All entries for Wednesday 06 May 2015

May 06, 2015

Is it fear–mongering or are they afraid?

One thing I’ve found odd this entire election is the Tories attempting to blame the recession on Labour, and take credit for the recovery themselves. While we can influence a little the impacts of both, this was a worldwide recession, and we account for 3.9% of the world economy. If we look at that in terms of alcohol content, the idea that Labour were responsible for the crash is as realistic as running my car on Stella.

But the Tories are perpetuating this idea that letting Labour in is dangerous, as under them, the economy might crash again. Weirdly, they’re right. The fact is, the economy of the entire world is in a delicate state of recovery right now, and a second crash is certainly possible. And if the world economy tanks, it’s taking us with it, regardless of whether it’s Cameron or Milliband in Downing Street.

And that is what the Tories are afraid of. They know another crash might not be likely but is certainly possible. Now, you may say there’s very little difference between Labour and Tory economic plans, and you’d be right. Neither will make great shakes either way. But that’s the plan now. That’s the plan for recovery. What happens if we do crash? What if we end up in a Greece-like situation but with no EU bail-out available? How will we cope in that crisis?

It’s in a crisis like that you will see the true difference in the parties. What emergency fixes would Milliband consider? 90% top-tax rate? A raid on the bank accounts of the richest? Perhaps. One thing is for certain: those won’t be policy that a Tory cabinet even consider. They’ll first be looking at 30% VAT and a 25% basic tax rate.

And that’s why they’re afraid. It’s not about which party might ruin our economic recovery. It’s about who’ll be in power if the plans that both parties are mostly agreed on don’t work. It’s about who will bear the actual cost of a genuine economic emergency, should it occur.


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