Mar 12

Ed Conway@EdConwaySky Oh dear. BIG fall in manufacturing output in Jan: down by 1.5% month on month. Economists had expected 0%. IP down 1.2%. Nasty

Economists might be fooled but no one else is. When you favour the loss making financial industry over manufacturing what can you expect? When you favour asset prices and speculation over savers and investors what can you expect?

Of course the rich share of tax payments will rise and this will be used as proof of efficacy and more reasons to kick the poor into jobs that have not raised National Output. Indeed I would make the case to Osborne that as he claims to have raised employment but not output Public Sector Workers must be more productive. It’s as logical as giving money to the rich. In the US this spiral of stupidity has left 15% on food stamps and this is likely to grow with the rich likely to use it as a justification to a supine middle class that their taxes pay for others.

It’s just a death spiral or debt spiral where you weaken the real economy and then say the rest of the economy is dependent on the subsidised and criminal Financial Sector.

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