I’ve always remained certain that the bullsh*tters run out of road in the end. Darling, Brown, Geithner, Rehn, van Rompuy, Schäuble, Bernanke, Cameron….they’ve all been exposed as speakers of the bovine excrement. Now it’s Osborne’s turn. How sweet is the irony that the ultimate Barclay bumboy bullsh*tter Philip Baldrick at the Telegraph is the man bearing the bad news; and how typical that, even at this late stage, he still manages to use the risible R-word:
‘Britain’s economic recovery is failing to help the public finances as government spending continues to rise, official figures show…..Borrowing rose to £500m in July, excluding one-off effects, as welfare and local government costs offset an increase in tax revenues – falling far short of forecasts of a £2.9bn surplus.’
Yes, we present Spot the Flaw, a daily game here at The Slog in which f**kwitted Chancellors and central bankers, EC bureaucrats and German autistics vie for the title of Economic Page One Complete Horlicks (EPOCH).
There is no recovery: it was invented by Osborne’s brazen abandonment of Treasury models in favour of his own coke-fuelled Meccano set.
There is no debt repayment going on: the deficit continues to get bigger.
No corner has been turned: we did veer to the Right, but it was a cul-de-sac.
The banking system is not gaining in strength: Lloyds showed this earlier today – and we still have RBS to face.
There is no housing boom: it has been brought on by HTB, and massive builder discounting.
Time to get real.