Ed Balls: Making my Job Easier, One Truth at a Time
10th Feb 2009 00:05:15
Yes, in absolute fairness to Ed Balls, he didn't use the phrase "completely and utterly buggered" with respect to the country's economy. He did say, though, that the recession was the most serious for a hundred years.
- Ed Balls, Labour Schools Minister
Christ, that's stronger language than most of the opposition. The BBC reports, with it's somewhat laughable forced even-handed line, that Balls has been playing down the remarks. Apparently, he didn't say that the effect on ordinary people would be worse than the 1930's depression. Yes, you heard it here first, folks. The most serious global recession for over a hundred years. Perhaps he just can't count, and thinks 1930 was more than a hundred years ago. Sounds fairly typical of a Labour minister, to be quite frank. One might argue that if they knew more maths, the economy would be in a bit better shape.
I'd like to take a moment from just "poking fun at Ed Balls" here for a moment and be serious. So if you're just reading for the mean comments, stop now and wait for the latest sarcasm-laced update.
The economy has got more down to go, and it's going to get worse. Our debt bubble hasn't nearly burst yet, and as pessimistic as that all sounds, it's undeniably accurate. Exactly how long the downturn will last is really unknowable. Two years, five years, ten years, it all depends on how one defines "recover", really. The Government have been less than useless though. Talk of recovery, recession, then recovery, and now the worst depression for a hundred years are doing nothing.
We can't lose hope. The economy isn't never going to recover, we're not going to get to 95% unemployment, we're not going to mass starve or have to eat bugs or turn into sun-god-worshipping druids. The economy built on debt is pretty much like a house being built on matchstick foundations. You didn't spend much money on the foundations, so you can buy a big TV and an Xbox, and have nice holidays, but eventually your house is going to come crashing down around you. Vince Cable (as usual) gets it right.
- Vince Cable MP, Liberal Democrat Treasury Spokesman
Oh, the house will be rebuilt, but it's going to take us years to clear the rubble and build proper foundations. Gordon Brown will be remembered as the man who presided over this horrific debt-based economy, and however much he tries desparately to pan off blame onto the banks, the buck stops with him. The Chancellor for ten years.
We'll recover, but we have to remember to live within our means. I just hope that once this all blows over, we don't elect another Labour Government, or we'll live to regret it.
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