Graph showing Osborne’s failure as chancellor

The below graph shows the trajectory of the US and UK economies under both George Bush and Barack Obama and Gordon Brown and David Cameron respectively. It pretty much speaks for itself.

The below graph shows the trajectory of the US and UK economies under both George Bush and Barack Obama and Gordon Brown and David Cameron respectively.

It pretty much speaks for itself.

Graph by http://azizonomics.com

6 Responses to “Graph showing Osborne’s failure as chancellor”

  1. NuLabour Nemesis

    The graph shows that in the course of a single year the UK economy contracted by twice as much as that of the USA, for which we can all thank Gordon Brown and Labour, who, in addition to allowing this to happen on their watch, also spent the entire prior decade setting us up for it.

  2. henrytinsley

    Looks like it’s done pretty badly under Osborne, in case you didn’t notice that bit of the graph. And that wicked lefty/socialist/Muslim Obama seems to have done quite a good job by comparison.

  3. Nicolas Motte

    Henry below has a point. But graphs only tell so much of a story… This graph is one that shows GDP. The crash in 2008 was a banking crash and depending on the relative size of that sector to a country’s economy, it makes the GDP dip lower. Finance in the UK is 10.5%, compared to 7.5% of GDP in the US, so a bigger dip and one that reflects the size of the industry: the overall worsening in the UK is 7% versus 4.5% in the US. Only natural.

    Secondly, you can’t blame Brown. The deregulation of banks and international finance was the product of Thatcherism and Reaganism in the 80’s.

    Also, If you go and look at the data, before Brown, the Tories consistently ran a deficit, except under Major, so both parties are guilty of deficit. http://www.guardian.co.uk/news/datablog/2010/oct/18/deficit-debt-government-borrowing-data

    The thing is, that’s not even a bad thing. Until the crash, the UK deficit and debt was perfectly sustainable. Debt was at around 40% of GDP, which is perfectly normal.

    Everyone’s entitled to an opinion, but at least do some research and try to understand some basic economics before talking nonsense.

  4. NuLabour Nemesis

    Your second paragraph is priceless.

  5. robertcp

    Osborne inherited a bad economic situation but he has managed to make it even worse.

  6. robertcp

    NuLabour may have a point that it is going a bit far to blame Thatcher and Reagan for a recession in 2007-8. The problem was that politicians like Brown and Blair continued many of the neo-lioberal policies that became fashionable in the 1980s.

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