Today, the US growth rate for 2013 was announced. It’s the same as the UK’s growth rate – which George Osborn will surely wish to note – but that’s only part of the story – because an economic recovery isn’t just about how much you’ve grown, it’s about where you are compared to where you’ve been.
So here’s an uncomfortable truth for George Osborne – the US economy is 6.5% above it’s pre-crash peak today. The UK economy, by contrast, is still 1.3% below:
If this is a “global race”, then stimulus-boosted America is beating austerity Britain. And if the economy is still smaller than it was in 2008, what kind of recovery is this anyway…?
More from LabourList
‘Ignore the noise – the soft left is alive and well in Open Labour and beyond’
Peers say three-year wait for police probe into Liverpool mayor ‘outrageous’
London mayor elections: Labour urges probe into Tories’ fake driver fines