Daily Archives: 28 March 2008

Panic! Panic! Hold on, is the economy really in a worse state than 1982?

The Telegraph has breathlessly flourished a new poll showing that the “feelgood factor” is worse than at any point since records began. In, er, 1981.

What this suggests is that the general public genuinely believes the current slowdown in the economy (note, not even a recession, just a reduction in growth) is a worst economic situation compared to the dole queues of the early 80s and the negative equity of the early 90s.

Now, I have my criticisms about the government and things could indeed get much, much worse than they are now. But I would humbly suggest that this illustrates how the public has become increasingly infantilised over the last 30 years, and arguably the uselessness of this measure, more than it says anything about the government’s handling of the economy. The fact that the Torygraph seems completely incapable of grasping that doesn’t say very much about its sense of proportion.