Skip to main content

Mr Osborne knows best!

I sometimes wonder when I listen to discussion about 'the unemployed' and 'getting tough', or about 'strivers' and 'shirkers'  whether we appreciate fully the seismic impact of the financial crisis on British businesses and jobs. In the space of 12 months in 2008/09 a staggering 220,000 companies went out of business with the loss of 1 million jobs.  What is needed is investment and the creation of new jobs. What is not needed is cuts in spending. Cuts in spending further contract the economy and increase the deficit in public finances through loss of tax revenue. The way out of recession is to get people back to work productively, spending in the high street and paying taxes.

It all seems obvious. It isn't the equivalent of economics rocket science. Many have been saying it. The tragedy is the coalition and the political consensus signed up to the idea that the deficit had to be cut. The deficit was not the problem. It was if anything a symptom. Now we have chief economists at the IMF saying what we knew all along. Not only should there have been a plan B, there shouldn't have been a plan A. Plan A, a slash and burn of  public spending and services, is doing dreadful damage not only to economic recovery but to the people most affected, the poorest. 

But what is Mr Osborne's response to the Chief economist at the IMF calling for change in approach? He rejects it. "I don't think it is right to abandon a credible deficit plan," he says. He is concerned about losing credibility should the government now change course. Credibility? With the economy likely to move into triple dip recession there is no credibility. The only credibility is that of saving face; of not admitting that the coalition have got it so terribly wrong. So we are set to continue with policies that are clearly not working.


Comments

Popular posts from this blog

Maternal depression can impact child mental and physical health

Maternal depression has been repeatedly linked with negative childhood outcomes, including increased psychopathology.  Now, a new study shows that depression in mothers may impact on their children's stress levels,  as well as their physical and mental well-being throughout life.

In the study, published in the journal  Depression & Anxiety,  the researchers followed 125 children from birth to 10 years.

At 10 years old, the mothers’ and children’s cortisol (CT) and secretory immunoglobulin (s-IgA)—markers of stress and the immune system (see below)—were measured, and mother-child interaction were observed.
Psychiatric assessment  The mothers and children also had psychiatric diagnoses, and the children's externalising and internalising symptoms were reported.



Internalising disorders include depression, withdrawal, anxiety, and loneliness. They are often how we 'feel inside', such as  anger, pain, fear or hurt, but may not show it.  In contrast, externalising symptom…

Palm Oil production killing the planet

Bad trade and bad products are killing our planet. We have said this before on The Thin End. There is no better example than that of palm oil. It is used ubiquitously in so many products, and its production is a major factor destroying rainforests and threatening precious species.

Demand for palm oil is 'skyrocketing worldwide'. It is used in packaging and in so much of our snack foods, cookies, crackers, chocolate products, instant noodles, cereals, and doughnuts, and the list goes on.
Bad for the planet So, why is this so bad for the planet?

The oil is extracted from the fruit of the oil palms native to Africa. It is now grown primarily in Indonesia and Malaysia, but is also expanding across Central and West Africa and Latin America.

Palm oil production is now one of the world's leading causes of rainforest destruction, and this is impacting adversely some of the world's most culturally and biologically diverse ecosystems. Irreplaceable wildlife species like t…

Clear blue lakes turning murky in USA

New research reveals that many lakes in the continental United States are becoming murkier, with potentially negative consequences for water quality and aquatic life. These are the findings of a study published in Limnology and Oceanography.

From blue, clear lakes to greenish brown In the 5 years between 2007 and 2012, the dominant lake type in the United States shifted from clear, blue lakes to greenish-brown, murky lakes. Blue lakes declined by 18% while murky lakes increased by 12%. 



Overall, “blue” lakes decreased by ~ 18% (46% of lakes in 2007 to 28% in 2012) while “murky” lakes increased by almost 12% (24% of lakes in 2007 to 35.4% in 2012).  So, the majority of lakes are now murky.

Regionally, murky lakes significantly increased in the Northern Appalachian, Southern Plains, and Xeric ecoregions.

In the Northern Appalachians, blue lakes decreased by 41.4%, brown lakes increased by 17.8%, and murky lakes increased by 26.8%. In the Northern Plains, green lakes significantly increas…