Austerity continues to stifle UK economy

Few expected rapid growth in the UK after binge drinking on Big Finance for years, but many people predicted this. Austerity – the same foolish plan Republicans want in the US – has consistently been a failure for struggling economies and this time is no different.

Down in Spain, the minimum wage has been lowered and many workers (yes, workers) are glad to even receive a paycheck. Spain is also tackling a suicide problem related to house evictions. Let’s not forget that before the crisis, Spain had a budget surplus.

The mind-numbing negotiations by Obama not only forget that he just won and won big over Republican ideas, they also ignore the destructive nature of austerity. Besides the backwards GOP and The 1%, what fool wants any of this?

uk flag

UK flag via Shutterstock

Britain’s dominant services sector posted meager growth in October, which may be just enough for the economy as a whole to avoid contraction in the last three months of 2012.

However, public borrowing figures also released on Friday showed that finance minister George Osborne has a lot of catching up to do to meet updated forecasts published earlier this month given the poor economic outlook.

The Office for National Statistics said services output grew 0.1 percent on the month in October, recovering from a 0.6 percent drop in September.

However, this is far behind the 1.2 percent growth that the sector enjoyed in the third quarter, which helped drive an overall 0.9 percent expansion in the economy as a whole in the three months to the end of September.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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