Not only is the country back into a double-dip recession, but the economy is even growing slower than the Eurozone, where Q2 GDP only shrank 0.2%.
A big culprit is the austerity agenda of Prime Minister David Cameron, who came into office in 2010. Cameron cut government spending, with the aim of restoring confidence and unleashing the private sector.
The path has been such a flop that economists who supported David Cameron when he came into office are now urging him to back off, and re-pursue an agenda of infrastructure-driven growth.
But in the eyes of Cisco CEO John Chambers, Cameron has successfully pursued a pro-growth agenda.\
Wednesday, August 15, 2012
They know even less than what they say.
by Atrios at 22:25