UPDATE | The cry of an innocent | David Cameron is disappointed by his “remarkable achievement”

Cameron’s Remarkable Achievement – NYTimes.com

When David Cameron became PM, and announced his austerity plans — buying completely into both the confidence fairy and the invisible bond vigilantes — many were the hosannas, from both sides of the Atlantic. Pundits here urged Obama to “do a Cameron”; Cameron and Osborne were the toast of Very Serious People everywhere.

Now Britain is officially in double-dip recession, and has achieved the remarkable feat of doing worse this time around than it did in the 1930s.

Britain is also unique in having chosen the Big Wrong freely, facing neither pressure from bond markets nor conditions imposed by Berlin and Frankfurt.

Now, the defense I hear from Cameron apologists is that the austerity mostly hasn’t even hit yet. But that’s really not much of a defense. Remember, the austerity was supposed to work by inspiring confidence; where’s the confidence? Basically, the expansionary aspect should already have kicked in; it’s all contraction from here.

Needless to say, Cameron and Osborne insist that they will not change course, which means that Britain will continue on a death spiral of self-defeating austerity.

Source:

@ Cameron’s Remarkable Achievement – NYTimes.com.

Britain’s return to recession is “very, very disappointing”, Prime Minister David Cameron said today, but he insisted the Government will stick to its programme of austerity and deficit reduction.

The Office for National Statistics today announced the 0.2% decline in gross domestic product (GDP) in the first quarter of the year which, after a fall of 0.3% the previous quarter, has triggered the UK’s first double-dip recession since the 1970s.

Labour leader Ed Miliband told the House of Commons that the figures were proof that the Government’s plan has failed, describing the downturn as “a recession made by the Prime Minister and the Chancellor in Downing Street”.

“Over the last 18 months since his catastrophic spending review, our economy has shrunk,” Mr Miliband said at Prime Minister’s Questions…

Source:

Read More @ David Cameron disappointed at Britain’s return to recession – Business News – Business – The Independent.

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