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A criticism of the Conservative Coalition government in 2010-12 was not that debt increased, but that they didn't focus on economic recovery - but prioritised deficit reduction at the wrong time. The deflationary fiscal policy proved a drag on the recovery, making it one of the slowest on record.

Debt under Conservatives 2010-19

How austerity broke Britain - and how we can recover

"Economics is not a binary concept"

Big increases in in-work relative poverty rate are about much more than just low pay | IFS |

'Sapere aude'

by Oui (Oui) on Fri Nov 22nd, 2019 at 09:57:58 PM EST
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Economic recovery in The Netherlands

At the start of the crisis, government debt increased rapidly to 68 percent of the GDP in 2014. The accumulation of debt was mainly on account of state aid granted to financial institutions, falling tax revenues due to the economic downturn, and rising expenditure as a result of mounting unemployment. Recovery did follow after 2014. In 2017, government debt was in compliance with the European ceiling again (60 percent of GDP) for the first time since 2010. At the end of 2017, the Netherlands' government debt stood at 57.1 percent.

The Netherlands 10 years after Lehman Brothers

'Sapere aude'

by Oui (Oui) on Fri Nov 22nd, 2019 at 09:58:31 PM EST
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The key issue leading to the economic problems faced both in the UK and the USA after 1970 was the reduction of tariffs and the loss of capital controls. With commercial elites in charge of trade policy that policy was directed for their benefit while domestic economic policy was left to suck hind titty. Blame for the resulting problems was deflected onto abandonment of the gold standard after '71.

In truth, the problem was more one of pretending that gold standard rigidities regarding monetary policy still applied. That prevented either country from enjoying the potential benefits of the new free floating FX system with respect to domestic policy. The result was forgoing possibly as much as $100 Trillion of potentially available economic activity since 1971. The fact that national policy was dominated by fossil fuel interests and the military industrial complex were the other major impediments to achieving a better future.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Nov 23rd, 2019 at 05:41:40 PM EST
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Everybody knows the worth of their weight in gold since the London Conference of '33, quipped Hull.

Diversity is the key to economic and political evolution.
by Cat on Sat Nov 23rd, 2019 at 08:31:46 PM EST
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