Triple Dip

Triple dip may sound like a tower of yummy ice cream but it refers to what’s what with the British economy. They’re facing a triple dip recession because of the austerity policies of the Tory/Lib Dem Coalition government. The formerly center-left Lib Dems were supposed to restrain the Tory’s Thatcherite impulses but they joined hands and jumped off the cliff with them.

Why am I banging on about this? Our conservative are big on cutting and austerity and it’s not gonna work viz Dean Baker in the Guardian:

The news that the UK, with negative growth in the fourth quarter of 2012, faces the prospect of a triple-dip recession,
should be the final blow to the intellectual credibility of deficit
hawks. You just can’t get more wrong than this flat-earth bunch of
economic policy-makers.

They’re pretty much batting zero. They
failed to foresee the collapse of housing bubbles in the US and Europe
and its consequent downturn. They grossly underestimated its severity
after it hit. And their policy prescription of austerity has been shown
to be wrong everywhere that applied it: in the US, the eurozone and,
especially, the UK.

By all rights, these folks should be laughed
out of town. They should be retrained for a job more suited to their
skill set – preferably, something that doesn’t involve numbers, or
people.

Of course, the Guardian is a left of center publication and has <drum roll> Socialists <shudder> on its staff so the GOP won’t listen to them but the UK is a cautionary tale for any sane folks out there. I cannot believe that I used GOP and sane in the same sentence.

Thus far we’ve avoided a double dip recession thanks to President Obama and Senate Democrats but if it comes it will be topped with nuts. Wingnuts.

3 thoughts on “Triple Dip

  1. Snarki, child of Loki says:

    “They should be retrained for a job more suited to their skill set..”
    …doesn’t the UK have menial jobs that involve mucking out stables? Or does that require too much smarts for the pundits of very little brain?

  2. pansypoo says:

    stop being nice to BANKS.

  3. MapleStreet says:

    Pansy,
    Ran yesterday on my TV News page, from AP (so probably in the last few days AP).
    People getting unemployment are being hit with service fees for getting unemployment. “Banks including JPMorgan Chase & Co., U.S. Bancorp and Bank of America Corp. seized on government payments as a business opportunity.” And if you want to have the money direct deposited to your bank account instead, you have to jump through some hoops. Although there is the advantage to the consumer that if you don’t have a bank account, you can avoid fees that you would have paid for cashing an unemployment check.
    http://www.heartlandconnection.com/news/story.aspx?list=194784&id=853557

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