The FT argues in an editorial this morning that:
The good news is that the UK economy does not appear to be in urgent need of a fiscal boost. Growth held up in the third quarter, the services sector remains buoyant and consumers are still spending – as evidenced by the latest surge in retail sales.
So, a lack of investment, the absence of secure employment, the pressing need for economic rebalancing and the looming crisis of climate change do not in any way matter, let alone require attention? A quick fix on the High Street appears to be all the FT considers to be of concern.
I despair.
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I wonder how much of that consumer spending is via credit/short term loans given the wage depression we are seeing?
The FT here is typically neo-liberal with no concern of how the spending power they are seeing was created. The wilful ignorance of such factors is a neo-lib trade mark according to Steve Keen.
Many people have repetitive jobs where they say the same thing every day.
I envy you getting to say something different each day.
Sometimes it’s more often than that.
There are no quick fixes. Every fix has its longer run consequences that are difficult to predict and even harder to control. The present patterns etc. of consumer spending will not be the same as those in a handful of years. What is a question is whether instead of steady and manageable change we might have major shifts that could be adverse.
Isn’t one of the reasons for buoyant consumer spending that people think prices are going up steeply after the New Year.
Where’s the investment in business and industries that wil produce real wealth?
http://www.bankofengland.co.uk/statistics/documents/mc/2016/sep/moneyandcredit.pdf
What could go wrong…..