Talkng the economy down

The Tories have spent the last week indignantly spreading dirt about one of Labour’s ‘Advisors’ spreading the same stuff. I wouldn’t mind too much but the Tories have a long and ignoble tradition of doing the same thing; the infamous demon eyes poster, for example. It is just slightly surprising that most journalists don’t want to look into this hypocrisy too deeply. I’m not quite sure what is going on there.

More worrying is the latest Tory attempt to talk the economy down, because damaging the economy affects all of us. At least it would be important if they didn’t have George Osborne as their Shadow Chancellor. I think he went just a little far when he said Britain had

“The worst public finances not just in the world but also since the Second World War.” George Osborne, 19 April 2009

Does he mean worse than Zimbabwe or Somalia or the mess Iceland finds itself in?

I don’t see our banks utterly collapsed as the government saved them. True – they shouldn’t have needed to save them but eventually we even may make a profit out of them. And however you calculate our inflation it comes out at between 1% and 5% which is somewhat less than Zimbabwe’s levels reckoned at 231,000,000% in July 2008.

The CIA –usually a good site for facts – reckons UK public debt is at 44% and we are the 42nd in the world below Japan, Italy, Greece, Belgium, France, Germany, United States, Austria and Norway among others.

Still, our journalists aren’t going to be overly critical about this slight Tory inaccuracy. It doesn’t seem to be in their interest to mention facts or reality at the moment.

BBC’s attempt at reporting
http://news.bbc.co.uk/1/hi/uk_politics/8006812.stm

CIA
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2186rank.html

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