FionaK |
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| UK economic growth much worse than expected, according to figures yesterday. The press and politicians are all saying it is a great and unpleasant surprise: nobody predicted it; etc etc
Well that is just not true. It is precisely what I expected, because that is what austerity does. That, at least, is what I have concluded from my reading around.
It is a measure of how far mainstream reporting is narrowly informed by neoclassical economics that there does not appear to be much alternative analysis for people to consider, and that is why it is so difficult to get to grips with all this. If you rely on the media here you would think that there was no way to anticipate this: and further, that it does not mean the government and business should be doing anything different: there is, in fact, nothing anyone can do, and the markets will make matters worse if the government change course. Economists and all parties have paraded today to say that they might tweak around the edges, but no radical alternative is available. As noted on another thread, the IMF is now saying the tweaking is necessary: but nothing that might actually work
All over the world these policies dont work: yet they do not revise their analysis. It is one definition of insanity
This is quite obviously not true. It is profoundly depressing
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