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Originally Posted by Paul
I'm pretty sure you well telling us a few posts ago about the terrible economic decline for the last 40 years, so which is it  |
I’ve never said the economy has been in decline - indeed anyone could have quickly pulled out a long term chart of GDP and proven me wrong if I had.
However the economic growth has largely been as a result of selling everything off and borrowing (state and personal debt).
This isn’t mutually exclusive with my 40 years of economic failure line - as all we’ve done is saved up all the problems until right around now when we have to face up to the failure of privatisations or the fact the low tax economy was a myth.
The economy can also grow while inequalities grow, public services decline, living standards fall. The question is at that point who is the economy being run for the benefit of.
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How so ? How is that related to high interest rates (12 - 15 % IIRC).
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Even with higher interest rates homes were more affordable. There was also the big sell off of social housing, which I forgot to include above in the windfalls that the state pulled in.