How badly George Osborne has got it wrong.

[Mr Angry]

Marvel at the spectacular failures of the coalition. Financial chaos and ineptitude in spades.

"In his Autumn Statement on Wednesday Mr Osborne will reveal the latest borrowing and growth forecasts from the official watchdog, the Office for Budget Responsibility.

But here we show how four key indicators have developed over the past four years under his Chancellorship. On all four metrics, things have turned out worse than Mr Osborne hoped."

Indy.

[Ignitionnet]

GDP per capita is the one I'd be most interested in seeing. That won't be good.

Deficit being worse while growth is finally hitting predictions is easy enough - increased public spending. I believe it's called stimulus or the normal economic stabilisers. When private sector fails to deliver public sector cushions the shock. Recession was deep so original deficit was horrid.

Here you go....

http://www.tradingeconomics.com/unit...gdp-per-capita

http://www.tradingeconomics.com/unit...per-capita-ppp

http://www.tradingeconomics.com/unit...dom/gdp-growth

http://www.tradingeconomics.com/unit...-growth-annual

Originally Posted by Hugh

Here you go....

http://www.tradingeconomics.com/unit...gdp-per-capita

http://www.tradingeconomics.com/unit...per-capita-ppp

http://www.tradingeconomics.com/unit...dom/gdp-growth

http://www.tradingeconomics.com/unit...-growth-annual

GDP compares very favourably with our G20 competitors according to that.

[Ignitionnet]

Thank you.

So 6 years on from 2008 we're at the same levels we were in 2005.

---------- Post added at 13:54 ---------- Previous post was at 13:49 ----------

Originally Posted by Chris

GDP compares very favourably with our G20 competitors according to that.

We've had about the slowest recovery around. Not especially favourable as far as the topic of this thread, George Osborne's management of the economy, goes.

Do we compare well to the United States, Chris?

Maybe Canada?

Some countries didn't choke off their economy in the name of misguided, dogmatic austerity. Because the Eurozone is a disaster doesn't make our follies any better.

Originally Posted by Ignitionnet

Thank you.

So 6 years on from 2008 we're at the same levels we were in 2005.

---------- Post added at 13:54 ---------- Previous post was at 13:49 ----------



We've had about the slowest recovery around. Not especially favourable as far as the topic of this thread, George Osborne's management of the economy, goes.

Do we compare well to the United States, Chris?

Maybe Canada?

Some countries didn't choke off their economy in the name of misguided, dogmatic austerity. Because the Eurozone is a disaster doesn't make our follies any better.

Yes, well the Eurozone *is* a disaster. And that is rather the point, isn't it. Congratulations for choosing the USA as your first example (world's biggest and most advanced economy by a country mile) and Canada as your second (easy access to said big, advanced economy). We aren't the USA, we aren't next door to the USA and we don't have privileged access to its economy.

We are shackled to the Euro-corpse. Our trade with the rest of the world is growing again, but we have quite some way to go yet, before the utter disaster on the continent loses its power to hold us back.

The problem this country faces is not dogmatic austerity, it's dogmatic adherence to the failed European project.

[heero_yuy]

People should remember that the reason we can't spend our way out of recession like other countries is because we spent our way into it. For that reason we have to have severe austerity instead.of light cut backs.

One giant boom fuelled by debt both private and public. One giant bust when the credit card maxed out.

[Ignitionnet]

Originally Posted by heero_yuy

People should remember that the reason we can't spend our way out of recession like other countries is because we spent our way into it. For that reason we have to have severe austerity instead.of light cut backs.

We haven't had severe austerity and were perfectly capable of spending our way out of recession, indeed that's to an extent what George is doing now as his pre-election bribe and attempt to fluff up the GDP numbers.

We had the wrong kind of austerity with the butchering of investment as it was more politically expedient than tackling current spending.

The state didn't spend its way into recession. Labour are guilty of spending too much, sure, but to say that that spending caused recession is ridiculous. It was a housing bubble that still hasn't deflated, private debt built on that housing bubble, and casino banking to provide the cash to fuel that bubble that caused the issues more than anything else.

