall. For all his bumptiousness, at least it gives us a ready made argument against the Growth Deniers – publicly funded projects can save jobs and keep mopey flowing into an economy, austerity has now been proved to do the opposite.
By contrast Ed M and Ed B (or Wallace and Gromit) are looking more credible each day. At PMQs today Ed pretty much wiped the floor with Cameron, and Balls has been slowly destroying Whyborns economic credibility for months now. It seems that Gordon Brown was right back in 2010 – it really wasn’t time for a bunch of novices.