British austerity not working

As predicted:

UK austerity measures to check growth [telegraph.co.uk]

Quote : Britain's growth over the next three months will be roughly one third the pace of other major world economies, according to forecasts from the Organisation for Economic Co-operation & Development, as the first full round of austerity kicks in.

Pain of British Fiscal Cuts Could Inform U.S. Debate [nytimes.com]

Quote : But in Britain, one year into its own controversial austerity program to plug a gaping fiscal hole, the future is now. And for the moment, the early returns are less than promising. Retail sales plunged 3.5 percent in March, the sharpest monthly downturn in Britain in 15 years. And a new report by the Center for Economic and Business Research, an independent research group based here, forecasts that real household income will fall by 2 percent this year. That would make Britain’s income squeeze the worst for two consecutive years since the 1930s. All of which has challenged the view of Britain’s top economic official, George Osborne, that during a time of high deficits and economic weakness, the best approach is to aggressively attack the deficit first, through rapid-fire cuts aimed at the heart of Britain’s welfare state.

U.K. Manufacturing Output Falls as Recovery Doubts Persist [businessweek.com]

Quote : Oct. 11 (Bloomberg) -- U.K. manufacturing fell more than economists forecast in August, adding to signs that the recovery continued to struggle in the third quarter. Factory output fell 0.3 percent from July, when it declined a revised 0.2 percent, the Office for National Statistics said today in London. The median forecast of 24 economists in a Bloomberg News survey was for manufacturing to fall 0.2 percent. Overall industrial output, which includes mining and oil and gas, rose 0.2 percent on the month.

Will this give pause to the deficit hawks here? Doubtful.

The problem with the opposite of austerity, is that eventually you run out of other peoples money, you cant even borrow it, then you really face total calamity. Its better to correct fiscal insolvency before you face Greek proportions.

Quote from EscapeVelo : The problem with the opposite of austerity, is that eventually you run out of other peoples money, you cant even borrow it, then you really face total calamity. Its better to correct fiscal insolvency before you face Greek proportions.

You can't directly compare the largest economy in the world with Greece.

Different rules apply.

When you owe the bank $10K, they own you. When you owe the bank $10B, you own them cause they can't afford your bankruptcy.

Define "not working". If you define "not working" as reductions in consumer spending, then all I have to say is DUH DURRRRR. The alternative is more of the same - borrow and spend. The problem with that is that at some point, there will be no more borrowing. By then, you're so far up shit creek all hell will break loose.

People do not like austerity measures because the milk starts to trickle from the teat.

Quote from 124nic8 : When you owe the bank $10B, you own them cause they can't afford your bankruptcy.

no, it just means both eventually go down in flames...better to have low growth and long-term survival, than keep chugging along enjoying the view and oblivious to the cliff edge coming up ahead....your myopic philosophy is just that...when you want to lose weight because you are heading to a heart attack, you have to diet and suffer some hunger pains until you get better, otherwise youi keep enjoying your big heavy meals until you die sooner rather than later...the same with debt..to reduce it one of the byproducts is slower growth until you work it off...otherwise you can keep enjoying your big fat heavy meals until the heart attack hits and it's all over...

I dont expect you to understand the analogy nor the economic facts...socialists never do, that's why socialism is a failure everywhere it was tried.I know i'm wasting my time replying to you, but others out there might benefit from having an open and logical mind.

Quote from Dr. J : Define "not working". If you define "not working" as reductions in consumer spending, then all I have to say is DUH DURRRRR. The alternative is more of the same - borrow and spend. The problem with that is that at some point, there will be no more borrowing. By then, you're so far up shit creek all hell will break loose. People do not like austerity measures because the milk starts to trickle from the teat.

Yeah, I hate that.

People are starting to save!

Run for the hills!

Quote from Danman114 : People are starting to save! Run for the hills!

Might as well cause there won't be any jobs.....

British Austerity fails because it cannot produce growth. The EU is a complete failure and looking to the US to grow the world economies.

USA #1

Right-wing austerity programs are working very well, actually. A starving people are a compliant people.

Quote from gunnerusa : Right-wing austerity programs are working very well, actually. A starving people are a compliant people.

This.

Quote from gunnerusa : Right-wing austerity programs are working very well, actually. A starving people are a compliant people.

Quote from MadisonAlexa : This.

farking pathetic.....

Quote from OhNoItsDEVO : farking pathetic.....

Meaningless drivel.....

Quote from 124nic8 : Meaningless drivel.....

And what would you classify the two statements I quoted as?