Thursday, February 22, 2024

The growth myth

Section:

Vladimir Lavrentiev reports on the flaws in the reporting of ‘economic growth’

 

The British press used to unanimously spout the story of a ‘double dip recession’ and now they are attempting to put the agenda of economic growth into the headlines.

 

Even Philip Aldrick wrote in The Telegraph: “Signs of a resurgent economy follow the sharp rise in growth in the second quarter to 0.6 percent”. Unfortunately, journalists’ understandings of the figures are amateur at best. They stem from hearsay understanding of economics instead of one that comes from mathematics textbooks.

 

The economic reality is that we have been in a state of economic stagnation since 2009. Calling two quarters of nominal fall in GDP a recession as the press did last winter is like measuring your penis for six months and falling into panic when your final measurement has decreased by 0.2 of a hundredth of what it used to be. The same can be said for such insignificant growth.

 

The reality of the British economy since 2009 has not been growth, it has been stagnation suggests Vladimir Lavrentiev
The reality of the British economy since 2009 has not been growth, it has been stagnation suggests Vladimir Lavrentiev

Not only do the statistics not take into account all the cash-businesses, but once inflation is factored in, Britain’s real growth (economic growth with inflation accounted for) is at a very steady decline. The media feeding us nominal growth figures could be compared to a geography teacher who takes a measurement with a 10-inch ruler and then rewrites his findings to say that these now measure 12-inches. As justification of this claim, he states that his ruler has grown.

 

The suggestion that the figures will “make confidence grow” does not magically ensure economic growth. In 2006, business confidence was very high and totally oblivious to the cliff ahead. Irrational confidence is dangerous. We must ensure that we are not the junkies standing on a window-ledge looking at the cheap credit five floors beneath us.

 

To talk of anything less than 1% real growth as growth is a rather comical merry-go-round of the macroeconomic incompetence of today’s voting population, their media manipulators and the politicians that have derived from them. We deserve a better quality of reporting and a political class that will allow us to feed on more than just the placebo effect.

 

 

Subscribe to our free once daily email newsletter here.

The Steeple Times
The Steeple Times
We research and background check our articles. If you believe we have made and error in some detail please get in touch, we seek always to write the truth and stand against a press owned by a self selected few. Please help us, we will accept all your likes, subscriptions and anonymous suport. The Editor and his team at the Steeple Times.

1 COMMENT

  1. ‘We must ensure that we are not the junkies standing on a window-ledge looking at the cheap credit five floors beneath us.’

    Well said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

£1 per week Supports The Steeple Times

Help journalism to remain honest & independent. You can make a difference to the world today.

3,573FansLike
2,068FollowersFollow
16,731FollowersFollow
4,962SubscribersSubscribe

Subscribe For DAILY NEWS

Please subscribe, like and share this unique site, it helps us tremendously. The Steeple Times in return will send you an email at noon each and everyday, that we sincerely hope you will enjoy & look forward to seeing in your inbox.

AD
Advertisement

Trending Now

A Question Of Tyres And Tires

Matthew Steeples assesses the debate between “tyres” and “tires” and finds “attire” to form the key to the answer to a topic that has bizarrely incensed ‘Disgusted of Tunbridge Wells’ types for decades.

Most Popular Articles

The Phil & Matt Show

Phillip Schofield filmed smoking shisha with his alleged ex-lover Matt McGreevy (and pictured in bed thereafter); another image shows the pair together in photograph...

Was Mucky Minx Meghan Markle A ‘Yacht Girl’ For ‘Randy Andy’?

As author Kirby Sommers suggests that the then Meghan Markle likely spent time with Prince Andrew and Jeffrey Epstein before she met Prince Harry, we again highlight the mucky, murkiness and mendacious manner of this alleged “yacht girl.”

SchofieldLite

‘Politicalite’ suggest Phillip Schofield orchestrated his ‘mass coming out’ after a former ‘This Morning’ runner had gone to the press about a supposed relationship...

Meddling Meghan Markle Expose – Attwood, Hopkins & Steeples

Expose interview with Matthew Steeples by Shaun Attwood and Jennifer Hopkins about the former Meghan Markle watched over 73,000 times in 16 hours since it aired; Steeples condemns hapless Prince Harry and his meddling menace wife.

Ampika Pickston

Oldham born divorcee and former glamour model Ampika Pickston describes herself as “feisty, fun loving and warm hearted”. Now based in Hale Barns, Cheshire...

Justice for James Scurlock

Power of social media proven after senseless killing of James Scurlock in Omaha, Nebraska allegedly by a controversial bar owner named Jake Gardner who has been photographed with Donald Trump.
[td_block_6 custom_title="Most Liked..." sort="popular7"]