28 Jan '14, 4pm

3 big problems with today's GDP figures

3 big problems with today's GDP figures

January 28, 2014 // By: James Meadway Figures for GDP out today show the UK economy has grown steadily over the last year or so, up 1.9% on this time last year. Naturally, David Cameron and George Osborne have talked this up to the skies as evidence that their “long term plan” is “working” . On top of latest unemployment numbers, showing more people returning to work, they think they have reasons to celebrate. A victory in next year’s election may just be on the cards. Unfortunately, this is a “recovery” built on sand. There are three main problems here. 1. This economic growth is doing very little for most of us. Average real earnings have fallen, year after year, for the last five years : the longest period of sustained decline in living standards since Queen Victoria was on the throne. Until the growth turns into sustained increases in real earnings, GDP is little more ...

Full article: http://www.neweconomics.org/blog/entry/a-recovery-based-o...

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