Why GDP growth does not mean recovery for everyone
James Plunkett
This Blog first appeared on the New Statesman
It's fairly widely assumed that the outcome of the next election will pivot on the strength -- or otherwise -- of Britain's economic recovery. But what kind of recovery are we seeking? The perceived wisdom suggests that the key figure to look out for is strong and sustained GDP growth. Other stats -- like those for household spending released this week -- are pored over mainly for what they tell us about when growth will return.
Obama's trillion dollar question
Sophia Parker
It was only a month ago that America narrowly escaped a Federal government shutdown, caused by the intense difficulties of reaching a consensus on the 2011 budget. But if that skirmish seemed significant, it is nothing compared to the battle that is erupting between Democrats and Republicans over Obama’s 2012 budget proposals, and his accompanying plans for how to take $4 trillion out of the deficit over the next decade.
Making pay work: can the living wage provide a comprehensive route to improving living standards?
Matthew Whittaker & Kayte Lawton
Earlier this month, the living wage campaign celebrated its ten year anniversary with a gathering of two and half thousand supporters in central London. It is an important time for the movement, as it seeks to significantly extend the scope of the living wage by targeting major low-wage employers. Achieving this ambition is likely to raise new challenges, pointing to the need for a better understanding of the costs, benefits and potential trade-offs of the concept.
Will squeezed households really borrow more to prop up living standards?
Gavin Kelly & Matthew Whittaker
The blog also appears on the New Statesman and Left Foot Forward.
What are we to make of different views on the extent to which growing household debt will offset the squeeze in living standards in the coming years?
The independent Office for Budget Responsibility caused a bit of a stir at the time of the Budget when it suggested that household debt is set to rise over the rest of the Parliament – from £1.6 trillion in 2011 to £2.1 trillion in 2015, or from 160% of household disposable income to 175%. Rising debt will sit alongside low savings, so that the ratio of household saving to disposable income falls to around 3½% – half its average over the last 50 years – for the duration of the OBR’s forecast period.
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Archive for May 2011