Thursday, November 24, 2022

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.

 

blank

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.

blank
blank

 

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.

blank
blank
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.

3,089FansLike
2,068FollowersFollow
14,479FollowersFollow

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

Give Thanks Ghislaine – Mucky Madam Maxwell Gets Tofurky® Dinner For Thanksgiving 2022

Noxious nonce Ghislaine Maxwell will no doubt give thanks that she’s getting Tofurky® this Thanksgiving; the notoriously fussy eater will likely love this vegan nosh-up.

Waite Urges No Further Wait – Terry Waite CBE Calls For No Further Delay In Reviewing The Case Of Mark Alexander

‘The Steeple Times’ backs respected humanitarian Terry Waite CBE’s calls for a review “without further delay” of the conviction of Mark Alexander; the now 35-year-old was found guilty of killing his conman father on “circumstantial evidence alone” in 2010.

Cut Price Cairness House – 58% Slashed Off Price Of “Scotland’s most important Greek Revival house”

“Internationally important” Greek Revival Cairness House has its price slashed from £3 million to just £1.25 million in spite of it having been given a renovation that supposedly cost over £1 million.

Theresa May’s Wads Of Saudi Wonga – WTTC Speech in Saudi Arabia

Matthew Steeples questions if it is right for the former Prime Minister Theresa May to presumably taking wads of wonga to give a speech to the World Travel & Tourism Council in Saudi Arabia given the World Economic Forum ranked the country 141 out of 149 countries on gender equality.

Most Popular Artcles

Who REALLY is Omid Scobie?

An examination of the true character traits of the Duchess of Sussex’s PR peddling biased ‘bestie’ Omid Scobie by Nikolay Kalinin.

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.

Moron of the Moment – Prince Harry

With his marriage to the woman formerly known as Meghan Markle, Prince Harry has morphed into an utter bore   Prince Harry used to be a...

Scobie Orf!

‘MeGain’s’ bestie Omid Scobie deservedly gets slammed by ‘Yankee Wally’ Sadie Quinlan for getting her shut down on Twitter; this childish chap should now just ‘belt up, wrap up and shut up.’