Friday, October 3, 2014
Um, what was that about a recovery?
"The expansion is based on a consumer and property fuelled boom. There is low productivity, low wage underemployment and a dodgy balance of trade. If the Tories get a majority next year, the wheels will truly come off the cart after a very short time. Not only will the growth curve be normalizing downwards anyway, but the kind of fiscal tightening needed to meet their deficit-cutting aspirations will require a massive drain of money from the economy. It's a race for them between the election date and the re-appearance of reality." (wildejamey)