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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6 Responses to “Austerity continues to stifle UK economy”

  1. samizdat says:

    “Austerity – the same foolish plan Republicans and Democrats want in the US…”

    There, fixed it fer y’uns…

  2. Kurt Weldon says:

    Austerity isn’t supposed to help the economy – that’s just the cover story. It’s supposed to hurt workers and other commoners. Austerity is the end, not the means. Once you plug that in, you realize it is in fact working flawlessly. The things you point to as signs of its failure are to its proponents indicators of success. It’s not going away easily.

  3. Blogvader says:

    Chris, you don’t think the Democrats are in on this?

  4. Hue-Man says:

    Why do the 1%ers insist on stealing from the poor so they can avoid austerity? Why doesn’t austerity apply to the Department of War? Where’s the austerity for the Polluting Oil Companies? Why are their entitlements exempt from austerity while the poor and elderly are not?

    I realize that reducing war spending, oil subsidies, agri-business subsidies may result in job losses but it would be better for these corporate overlords to find ways to be more efficient – fewer corporate jets, less executive pay, less extravagant waste, and even smaller profit margins.

  5. Sweetie says:

    “We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand.” — Alan Greenspan

    What is Pelosi’s particular argument, now that she is a Republican? After all, apparently only Republicans want this foolish plan to be implemented in the USA.

  6. Sweetie says:

    “the same foolish plan Republicans want in the US”

    “It is clear we must enter an era of austerity…” — Nancy Pelosi in 2010

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