Today I do.
We are told today that in the first quarter of this year the economy slipped into recession. This is bad news, of course.
Here is my situation.
I am nearly 50. I have a mortgage on a house I did not want to buy and which I could not really afford (thanks, ex wife – note the emphasis on the “ex” there), in a place I do not want to live.
There is no equity in the house. I got into debt and mortgage arrears for the same reason.
My former step son vandalized the house as an act of vengeance.
I am self employed. I have to work my way out of these problems, but there is not a lot of work about sometimes.
I am paying off my debts, bit by bit.
I do not have much of a pension, if any at all. Like many in the private sector.
I face the prospect of being poor and perhaps destitute in my old age.
I am frightened.
I am not an economist.
I think there is great force in the claim that Cameron and Osborne are indeed a pair of stuck up “Posh Boys” who have no idea what the real world is like. It is not for nothing that iDave’s own backbenchers gave him the nickname “Flashman.”
I follow a character on Twitter who has lost her job in the public sector. She faces eviction from her flat. If she is made homeless she can move into a hostel but they will not let her have her pet, a rescue dog that she has saved from cruelty. I follow her desperate search for a new job with a breaking heart.
I am far, far from averse to the implications of recession.
But when I hear Miliband and Balls frothing with excitement at the alleged failure of the Government’s economic policies I seethe with fury. Miliband’s self righteous glottal tones rile me. Balls, perhaps the most odious man in British politics, advances the simple policy of spending more with the curiously evangelical fervour of ruthless Bolshevik Commissar.
Both strike me as every bit as much out of touch Posh Boys as Cameron and Osborne.
Whilst I am no economist, whilst I need economy to prosper, this Government inherited and economy and Government finances which were little short of wrecked by a combination of utterly ruthless but incompetent bank lending and utterly unsustainable and profligate State spending.
If nothing is done to address the deficit, the cost of borrowing from the money markets goes up. The Government will suck in yet more and more money. Interest rates will rise. My mortgage, which is already crippling, will become unsustainable. I will face repossession.
The ultimate expression of Balls’ philosophy is Greece. Teetering on the brink of collapse, beholden to its lenders, its economy in tatters.
I am not averse to a bit of pump priming. But the Government must hold the line and bring State spending under control. Given the State of the near collapse of the grossly bloated financial sector and parlous mismanagement of State spending recession was inevitable. What form it took or takes is more uncertain.
For my part, with all the reservations I have outlined above, it seems to me that the imposition of proper fiscal control of State spending is necessary.
The Government may trim and adjust, but it must hold the line.
Reduce the deficit.