Sunday, 30 December 2007

Earnings fail to keep up with debt

Here is a chart that every UK consumer should think about every time they go out shopping. Since 1993, real incomes have barely increased. However, household debt, adjusted for inflation, has exploded.

For the last fifteen years, personal debt is the fuel that has powered the UK economy.


Anonymous said...

And how does Gordon Brown plan on keep wages at such low levels? Easy! ...just keep those immigrants a coming.

" I want a pay rise "
"A rise? on yer bike I have 20,000 Poles who will do your job at half the price"

hmm...Thanks NuLabour

traderboy said...

immigration is a great thing. bring in the poles who will come and fix your plumbing for £10 an hour instead of £100 an hour, who will pick you up in a taxi for half the price, who will work hard for less money if you care to employ them.

of course the next thing that has to happen is lower benefits for the "unemployed" (read: Lazy/stupid), so reducing government spending (read: waste), and then we can cut taxes for everyone. the economy, and people who want to get educated and work hard, will be the winner.

We are getting deeper into a global economy and nothing can stop it now, especially dumb protectionist policies.