In Britain, following George Osborne's accelerated tax rises and spending cuts, the economy has flatlined and deficit reduction has stalled, as I feared. The US has grown more than four times faster than the UK since the autumn of 2010 and more than recovered all the output it lost following the global financial crisis, while three years of stagnation in Britain means our economy remains more than 3% below its pre-crisis peak.Not that our "recovery" is really something to imitate.
This week we will finally see signs of recovery in the British economy after three wasted years. City forecasts are predicting growth of up to 0.8% for the last quarter. Any growth is both welcome and hugely overdue. But to catch up the ground we have lost on growth and the deficit since 2010, we would actually need to see growth of 1.3% a quarter for the next two years.
Sunday, July 21, 2013
Well He Is
The stupidest fucking person on the face of the planet.