A dose of curative double dip

We might not have a choice

The joke about Harry Truman asking to see a one armed economist so that they couldn’t say “But on the other hand” has lasted because it is true. How true was proved again this weekend when a group of ‘esteemed’ economists wrote a letter attacking George Osborne’s deficit reduction plan. Sure enough, another group of esteemed economists were soon on hand to defend George Osborne’s deficit reduction plan. What’s a Chancellor to do?

If the economy was roaring back to health we wouldn’t be hearing any of this. But it isn’t. While there are bright spots in areas such as employment economic growth as a whole is anaemic to non-existent and forecasts are being regularly downgraded. But it may well be an economic and political mistake to expect any better.

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