The riddle of the deficit (or deficits for Dummies)


Riddle: When is a ‘deficit’ not actually a deficit? Answer: When it’s a Government budget deficit.    Dear [insert name of virtually any Journalist or Politician] It seems that you’re still having a bit if a struggle to understand what … Continue reading

Has Austerity led to a Recovery? (Hint: No)


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Did austerity lead to recovery? No, GDP was increased by government spending By Michael Burke First posted on Socialist Economic Bulletin 9th September 2013 The government and its supporters have been quick to claim that the most recent GDP data … Continue reading

Investment Slump Greater Than Whole Loss of British GDP


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First posted on Socialist Economic Bulletin  Monday, 10 December 2012 Investment Slump Greater Than Whole Loss of British GDP By Michael Burke The latest estimate for Britain’s GDP growth in the 3rd quarter of 2012 left the initial estimate unchanged with growth of … Continue reading