No Recession, but Big Policy Task

The economic ghouls may be disappointed that this week’s real GDP read-out for the quarter came without a minus sign. There is no hint of recession. The ‘fiscal stimulus for dummies’ book can go back on the shelf.  But one doesn’t need to be a ghoul to find plenty to worry about in the national accounts details. Although real GDP is still growing, it is not growing enough to match population growth — so real GDP per capita declined slightly in the year to the June quarter. That is another way of saying real living standards are stagnant — which…

All Rise to Clap Comrade Corbyn (Minimum 15 Mins)

In ‘The Gulag Archipelago,’ Solzhenitsyn recalled how someone toasted Stalin at a Communist Party conference and ‘stormy applause, rising to an ovation,’ broke out.  Stalin wasn’t present but the applause continued regardless. ‘Palms were getting sore and raised arms were already aching,’ he wrote, ‘but who would dare be the first to stop?’

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