Wednesday, 11 September 2013

Let the economic arguments begin...

George Osborne has just said "I told you so".

What the speech gave was higher than predicted growth now proved, he claimed, that the cuts did not strangle the recovery as Labour had said they would. Next he insisted that the recovery was not based on "the wrong sort of growth" that is, a return to spiralling house prices and consumer debt. Finally he argued that it was only by sticking to current economic policies that living standards will be raised.

What George Osborne doesn't want you to know about the economy:-

1. This is still the slowest recovery for more than a century
2. The economy is 2.9% smaller than before the crash [the US is 4.5% larger]
3. Unemployment hasn't fallen for six months and underemployment is at a near-record high
4. His deficit reduction plan failed and he's forecast to borrow £245bn more
5. Most people are still getting poorer and that won't change soon

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