The BBC have reported this morning that:
Average UK living standards have fallen "dramatically" since the recession and will not reach pre-crisis levels by the next election, economists have said.
The Institute for Fiscal Studies (IFS) calculated that a mid-range household's income between 2013 and 2014 was 6% below its pre-crisis peak.
This was felt equally across high and low income groups when the cost of living was taken into account.
But those on low incomes could feel the squeeze more in the coming years.
This was the result of further cuts to benefits and tax credits, the IFS said.
Apologies for the lengthy quote: they appeared to capture the nub of the argument very well on this occasion. But let's interpret it.
First, growth is not going to restore fortunes for some time to come. That must mean the benefits are remarkably skewed towards a very few. That's not chance: this recovery was designed for the few. That is why the reward is going almost entirely to a few in the south-east.
Second, as a result of policy the worst off are, according to the IFS, even more badly off now. Again, that's by design.
The fact is that despite the fact that inequality is seen as one of the biggest threats to recovery this government is increasing it be design, and applauding itself for doing so. And because my concern is for those who are least well off that is why I oppose what they are doing.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
The fundamental issues are:
1. Housing and land
2. Housing and land.
3. Housing and land
4. Etc….
Why aren’t we being told about this? (rhetorical question as I know the answer).
I have been stating the obvious since 2010: the unstated economic policy objective of the Conservative party is to accelerate the concentration of wealth.
Inequality by design? Someone once stated that ursine creatures often defecate near trees. Whadaya say?
And from the FT article cited:
“Winnie Byanyima, Oxfam executive director, who will attend the Davos meetings, said: “It is staggering that in the 21st century, half of the world’s population — that’s three and a half billion people — own no more than a tiny elite whose numbers could all fit comfortably on a double-decker bus”.”
Followed by:
“As well as discussing geopolitics, global economics and business in Davos, the elite audience has poverty and inequality on the agenda and can leave the conference hall for an interactive experience of a day in the life of Syrian refugees.”
You can’t make this stuff up.