David Cameron pls
In 2010 the UK economy was recovering from the Global Collapse of Capitalism, it had a real GDP growth of 2% over the previous year. When this happened the newly elected government began more austerity. In each of the next two years growth was .04%. This austerity was justified on the claim that there was debt crisis looming that never happened. In fact government debt interest rates fell… a lot.
In the face of this reality the UK government is presenting a picture that everyone agreed that this austerity was the correct choice, there was no other, thereby justifying the terrible impacts it has had on people. They also claimed the crisis was the fault of the fiscal policy of the previous government. Finally they claimed that austerity would produce economic recovery.
The previous government was not at fault. There was no consensus that austerity was the only choice. Finally the austerity did not produce recovery; in fact it’s probably hurt it.
The governments in the Euro Zone were all saying that austerity was the key. “City” economists were agreeing. The IMF was in line with this idea and journalists were happy to back them up.
So why did none of these people predict the 2013 period of recovery? More importantly, are they going to apologize for getting it wrong? Are they going to apologize to all those hurt by the austerity?