Vince Cable: People do not understand how bad the economy is

[xchrom]

http://www.guardian.co.uk/politics/2011/may/20/vince-cable-economy

Vince Cable has warned that the political class has not yet prepared the public for the scale of the underlying problems facing the UK economy and the coming squeeze on living standards.

In a frank interview with the Guardian the business secretary repeatedly referred to the time and pain that will be needed to restructure what he regards as a broken economic model.

"It is a challenge to us to communicate it better. I don't think it is understood that the British economy declined 6 or 7% – 10% below trend," Cable said. "We are actually a poorer country, mainly because of the banking crash, the recession that followed it and partly due to the squeeze we are now under from the changing balance of the world economy."

He argued: "Britain is no longer one of the world's price setters. We take our prices from international commodity markets driven by China and India. That is something we have got to live with and adjust to. It is painful. It is a challenge to us in government to explain it. The political class as a whole is not preparing the public for how massive the problem is."

[ixion]

1. and the US is walking the same path

we've got a badly broken economic model, and we've yet to admit it. Right now, everyone is pretending that a 'recovery' is underway, when in fact it's a Dead Man Walking.

[Ghost Dog]

2. + Just think: Without the City of London's 'invisible' earnings, the UK economy would be the size of

I don't know, Belgium's, probably...

... And all because of the 'poodle relationship' with the USA.

Edit: :hippie:

[xchrom]

4. +1

[Wilms]

3. How dare they print such a thing when the Honeymoon is barely over.

[axollot]

10. Nothing unites Britons like a wedding. Especially a fav like William.

Britan is awake and still light years ahead of us progressively. Cameron is an arse but the folks hit the streets in droves for the smallest infractions. A side note, the Crown property is well paid for in tourist money! The Queen is notoriously serious about her country and they sure can recycle. LMAO. Also love the Queen's open hatred all things Cheney. She loaths him.

Cheers
Sandy

[mountainlion55]

5. I guess its just me

But fuck she looks like she's smirking:nuke:

[autorank]

6. k*r Here'sREAL unemployment

When you count all the people able to work, who want to work, unemployment is around 22-23%.

Lets stop the 9% bull shit and recognize the breadth of the problem. This is where the pain
comes from. (Check out http://shadowstats.com for some accurate figures)


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Alternate Unemployment Charts

"The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.

"The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment."

[Demeter]

7. I Suspect People Understand Nothing Anymore

They've been lied to for at least 30 years about EVERYTHING, and before that about most things.

The more science digs up the truth, the more the scalawags seek to rebury it under their particular brand of garbage.

The more actual factual news gets out, the higher they pile the insult, innuendo and lies, damn lies, and statistics.

And worst of all, I don't Understand either camp, the liars nor the lied to. What are they thinking?

[xchrom]

8. +1

[LeftishBrit]

9. People do understand that the Cameron government is making it even worse!

He is right about many of the problems, but massive frenetic cuts for cutting's sake, not to mention the proposed 'reforms' (i.e. partial privatization) of the NHS will not help in any way.

Vince: please, for your own sake, resign and stop enabling the Tories. They will toss you overboard sooner rather than later, in any case. Go on your own terms, and keep some dignity.