I don’t think anyone would argue that the last Conservative government (and then Labour) decimated our heavy industry and replaced factory jobs with retail, IT, banking and welfare. More recently the never ending pursuit for profit has resulted in the off-shoring of even these jobs. I have witnessed my generation becoming reliant on a debt-fuelled retail and property boom. Both of these sectors were always unsustainable and I believe we have a great deal further to fall. What we are left with is a hollowed out economy, leaving scant remains.
We are told the nation is bankrupt. We have seen the cuts to spending result in demonstrations and civil unrest and this has only just started. We have reached a rubicon of taxation beyond which any more tax raising measures on ‘ordinary’ folks will actually reduce revenue and damage the economy further. The Government will not tax where the real profit is. The vital small business sector is held back by lending inertia and inflation has eroded profits. The pound in my pocket buys me about a third less than it did at the weekly shop two years ago. Meanwhile, with more and more folks like me signing on, the deficit and welfare bills are rising inexorably.
It would appear there are few options available and none are palatable. I suspect it will not be long before there is a mandatory work-for-welfare scheme seen as a return to the workhouse or new forms of slave labour.
The one major thing which bugs me about our government and the political and media classes is their apparent supposition that this is a temporary glitch and that in a few years we'll be up and running again.