BBC news reported this morning that the CBI is predicting yet more doom and gloom for the economy. Richard Lambert suggests that we can look forward to at least 18 months of belt tightening for both business and consumer.
I can't help but feel that there is to some extent a sense of self-fulfilling prophecy. The more we shout about the economic downturn, the more likely it seems that we will be struggling for some time to come. There's nothing like putting the frighteners in people to get them to act in a prescribed and not necessarily natural way. Perhaps if we all just bit the bullet and got on with things, we'd stand to achieve recovery far sooner.
Isn't it about striking a balance? If we learn to save and spend in equal measure, rather than spending blindly in times of prosperity and resorting to knee jerk frugality in a recession, we'd be far more likely to sustain moderate growth.
I'm no economist, but it's just a thought.
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