Sunday, 19 April 2015

Whose fault is it anyway

Why did the economy tank? Whose fault is "the mess Labour left us"?

The soundbite from the Tories is "the Labour government did it"

The soundbite from the Greens is "the bankers did it"

The soundbite from the Labour party is "a big boy dun it and run away"

The soundbite from UKIP is "a big foreign boy dun it and run away"

The soundbite from the Lib Dems is "can we get a word in here... no? damn"

Well, Labour did it, and the bankers did it, and loads and loads of you lot did it. Cheap loans, stupid mortgages, house price super-inflation, the bankers couldn't do it on their own: they needed millions of complicity borrowers to make it happen. And while that happened on the edge of government control, Labour's tax and spend was based on the pretend money the bankers were creating for assets that were not really any greater than they had been before the hot air boom: when the balloon went pfffffft, we were left with the 'real' tax take but an expectation of what government could afford to spend based on all that imaginary cash being there too.  Suddenly what had been passed off as foolish overspending was a humungous £400m a week more going out than was coming in.  The 'mess Labour left' isn't the economy as such, it's the massive overestimate of how much the government could afford to spend given general economic activity and taxation levels.

But the politicians won't be heard saying that between now and polling day, as it has far too many home truths to be acceptable to the press and the voters alike.

So that's fun.

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