Budget 2015: Failed Osbornomics & Failed Opposition

by Charlie_East_West on July 8, 2015


George Osborne stands up in Parliament to announce his additional 2015 Budget today. This is a budget for the affulent elderly, Middle England and hefty inheritance beneficiaries. It isn’t a budget for those struggling on welfare. In essence, it is a classic Tory budget. Tax cuts for those who don’t really need it, and screw anyone else who really needs a compassionate state-provided safety net. The £12 billion of welfare cuts determines the survival of the fittest ethos of this budget.

It is all rather dispiriting. There appears to be no real opposition to all of this – unless you are the SNP, Greens, Charlotte Church or Jeremy Corbyn. It is saddening to witness so many of the Labour leadership candidates meekly accepting the fates of a pro-austerity narrative and even endorsing Osborne’s dispictable austerity-led ideologies instead of fighting them head-on.

Will George Osborne stand up today and say he is “cleaning up the mess” of the last Government? Osborne’s self styled fib of an economic recovery has led to a lowering of living standards, deflation, flatlining growth and a huge spike in the national debt:-

– The Tories have doubled the national debt to £1.5 trillion.
– GDP per head of population is stil no higher than at the start of 2007.
– UK GDP per head is only 72% of US levels, and behind Germany’s 84% and even France’s 74%.
– 1 million visits to foodbanks in 2014.
– UK output per hour is still 1.7% lower than it was back in February 2008.
– A massive increase in part time workers and zero hour contracts since 2010.

This isn’t a recovery. This is a stagnant economy at best. It is an economy of two halves. A disasterous economy for the majority of people in the country – especially the poor and vulnerable. A boom economy for Osborne’s chums in the City or venture capitalists hoovering up soft assets in the public sector.

Prolonged austerity has stifled real growth. Osborne has largely ignored The sensible and sustainable methodology of producing policies to boost productivity growth. There is still a lack of demand and supply in the UK economy. It is an economy based on City wealth, speculation and housing bubbles rather than boosting manufacturing and diverse industries to secure full time employment growth.

You don’t cut your way out of an economic slump; you grow your way out of an economic slump. Unfortunately Osbornomics is a model based on doing the exact opposite. Take the case studies of Bill Clinton eliminating George Bush’s huge defict or Sweden’s deficit reduction programme in the mid 1990s – both were based on achieving economic growth rather than welfare or public services cuts.

Osborne is getting away with it. He, along with support from big business and media have peddled a myth that Labour “spend all the money” – while failing to disclose that the banks spent all the money and all Labour did was provide an essential bailout package that probably saved our entire financial system from complete collapse.

Osborne also fails to admit that during the 1997-2008 Labour administrations, UKplc ran at either an annual surplus or small deficit – until the 2008-2009 financial bailout. Meanwhile, the Tories since 2010 have leveraged up a whopping £750billion increase in our national debt – doubling it to £1.5trillion. This is a greater increase in debt than the entire history of Labour governments ever managed to accumulate.

Despite all of this, any message of failed Osbornomics is not being delivered by Labour – apart from Jeremy Corbyn.

Yes, the bastards are still winning. God help Labour. God help us all.

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