Courtesy of the Guardian:
Read it, weep, and forward it to everyone you know – especially anyone who supports George Osborne’s emergency Budget.
And if anyone starts harping about the 2.5m jobs the Treasury “is assuming” will be created in the private sector over the next five years, the Guardian helpfully quotes John Philpott, chief economist at the politically independent Chartered Institute for Personnel and Development:
“This is not so much wishful thinking as a complete refusal to engage with reality. Much more likely are dole queues comparable to the 1980s, a new deep north-south divide and widespread poverty as the budget’s benefit cuts start to bite. Many will find that a frightening prospect.
“There is not a hope in hell’s chance of this happening [the creation of 2.5m new jobs]. There would have to be extraordinarily strong private sector employment growth in a … much less conducive economic environment than it was during the boom.”
Any chance of the government publishing its evidence for the 2.5m jobs assumption…?