Link: Burning our money: What If There Is No Growth To Share?.

When Wat Tyler is on form, the rest of us might as well stay quiet. His "picture book version of the Forsyth Tax Commission Report" should be studied by all. I defy you to read the linked post and retain any shred of belief in the great myth of recent British politics; Labour's "economic competence." In truth, they have taxed and spent, just as they always do. It is the only idea they have ever had and a very destructive idea it has always been.

The effects this time have been masked by imprudent borrowing (by Government and individuals). Cheap credit has made cars and holidays easy to "afford" and the resulting feelgood factor has kept Labour in position for longer than usual. The result is even more damage than they usually do. When property prices adjust to reality, everyone will find themselves as poor as they have always been (but were too busy spending borrowed money to notice). What fools we mortals be.

Do please read the whole thing. And subscribe to "Burning our Money" while you are about it.