Saturday, 26 November 2011

OECD growth forecast heads downward

The OECD is preparing to announce that it expects the UK to go back into recession on Monday just in time for Osborne's autumn budget statement on Tuesday.

Of course there is the obligatory need for the Con-Libs to blame anyone but themselves coming through clearly in the Torygraph's piece: "David Cameron and Mr Osborne are growing increasingly exasperated at the failure of European leaders to tackle the single currency crisis. Mr Cameron has already warned of the “chilling impact” the turmoil is having “every day” on the economy."

Obviously the fault of those foreigners and nothing to do with the Tory / Lib Dem failure to understand basic economics. Actually they probably do understand economics but I expect that they see it as a way of increasing the poverty gap and moving themselves further away from ordinary people.

Of course it is high time that we junked our obsession with the need for growth at any cost. The long term picture is not one of economic growth and the sooner we get used to that the easier life will be.

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