by Michael Smith (Veshengro)
What do they mean “return of recession”? I had not noticed it had gone anywhere.
A double-dip recession is possible because of the measures that were announced in the emergency Budget by the coalition government, warns the government's new economic watchdog.
Respected economists Sir Alan Budd and Geoffrey Dicks, from the Office for Budget Responsibility, have told the Treasury select committee that the measures announced could harm the economy. And, certainly, they could harm our economy that is built on the growth model. This shows, yet again, that we must get away from that model and that rather yesterday than tomorrow.
According to both those figures from the OBR the chances are for a double-dip recession, but let's face it... those chances have been there for a while and most economists, in fact, have been saying that this was something that could happen.
The most interesting bit is that they think the recession could return, considering that, as far as most people are concerned, including economists with brains, it has not, as yet, gone away, and that despite all the massaged figures.
The fact is, however, that we have little other chance as to do as the government outlined as to deficit reduction for otherwise the country could be bankrupt sometime in the future.
This proves, yet again, that the words of America's founding fathers were so very prudent and right in that they stated – shame no one has taken a blind bid of a notice – that a nation must never ever be indebted to any bank or foreign country (my paraphrasing).
Shame not one country seems to have understood this message, and this message also, in my opinion, applies to us, as people, in general, in that debt is a bad thing.
© 2010