We needed and still do need big public sector investment to make up for 30 years of underinvestment.

---------- Post added at 14:51 ---------- Previous post was at 14:50 ----------

Originally Posted by Chris

Yes, well the Eurozone *is* a disaster. And that is rather the point, isn't it. Congratulations for choosing the USA as your first example (world's biggest and most advanced economy by a country mile) and Canada as your second (easy access to said big, advanced economy).

I chose the USA purely because they decided to forego austerity in the name of stimulus until pretty recently. Pretty good contrast to the UK where the economy was growing again right up until George got his hands on the treasury when it promptly pretty much stagnated.

Originally Posted by Chris

The problem this country faces is not dogmatic austerity, it's dogmatic adherence to the failed European project.

Quite possibly. In which case a vote for UKIP would be the way to go, the other parties including the Tories being devoted to said failed project. While they are reluctantly offering a referendum it is abundantly clear that the Conservative leadership have no interest in anything other than cosmetic changes and a vote to stay in.

Originally Posted by Ignitionnet

While they are reluctantly offering a referendum it is abundantly clear that the Conservative leadership have no interest in anything other than cosmetic changes and a vote to stay in.

I know.

[solitaire]

Originally Posted by Chris

Yes, well the Eurozone *is* a disaster. And that is rather the point, isn't it. Congratulations for choosing the USA as your first example (world's biggest and most advanced economy by a country mile) and Canada as your second (easy access to said big, advanced economy). We aren't the USA, we aren't next door to the USA and we don't have privileged access to its economy.

We are shackled to the Euro-corpse. Our trade with the rest of the world is growing again, but we have quite some way to go yet, before the utter disaster on the continent loses its power to hold us back.

The problem this country faces is not dogmatic austerity, it's dogmatic adherence to the failed European project.

Nice one, well said!

[Doug P]

Originally Posted by heero_yuy

People should remember that the reason we can't spend our way out of recession like other countries is because we spent our way into it. For that reason we have to have severe austerity instead.of light cut backs.

One giant boom fuelled by debt both private and public. One giant bust when the credit card maxed out.

Indeed. A long way back having saved zippo in the good years...

[Osem]

Who cares what the senior level Tories think if we get that referendum by hook, crook, Tory or UKIP. Yes they'll probably do their best to get us to vote to stay in but the final decision will at least be ours and that's all most of us ever wanted. As has been said, one of the biggest factors weighing us down is the state of the Eurozone.

---------- Post added at 18:22 ---------- Previous post was at 18:17 ----------

Originally Posted by Doug P

Indeed. A long way back having saved zippo in the good years...

Well saving isn't 'sexy' you see whereas chucking money around as if there were no tomorrow is. Even now low interest rates are encouraging more debt and whilst savers are getting fleeced. HMG wants people to save and make provision but isn't doing much to help those who want to without investing in property.

[Arthurgray50@blu]

This is why we have to vote the dreaded Tory out of power. They think only of themselves.

Just look at the news of the flooding in the UK. They have said that they will supply funding for flood defences.

This wont take place until 2020. As one resident said on TV. He would believe any MP now after the promises they made - NOT ONE HAS BEEN KEPT.

Osborne is a Toff, and thinks of only himself and his boss Cameron

Originally Posted by Arthurgray50@blu

This wont take place until 2020.

Wrong ,it's a six year program so it will be finished by 2020

Originally Posted by Arthurgray50@blu

This is why we have to vote the dreaded Tory out of power. They think only of themselves.

Just look at the news of the flooding in the UK. They have said that they will supply funding for flood defences.

This wont take place until 2020. As one resident said on TV. He would believe any MP now after the promises they made - NOT ONE HAS BEEN KEPT.

Osborne is a Toff, and thinks of only himself and his boss Cameron

Nothing quite like inverted snobbery - if someone was commented on negatively because they came from a working-class background, there would be huge outrage (and quite rightly so).

People can't chose their parents.....