Last wee kHa-Joon Chang in The Guardian,[George Osborne’s description of the economy is near-Orwellian], (Friday 26 July 2013), commented on the latest GDP figures.
Including the last quarter, the UK economy has grown by just 2.1% during the 12 quarters since the current government came to power. This compares very poorly with the 2% growth that the economy had managed in just four quarters between the third quarter of 2009 and the second quarter of 2010.
It gets worse. During the past five years, the UK’s population has grown by 3%. This means that, on a per capita basis, the country’s income is 6.3%, not just 3.3%, less today than it was five years go.
Comment So the economy has not benefited from population growth after all then? As population growth outstrips economic growth we all get poorer! Of course that ignores issues of sustainability which GDP supporters ignore!