Economics

The Recession Strikes Back

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Chris Harman wonders whatever happened to the US economy's 'new paradigm'.

Some people lose valued possessions. Some people lose their memories. But it is not often that people lose an economic crisis. Yet this is what happened to many mainstream economic commentators a few months ago. Now they have found it again, and some are absolutely terrified.

The Budget: Not Very Taxing on the Bosses

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A terrible squealing and squawking has been set up by the ruling class and their experts as they pretend to be 'shocked' by Gordon Brown's Budget.

Stephen Radley, chief economist at the Engineering Employers Federation, set the tone when he told the 'Financial Times' on 19 April of 'widespread anger' among his members. 'Some of them feel they have been shafted by the government,' he whined. Ian Fletcher, head of policy at the British Chambers of Commerce, was equally furious. He complained that the rises in National Insurance contributions for the poor and the workers were to some extent 'cushioned' by tax credits for families with children, while tax cuts for 'business' had been 'overshadowed by the scale of the tax rises'.

No Time for Misplaced Optimism

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Is the recession coming to an end? Chris Harman is sceptical.

Soon after Greg Dyke took over as head of the BBC he decreed that its coverage had to be much more friendly towards big business. One consequence of this is a second god slot in the 'Today' programme--only the god this time is not called Jehovah or Allah but money. The slot, for those of you who don't get up so early, runs from 6.15am to 6.25am, when it gives way to the lesser god of sport. One message comes blaring through, day after day. There is no need to worry about the economic crisis. It never hit Britain, and if it did it's already over, not just here but in the US as well.

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