Friday, February 22, 2013


Capitalism is a complex society with apparently inexplicable booms and slumps, so it is good that we have experts like the following genius in charge. Lord Lipsey, a Labour member of the House of Lords economic affairs committee recently came up with this gem. 'The employment figures mean that, whether or not the recession is working, it is not really hurting — at least not really hurting the people who still have jobs and don't claim benefits," he said. "An unemployment-lite recession has nothing like the social impact of a job-crushing one." He said it is much better to be poor with a job than without one.' (Daily Telegraph, 22 February) Better with a job than on the dole? Wow, we wonder what years of economic study lie behind that profundity.RD

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