As Alistair Darling follows his actually rather terrifying “do something rather than nothing” approach to lessening (and let’s not be mistaken; this is only about lessening, not fixing) the impact of the global economic crisis/slowdown, I once again find myself asking the very question that Hugh Pym asked in the abovequoted piece for the BBC.
Also, I’m certainly no economist, but another question I find myself asking is this: ultimately, will even these high degrees of government borrowing actually adequately address the problem? Darling forecasts that the annual budget (excluding investment) will be back in balance in 2015. But if Treasury forecasts were to be relied upon, shouldn’t we — or rather, they — have seen the current predicament coming?
Maybe we just need to accept that we have to hunker down and take what we’ve had coming for rather a long time. This strikes me as merely a postponement — and one, for that matter, that might actually make things even worse in the long run.
Like I said, I’m no economist. But is Alistair Darling?
Captain of the Titanic: We’ve hit an iceberg!
Alistair Darling: No problem, we’ll just make another hole to let the water out!
