Vox Political vindicated on the economy

The Conservatives' latest negative campaign advert: The Tories seem to think they are the only party who should be allowed to steal the cash from poor people.

The Conservatives’ latest negative campaign advert: The Tories seem to think they are the only party who should be allowed to steal the cash from poor people.

Twice, in a matter of days, Vox Political‘s findings on political issues have been supported by the evidence of a scholar.

Today, the Mainly Macro blog written by Professor Simon Wren-Lewis, who teaches Economics at Oxford University, supports This Writer’s argument that the so-called economic recovery, that began in 2013, had little or nothing positive to do with the Coalition Government or George Osborne’s policies.

“The idea that austerity during the first two years of the coalition government was vindicated by the 2013 recovery is so ludicrous that it is almost embarrassing to have to explain why,” he writes.

“Imagine that a government on a whim decided to close down half the economy for a year. That would be a crazy thing to do, and with only half as much produced everyone would be a lot poorer. However a year later when that half of the economy started up again, economic growth would be around 100%. The government could claim that this miraculous recovery vindicated its decision to close half the economy down the year before. That would be absurd, but it is a pretty good analogy with claiming that the 2013 recovery vindicated 2010 austerity.”

That’s right. George Osborne did huge harm to the economy when he imposed austerity in 2010, choking off Labour’s recovery. It is senseless for him to claim that easing off on that policy has created an economic miracle. As this blog has repeatedly stated, any economic recovery enjoyed by the UK has had nothing to do with the actions of the Coalition Government.

It is important to remember that the Tories intend to impose even deeper austerity if they win the election next month, causing catastrophic harm to anyone who isn’t in the richest 10 per cent of the population.

But why do this at all? What was the point of it?

A commenter to this blog’s Facebook page put it very well only today. Tracey Wilkinson Clarke wrote: “Corporations and capitalism [were]crashing…the banking crisis was created … as a reason to bring in austerity measures to feed the money back up to the few.” This opinion is supported by an article on this blog at the time.

It is also supported by the Conservative Party’s most recent anti-SNP campaign advert. Following on from David Cameron’s overheard comment on television last week, that Alex Salmond was a pickpocket, the advert has an image of the SNP candidate reaching towards a member of the public’s pocket, with the tagline, “Don’t let the SNP grab your cash.”

It is Conservative Party policy to do exactly that – and hand it over to the very rich in the form of tax breaks (both personal and business-orientated), tax avoidance, lucrative public ‘service’ contracts, and shares in privatised utilities.

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2 thoughts on “Vox Political vindicated on the economy

  1. jeffrey davies

    hum austerity was only for the ninety nine percent who aint rich even our mps asked for more getting a rise more than many get to live on yet the tories took more silver ware away for sale to their mates and put a failed bankster into the bank of e with all that set george twindled away leaving us poorer whilst the yanky compaines and others took vast proffits from the tax pot yes a lovely tory party putting wealth before health for the many and left you feeling robbed has now those companies take their proffits offshore leaving you poorer yes a very carring govement whose only care was to fill their pockets with our monies jeff3

  2. hstorm

    The economy essentially hit ‘rock-bottom’ in 2013. After that, there was always so much ‘slack’ that was very easy to start up that any ‘recovery’ can look quick and impressive; so quick and impressive, in fact, that it is possible to believe it really is a recovery. But it isn’t, and if the current course of the economy is maintained, we will crash again, probably either late next year or early in 2017.

Comments are closed.