Quote:
Originally Posted by nomadking
Measuring things as a % of GDP is very misleading, as when GDP is high any measure looks artificially low.
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Exactly. And when GDP is low - such as it is during a recession, the measure looks high.
The British economy entered recession in late 1990 and stayed there until 1993. Coincidentally the only period on Horace's graph when you could claim the budget deficit was 'even worse under the Conservatives'.
But let's not allow facts to get in the way of a good old fashioned partisan stat-swapping fight.