{"id":508,"date":"2012-05-16T19:59:41","date_gmt":"2012-05-16T19:59:41","guid":{"rendered":"http:\/\/www.thebizsense.com\/views\/?p=508"},"modified":"2012-05-16T19:59:51","modified_gmt":"2012-05-16T19:59:51","slug":"worse-than-the-thirties","status":"publish","type":"post","link":"https:\/\/www.thebizsense.com\/views\/business\/worse-than-the-thirties","title":{"rendered":"Worse than the Thirties"},"content":{"rendered":"

It\u2019s even worse than the Thirties<\/p>\n

\"fiscal<\/a>

Fiscal Deficit<\/p><\/div>\n

Two years down the track, where do things stand?<\/p>\n

Lots of pain is being experienced, without much gain. Inflation – largely a consequence of a 25 per cent fall in sterling\u2019s exchange rate in the global financial crisis – has soared.<\/p>\n

Households have suffered the biggest squeeze on their disposable incomes for more than 30 years, reflecting a nasty combination of poor earnings growth and high inflation, the latter a consequence of higher cost of imports and tax rises.<\/p>\n

Pensioners, current and future, are being devastated by higher living costs and the effects of the central bank\u2019s easy-money policies, including \u00a3325 billion of \u201cprinting.\u201d Pension funds have seen their value cut by about \u00a3120 billion, according to industry estimates.<\/p>\n

Unemployment is rising towards the 3 million level, with young people most affected (although things are far worse in some European countries, such as Spain).<\/p>\n

Public services are being cut back savagely. Hundreds of thousands of the elderly have been deprived of necessary help at home. To free hospital beds, patients are being discharged and sent home in the middle of the night. After-school provision for children of working parents has been abolished. Because of cutbacks in immigration staff, foreigners arriving by air have to queue for up to three hours to enter the country.<\/p>\n

The FT reports that the UK is now suffering \u201ca longer and costlier depression \u2013 a period when output remains below the previous peak \u2013 than it did in the 1930s.\u201d<\/p>\n

Yet there is a lot more distress coming. Osborne warned in his November Budget statement that families will suffer more years of economic pain in the form of falling living standards, rising unemployment, and a series of further public spending cuts.<\/p>\n

In the first two years of austerity the government made cuts in annual expenditure of \u00a323 billion and raised annual taxes by \u00a318 billion. But only a quarter of the planned spending cuts have taken place so far.<\/p>\n

Britain continues to run a huge fiscal deficit of about \u00a3120 billion a year, financed by ever-greater borrowing. National debt, already around \u00a31 trillion, is expected to reach \u00a31.4 trillion in three years\u2019 time.<\/p>\n

this article follow on from – Britain: a Culture Hostile to Growth<\/strong><\/a><\/p>\n

CopyRight \u2013 OnTarget 2012 by Martin Spring<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s even worse than the Thirties Two years down the track, where do things stand? Lots of pain is being experienced, without much gain. Inflation – largely a consequence of a 25 per cent fall in sterling\u2019s exchange rate in the global financial crisis – has soared.<\/p>\n","protected":false},"author":1,"featured_media":509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"amazonpipp_noncename":"","amazon-product-isactive":"","amazon-product-single-asin":"","amazon-product-content-location":"","amazon-product-content-hook-override":"2","amazon-product-excerpt-hook-override":"3","amazon-product-singular-only":"","amazon-product-amazon-desc":"","amazon-product-show-gallery":"","amazon-product-show-features":"","amazon-product-newwindow":"2","amazon-product-show-list-price":"","amazon-product-show-used-price":"","amazon-product-show-saved-amt":"","amazon-product-timestamp":"","amazon-product-new-title":"","amazon-product-use-cartURL":"","amazon_featured_post_meta_key":"","_amazon_featured_alt":"","amazon-product-template":"","footnotes":""},"categories":[136,6,1,8,9],"tags":[],"class_list":["post-508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asean","category-britain","category-business","category-featured","category-news","has_thumb"],"yoast_head":"Worse than the Thirties - TheBizSense Views<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebizsense.com\/views\/business\/worse-than-the-thirties\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Worse than the Thirties - TheBizSense Views\" \/>\n<meta property=\"og:description\" content=\"It\u2019s even worse than the Thirties Two years down the track, where do things stand? 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