It’s mad that our cast-off politicians and celebs can be proven failures (Truss, Farage, Corden, Morgan etc) and the yanks will still roll out the red carpet for them because they think our failure cast-offs have an air of sophistication about them.
I mean if everyday things like food and rent are still too expensive then it’s not really recovering. I don’t really see how the pursuit of endless growth can possibly be good for regular people.
I suppose the bosses and managers can breathe a sigh of relief for the moment, but I highly doubt this will translate into an increase in living standard for those actually struggling with the “cost of living” (what a cynical phrase)
None (unless we’re talking about billionaires). GDP is a dogshit predictor of living standards, but gets presented as such by media pundits, who try to make the everyday person empathise with the ultra-rich
I suppose you could create one based on the average wage and the average cost of living. I’m sure something like that does exist. Buying power or disposable income or whatever.
GDP is useless because it counts things like all the money proles are forced to pay to their landlords. And the amount they fork over to energy and utility companies. It counts the hugely inflated value of property markets. It’s not very indicative of how us small folk actually live.
Wage rises in excess of cpi, generally. Gdp increases can be meaningless on an individual basis. For instance, Australia has had years of gdp rises, which are just due to increased population size. The average person has less money as population rising faster than gdp. It’s a per capita recession, but not a technical recession.
Neither Mastodon or Bluesky ever really clicked with me, although I’ve tried and will continue to use both, but I enjoy using Threads because there’s so much cool non-political content there. My feed is archaeologists or astronomists, historians writers and photographers. It being able to connect up to the Fediverse is cool too.
My mortgage, which I had to pretty much sacrifice 5 years of my social life and live like a pauper to even secure, given how crazy house prices are in this country, has went up £400 per month because of her. I’m on the minimum wage of £22,300 per year for a full-time job.
A lot of the problems in my life right now are directly because of Truss.
Boo fucking hoo if she doesn’t like being reminded of how much of a failure she was, is, and will forever continue to be. It’s a small price to pay compared to what plenty of others are facing.
TLDR; she became prime minister (PM) because some powerful forces in the Conservative Party thought she would be easy to control (they were right), she instigated a borderline libertarian, trickle-down tax reform, the international money markets went insane (because it was borderline insane, unfunded and left no doubt as to her ineptitude), the U.K. economy took a massive hit - and all of this within a week or two - and it became crystal clear that she actually was indeed exactly as inept and dumb as she looked, so she was replaced because while everyone in her batshit crazy party was like “tax cuts for the rich”, enough of them understood that for the money markets to have any confidence in the U.K. economy couldn’t actually be run by someone with the intelligence of a lettuce. Fun fact, a newspaper ran a “who will die first, this lettuce or Liz Truss?” live video stream of a lettuce were proven right; the lettuce outlived her.
I’m missing a lot of detail that can best be summarised as: Liz Truss is a shining example of the Dunning-Kruger effect.
Although in fairness to her, she did open up new POOOOOOORK MARKETS!!!
But, and this is probably going to be a mistake to say out loud, nothing seems to stop her from being wildly attractive to me. It doesn’t even make sense, she’s just got a crazy cute face, and it pains me that behind that pretty face is such a bad brain.
This is a fantastic video of her at the horse racing and she’s looking so gormless, that I’m reasonably confident that some of the contestants have more going on between the eyes than she does.
Tried to steamroll through new economic policy that was plain stupid, which the bank of England had to intervene on to stop peoples pensions going broke. This resulted in a huge spike in interest rates that thousands of people are still affected by today. There is much more to it, but thats the short story. Fuck this woman, she should be in prison not flogging books.
The problem with Truss is that she has nothing to fall back to career wise for the rest of her life. Apart from that outrageous PM pension she has nothing to do to pass her time. Because anytime she wants to get even loosely involved in politics, the lettuce will remind her of her last attempt. And I’m absolutely fine with that 👍.
Boris was entertaining and in comparison to Truss, actually seems to be a decent prime minister. As disastrous as Brexit was, some of his immigration policies were an improvement from Theresa May’s
It’s all she can do. She could try to parlay her political experience into management or consultancy, but it’s clear to everyone that she was ultimately very bad at everything except climbing the greasy pole to the top of an organization full of unpleasant weirdos. Once she had the responsibility to lead in the wider world, she revealed herself as clueless.
Tried to force through a budget that brought the UK within hours of a greek style total economic collapse until the bank of England stepped in to unfuck things because it was just going to be that bad if they didn’t.
So, this minibudget included tax cuts, coupled with a massive increase in government spending, which then caused the currency to devalue. Still don’t fully understand how it got this bad, though.
The tax cuts were huge (billions). She didn’t increase spending, but didn’t decrease it either; so it would leave a huge hole in government finance that would require massive government loans. The “market” freaked out. The pound and UKs credit rating plunged. The main crisis became the gilt market crisis (which was a catastrophe for almost all pension funds and the economy as a whole). This itself is well explained here:
(In case you haven’t noticed, I think TLDR news make absolutely fantastic videos and would recommend checking out their videos if you are interested in high quality news).
I have no idea man. My knowledge extends as far as that video. After watching “The Big Short”, I’ve learned that there are a lot of ways that finance bros play the economy in ways that we cannot comprehend.
My hypothesis is that they put the gilts up as collateral so that they could borrow money to invest. So, interest rate goes up, and the value of existing gilts goes down, because why buy a gilt with 1% interest when you can get a new one with 2% interest? Pension funds need to add more collateral to their accounts, because the gilts became less valuable.
It’s not like a well compensated, prestigious job like prime minister requires accountability, a sense of duty or decency in 2024. Take it on the chin Liz, even if you’re fired. That was part of the deal.
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