Knowing and partly knowing

I will vote according to prejudice, but this is not entirely my fault.

Andrew this morning was incredulous and sardonic: “The Government say the economy has grown, but what is the value in that when we are all worse off?” He tells me that the GDP growth since 2010 has been smaller than the population growth.

There you have it. A factoid, which I have from Andrew, whom I trust because he is a retired accountant so should understand these things, and a Quaker so should attempt truthfulness.

Conclusion: more Tory lies.

Then my prejudice kicks in: that is before we consider that the benefit of economic growth has gone to the richest- my impression from various sources, which I can’t remember reading or hearing in exactly those terms but believe; and that GDP includes consumer spending, so our economy “grows” if we spend more on imports.

What do I make of this? The UK had either the biggest debt in the world or the lowest debt in the G7, says HuffPo. I had heard of Public Sector Borrowing Requirement- oh gosh, back in the 80s, it may not even be a thing anymore- but not PSNB which is Public Sector Net Borrowing. I look at that word “Net” which I understand, and wonder what the whole phrase might mean. “Total borrowings” says HuffPo, which is different from the budget deficit: 11% rather than 7.7%.

The debt in 1997, when Labour replaced the Tories, was 42% of GDP, and now it is- oops, the article does not say. In 2008 the debt was 35%. The deficit in 1997 was 3.9% of GDP, and 2.1% in 2008.

You know the difference between the debt and the deficit, of course, you have been paying attention over the last seven years.

I am happy to conclude, more Tory lies.

I hear that 25% of the “new jobs” the Tories claim are Zero-hour contracts. What is to stop an employer needing a steady 350 hours’ work a week employing 35 people and giving hours to the ones who give it least trouble? Who cares about the workers? Not the Tories who want to increase benefit sanctions to destroy the safety net and so drive workers into jobs which do not provide a living wage…

That last paragraph is me emoting, but there are facts to be rational about, somewhere, here.

dismal science

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