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The truths they don't want you to read....

Sunday, July 26, 2009

The economic miracle

Household borrowingIf you want to understand the 'economic miracle' that NuLabour were able to deliver, then a look at this graph explains how and why they achieved such high levels of voter satisfaction.

Yes, you got it, collectively the country borrowed it's way to success (sic) by almost doubling the amount of household debt and not giving a thought to having to repay it.

Much of this was mortgages, as bigger and better houses were guaranteed to give you a bigger and better windfall until someone saw that the emperor had no clothes, and the whole circus crashed to a halt.

And who presided over this cycle of 'growth' - both personal and corporate - and is now reaping the whirlwind he created...?

1 comment:

James said...

True, of course, on all counts, but graphs like this shouldn't start at 80%. Makes it look even worse than it was.