UK GDP Slumps 0.7% in 2Q, Biggest Fall Since 1Q 2009

[her209]

http://online.wsj.com/article/BT-CO-20120725-705266.html

-- UK economy shrinks 0.7% in second quarter

-- Nine consecutive months of economic contraction

-- Output is 4.5% below its pre-crisis peak in 1Q 2008

I bet those Brits are wishing they had voted for "the other guy" now.

 

[Jhhnn]

But, but, Austerity! Lower deficits! Smaller govt! Tax cuts for Jerb Creators! Confidence!

Gawd, but the uber rich must love the smell of a good depression in the morning. It's the best time to be rich, when the lower classes show the proper deference, when they're grateful to get anything at all, even a beating.

 

[Anarchist420]

Good for them.

 

[Matt1970]

They should just borrow and borrow and borrow till they are spending close to 20% of their total revenue on interest on their debt.

 

[Jhhnn]

They should just borrow and borrow and borrow till they are spending close to 20% of their total revenue on interest on their debt.

Heh. Or they should just cut taxes, particularly for the Rich, so that the Rich can have more money to shelter in govt securities. It's what Repubs have been doing in this country for 30 years, beginning with St Ronnie.

Govt debt has served as cover for a truly massive shift of income to the tippytop and a massive shift of capital offshore. Taking that away means taking away the illusions of middle class righties, who wouldn't be middle class at all if their dreams were fulfilled, but they don't know that, can't see it, because they worship the Wealthy at the altar of greed.

 

[MovingTarget]

Paging HAL, people are discussing the UK in ATPN. I repeat, discussing the UK in ATPN.



Well, it isn't news that Europe is still in the midst of a recession. The worst part is that it is self-inflicted by austerity measures.

 

[fskimospy]

Failing economic policies continue to fail. Shocker. The confidence fairy will appear at any moment though, don't you guys worry!

 

[Matt1970]

Heh. Or they should just cut taxes, particularly for the Rich, so that the Rich can have more money to shelter in govt securities. It's what Repubs have been doing in this country for 30 years, beginning with St Ronnie.

Govt debt has served as cover for a truly massive shift of income to the tippytop and a massive shift of capital offshore. Taking that away means taking away the illusions of middle class righties, who wouldn't be middle class at all if their dreams were fulfilled, but they don't know that, can't see it, because they worship the Wealthy at the altar of greed.

We will just keep kicking that can down the road. How much do you think the Government can cover those "missing wages" when it is paying 20% of it's total revenue on interest on the debt?