He has taken a minor recession (and it was a minor one - see earlier post on how it was blown out of all proportion for propaganda purposes) and turned it into a disaster.
here's the article with as usual my comments in Yellow.
UK's credit rating downgraded from AAA to AA1 by Moody's
George Osborne says decision is 'stark reminder of the debt problems facing our country' well if we have a "debt problem" you caused it dickhead...
George Osborne has insisted Britain will not "run away" from its problems after Moody's downgraded the country's AAA credit rating.
The chancellor said the coalition was determined to stick by its plan for economic recovery after the rating was lowered by a notch to AA1. OMG the mans an idiot !
The agency warned that "subdued" growth prospects and a "high and rising debt burden" were weighing on the economy. But Osborne said the loss of the gold-plated status did not mean the government should change course. Despite the keeping of the AAA rating being the stated purpose of these austerity measures when they were introduced ..I have a long memory Georgy boy
"Tonight we have a stark reminder of the debt problems facing our country – and the clearest possible warning to anyone who thinks we can run away from dealing with those problems," he said. The debt problems YOU created you twit.
"Far from weakening our resolve to deliver our economic recovery plan, this decision redoubles it. Will someone in the Nazi Tory party with a grain of sense please sack this moron
"We will go on delivering the plan that has cut the deficit by a quarter, and given us record low interest rates and record numbers of jobs." Which country is this guy living in because its sure isn't Britain .. or put another way thats 3 lies inaccurate statements in one line a new Nazi Tory record :)
The statement from Moody's highlights the problems the weak medium-term economic outlook poses for deficit reduction plans.
It now expects the "period of sluggish growth" to "extend into the second half of the decade". mm I wonder why THAT is ... I'll tell you what lets take a little lesson in common sense here ...
If one millionaire is given £1000 or 10 Poor families are given £100 each, who is more likely to spend that money immediately ? ... in that one question can be seen what is wrong with the current poilcy.
"The main driver underpinning Moody's decision to downgrade the UK's government bond rating to AA1 is the increasing clarity that, despite considerable structural economic strengths, the UK's economic growth will remain sluggish over the next few years due to the anticipated slow growth of the global economy and the drag on the UK economy from the ongoing domestic public and private sector deleveraging process," the agency said. Huh ? say what now.. see Iceland for how it can be fixed in less than 2 years
"Moody's says that the country's current economic recovery has already proven to be significantly slower – and believes that it will likely remain so – compared with the recovery observed after previous recessions, such as those of the 1970s, early 1980s and early 1990s." .. could that be that in those recessions we had a chancellor who knew his arse from his elbow ?
Osborne said: "As the rating agency says, Britain faces huge challenges at home from the debts built up over many, many years, and it is made no easier by the very weak economic situation in Europe. Debts built up by the very people whose profits you are protecting George
"Crucially for families and businesses, they say that 'the UK's creditworthiness remains extremely high' thanks in part to a 'strong track record of fiscal consolidation' and our 'political will'. Read as we are living on a reputation built up by people who knew how an economy works
"They also make it absolutely clear that they could downgrade the UK's credit rating further in the event of 'reduced political commitment to fiscal consolidation'.
"We are not going to run away from our problems, we are going to overcome them."
The downgrade is a major blow for Osborne, who has been coming under increasing pressure to take action to stimulate the economy.
The chancellor has used maintaining the top credit rating for governmentbonds as one of the key arguments for the austerity programme.
However, Labour has insisted that withdrawing demand from the economy has put it more at risk by stunting growth.
Now is this guy the bloody idiot he appears to be, or is there some deeper hidden agenda here ?
Something to ponder methinks
JD
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