Triple Dip Recession in UK More Proof that Austerity is Failing

Avatar:
Ben Cohen
Author:
Publish date:
Social count:
17

Wow, this is getting tiring. How much more proof is needed that austerity measures are not working in the UK?:

Britain's economy shrank more than expected at the end of 2012 with a North Sea oil production slump, lower factory output and a hangover from London's Olympics pushing it perilously close to a "triple-dip" recession.

The country's gross domestic product fell 0.3 percent in the fourth quarter, the Office for National Statistics said on Friday, sharper than a 0.1 percent decline forecast by analysts.

The news is a blow for Britain's Conservative-led government, which a day earlier defended its austerity program against criticism from the International Monetary Fund. It needs solid growth to meet its budget targets, keep a triple-A debt rating and bolster its chances of winning a 2015 election.

The UK's finance minister George Osborne is sticking to his guns, asserting that cuts across the board are the only way to balance the budget and restore the country back to fiscal health. This despite warnings from the IMF that he should slow his budget cutting measures down - a sign that the Conservative government is incapable of reacting seriously to the facts. The Tories' economic philosophy does not correlate to reality, and rather than accept they are wrong, they are embarking on a course that exacerbates cuts rather than stemming them. There's no need to go into the banging-your-head-against-a-brick-wall analogy; they are behaving idiotically and the country is suffering tremendously because of it.