3 ms·

That’s the time the Conservative Party were voted in and imposed “austerity”. This involved scaling back government spending and scratching their heads wonderin

by smcl 2y ago

That’s the time the Conservative Party were voted in and imposed “austerity”. This involved scaling back government spending and scratching their heads wondering why growth is stalled.

ndsipa_pomu 2y ago
"Austerity is the idea that the global financial crash of 2008 was caused by there being too many libraries in Wolverhampton." - Alexei Sayle
- smcl 2y ago
  It is insane that not only has it lasted multiple Conservative governments and appears to be alive and well under Starmer's Labour, but also that the USA has now decided to embrace it too. I don't understand it, I thought these guys were all supposed to have studied economics (is that not the "E" in that Oxbridge "PPE" degree they all have) how are they fumbling the basics so badly
randomcarbloke 2y ago
post '08 and until 2016 the UK economy was the fastest growing in the G7, notably countries that imposed much more severe austerity fared even better - Ireland who are still wedded to the policy continues to thrive, Estonian, Latvian, and Lithuanian economies all grew at a much faster rate than the UK (and by extension the rest of the G7)
- smcl 2y ago
  > post '08 and until 2016 the UK economy was the fastest growing in the G7, Found George Osborne's account! Seriously though, you're wrong: - https://www.statista.com/statistics/1370599/g7-country-gdp-growth/ https://www.statista.com/statistics/1370599/g7-country-gdp-g... there is one year (2014) where the UK has a higher GDP growth rate - https://www.statista.com/statistics/1370625/g7-country-gdp-levels-per-capita/ https://www.statista.com/statistics/1370625/g7-country-gdp-l... when looking at GDP per-capita it tells a similar story
  - randomcarbloke 2y ago
    Even reading those you can surely see it was the correct approach.
    - smcl 2y ago
      Reading the graphs I can see that you were making stuff up and can be safely ignored
      - randomcarbloke 2y ago
        Head in the sand eh? even using your data the picture is very different to what you were claiming and much closer to my assertion, so we use different sources...your conclusion is still incorrect. Bet you're not interested in looking at the three Baltic states I mentioned or Ireland...because it would be another fistful of nails in the coffin of your purely ideological belief that "aUsTeRiTy BaD" (truthfully, some austerity is bad, but the fiscal kind).

by smcl 2y ago

That’s the time the Conservative Party were voted in and imposed “austerity”. This involved scaling back government spending and scratching their heads wondering why growth is stalled.

ndsipa_pomu 2y ago

"Austerity is the idea that the global financial crash of 2008 was caused by there being too many libraries in Wolverhampton." - Alexei Sayle

smcl 2y ago
It is insane that not only has it lasted multiple Conservative governments and appears to be alive and well under Starmer's Labour, but also that the USA has now decided to embrace it too. I don't understand it, I thought these guys were all supposed to have studied economics (is that not the "E" in that Oxbridge "PPE" degree they all have) how are they fumbling the basics so badly

randomcarbloke 2y ago

post '08 and until 2016 the UK economy was the fastest growing in the G7, notably countries that imposed much more severe austerity fared even better - Ireland who are still wedded to the policy continues to thrive, Estonian, Latvian, and Lithuanian economies all grew at a much faster rate than the UK (and by extension the rest of the G7)

smcl 2y ago
> post '08 and until 2016 the UK economy was the fastest growing in the G7, Found George Osborne's account! Seriously though, you're wrong: - https://www.statista.com/statistics/1370599/g7-country-gdp-growth/ https://www.statista.com/statistics/1370599/g7-country-gdp-g... there is one year (2014) where the UK has a higher GDP growth rate - https://www.statista.com/statistics/1370625/g7-country-gdp-levels-per-capita/ https://www.statista.com/statistics/1370625/g7-country-gdp-l... when looking at GDP per-capita it tells a similar story
- randomcarbloke 2y ago
  Even reading those you can surely see it was the correct approach.
  - smcl 2y ago
    Reading the graphs I can see that you were making stuff up and can be safely ignored
    - randomcarbloke 2y ago
      Head in the sand eh? even using your data the picture is very different to what you were claiming and much closer to my assertion, so we use different sources...your conclusion is still incorrect. Bet you're not interested in looking at the three Baltic states I mentioned or Ireland...because it would be another fistful of nails in the coffin of your purely ideological belief that "aUsTeRiTy BaD" (truthfully, some austerity is bad, but the fiscal kind).