Wednesday, October 05, 2011

Time For More Austerity

Because it's working great.

The UK economy grew by 0.1% between April and June, less than the 0.2% estimated previously.

Output from the service sector grew by 0.2%, compared with the previous estimate of 0.5%, the Office for National Statistics (ONS) said.

The upshot is that the economy hasn't grown for nine months (the economy contracted by 0.5 per cent in the fourth quarter of last year).

There isn't even any coherent theory why austerity "should" be working. It's just...1) suffering 2) ?? 3) profit!!!