The Misery Index is back in fashion. It's simply the aggregate of the inflation and unemployment rates, and I am the first to say that is a little bit crude and yet it is not without merit. That combination is an indication of both well being and stability and those are both valued, I know. Most are plotting it over 20 years. I think this over 40 is better (and acknowledge my source, here):
My point is a simple one, even if it caused outrage when I mentioned it on Twitter last night. The Tories messed things up badly from 70 to 74 as matters rocketed out of control, with the impact peaking in 75. Labour sorted it out and then Thatcher went out to create havoc again by 81. Labour finally sorted out the Tory mess and sustained a low index for more than a decade. Even in the face of a world wide recession they kept the lid on things. Now the Tories have sent it spiralling again.
I stress: three new Tory governments and the same outcome in each case: a mess, inflation, unemployment and misery. Coincidence? Hardly. The pattern is clear - the Tories can't be trusted to run the economy and it's Labour who is left to sort out the mess. And I strongly suspect Labour will have to do so again, soon.