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Jim Callaghan discerned a seismic tremor in 1979 which ushered in the age of Thatcher, Free markets, deregulation and sanctified Ground.
Now I feel another. It ushers in the return of Labour values. For a quarter of a century most of the benefits of growth have gone to Finance and a greedy group at the top who toil not neither do they spin.
For most folk real average wages are stagnant, disposable income is less and cost pressures for food, fuel, utilities and council tax are rising. Everyone’s living with debt.
So the people can’t keep the economy going any longer. Their credit has run out. As for the elite, they can’t boost growth either because their money goes with saving, asset inflation, or overseas.
So demand is falling because income and wealth are so unequal. Mass consumption can only be sustained in a more equal society. We can only make it more equal by taxing the rich and spending on the rest to get the game going again. More fairly.
If we don’t we’re fucked QED, as Maynard said. |
