Economic Disaster or “It’s Working and We’re On Target”?
You would have to be harsh not to have some sympathy for Chloe Smith, MP who once again in the face of the latest disastrous economic information and forecast has been obliged to do the rounds of the media to explain it away while those in charge of the failing economic policies, George Osborne and Danny Alexander have once again delivered their Claude Rains performance as the invisible man and vanished from sight.
Perhaps there are similarities between the fictional Griffin who robbed and ruined his father to fund his experiment and the Treasury who appear intent on robbing and ruining the country to pay for theirs?
Working from a pre-prepared script that it is proof that the Conservative – Liberal Democrat Coalition Governments economic policies are working is amazing, although to be fair we are once again seeing the Liberal Democrats saying that it has nothing to do with them, (Whatever happened to “we’re all in this together and have to accept all aspects of the coalition agreement”).
What is amazing is that it is less than three years ago we were told as we have been constantly since that the coalition economic policy was a success and the only game in town.
What a game with the public sector debt has now reaching over £1 trillion for the first time.
It is difficult to explain or understand the scale of the problem but to put it simply in the UK £1 million has six noughts, (£1,000,000), a billion has twice as many noughts as a million (12) and a trillion three times as many noughts as a million (18), so the national coalition public sector debt is now a staggering,
£1,000,000,000,000,000,000 and rising.
or put another way, a colleague in the last week has had an addition to their family and already their son’s contribution to the national debt is astronomically high.
We have effectively for the first time in history reached a point where the level of debt in the UK is now more than two-thirds of the total national gross domestic product.
Is there any wonder that in the latest polls only 16 people out of every 100 trust the Coalition to manage the economy and are really worried that we are now borrowing over £128 million a day to service the debt, and paying over £150 million a day to service the deficit much of it to pay for the increased levels of support to those who have been made unemployed by the failing economic policies which has seen companies and businesses go to the wall and the level of corporation tax going into the treasury coffers falling by £1.8bn in the last 12 months.
This is what George Osborne for the Conservatives and Danny Alexander for the Liberal Democrats call a success – some success!!
The reality for millions of hard-working families is that their children and those of their friends have been deprived of the opportunity to gain meaningful employment and sadly prevented from accessing to higher education because of the betrayal in raising the University fees to £9,000.
Parents are struggling to make end meet as inflation continues to rise above the level of incomes.
Pensioners who have already had to use their hard-earned savings to provide them with the basics of life are finding themselves being doubly penalised by rising inflation and low-interest rates that are being artificially maintained by the printing of nearly £400 billion of quantitive easing money.
QE money that isn’t being passed on by banks to the business community as expected but being hoarded by the very banks that created the initial problem through their greed and incompetence.
You have to wonder if those who work in the treasury department of the coalition Government, and those bankers who are now MP’s really ‘do live in a parallel universe’ as Andrea Leadsom MP asked Bob Diamond, formerly of Barclay’s.
Of course they don’t, but it may well be that safely tucked up behind their private wealth they feel protected from the reality of their decisions and as such are ‘Totally Out of Touch’ with the impact their decisions are having on the people of Britain.
I’ll predict that they’ll soon look to get in touch as elections approach, when those who are currently running the country into the ground will suddenly discover the need to return to the ‘trust me I really do care’ approach.
In the meantime we will as we are doing in Northampton continue to see unemployment rising and businesses closing down, stifling investment and the regeneration of the town centre, all created in Westminster and the County and Town Hall by those who believe the only answer to decline is to cut services and borrow more.
It is as we see nationally and locally policies completely devoid of moral authority and understanding based solely on political dogma.