Tuesday, Mar 02, 2010
More realism
Guardian: The economic forecast is simple: the next 10 years are going to be a drag
Get ready for the austerity decade. Forget all thoughts that the economic storm of the past 30 months is about to blow over. We've had what Mervyn King once called the NICE period of non-inflationary constant expansion but now we face a long DRAG – deficit reduction, anaemic growth. The lessons of economic history, the current configuration of the economy, and inescapable long-term challenges that have to be faced provide the same message: it's payback time.
Posted by dill @ 11:21 AM (463 views) Add Comment
3 Comments
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1. paul said...
Maybe the definition of the NICE period was misdefined in any case. Housing inflation was removed from the calculations for a variety of loosely elaborated reasons - put house price inflation back in and the decade was not NICE at all. Oh apart from for the principal beneficiaries of high house price inflation.
And maybe that's been part of the problem ...
2. mr g said...
I'm not a Guardian fan but I must admit that some of the economic articles published in the recent past have been spot on.
3. Alfredo said...
As much as I hate Brown and the Labout Party, I'm wondering if another party were to be elected whether they could deal with the mess Labout has left.
Look at Obama he inherited a complete screwed economy, from the reckless Bush era, and now people are blaming him for not sorting it out. They have forgotten who made the mess in the first place.