And a good job too with Truss. What she did was absolutely unforgivable, and actually worse than Boris and Partygate.
A bad Thatcher tribute act without the intelligence of Thatcher.
I'm not a fan of the "markets" particularly but Truss's extreme neoliberalism and tax cuts for the rich was an absolutely absurd policy. The worst PM since the war, period.
'Unforgivable' seems very harsh to me - she tried to stimulate growth in an attempt to defeat inflation. The 'no-growth' approach we now have instead isn't exactly working, it is just dragging the problem out ever longer, and the economic indices are all a lot worse now than when everyone was panicking over her and Kwarteng. Would her approach have worked, or made things worse? Well, we'll never know.
Really, worse than Anthony Eden? Worse than Blair, with his killing of hundreds of thousands?
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But it also remains true that, despite the problems of recent years, the vast majority of the UK population has a standard of living that is extraordinarily high compared to what would have been the norm at any point in history up to about 20 years ago.
That is true, but it feels to many/most of us that we have gone over the peak and are now going downhill again.
And the graph in
this article shows that over the 25 year period you are using, median real income has actually gone up. We probably shouldn't forget that before we start trying to throw out decades of understanding of how to run a market-based economy in the way you seem to be suggesting. I'm not trying to minimise the problems of the last 10 years which have left a lot of people struggling, but abandoning consensus and trying out the untested experimental solutions that people like Corbyn or Truss were proposing carries a huge risk.
I agree, and I'm quite risk-averse, so I'm quite loathe to suggest it. But I'd argue that yes, things *apparently* weren't going too badly for a while in the early New Labour years, but the seeds of many later problems were sown then. (A trivial example would be the PFI schemes, which traded short-term prosperity for long-term ruinously expensive commitments). Eg. if you have a decent amount of money in the bank, you can get away for a while with living well and not worrying about the future. After a while you put the money on credit cards. After another while you realise what a terrible mess you're in, even though things seemed to be going ok.
And now I think we're in such a terrible mess now that our only real choice is some sort of radical change, and if the existing politicians can't or won't (or aren't allowed by the markets to) deal with that soon, the people are going to start demanding it ever-louder.
I would say the big failure of the last 25 years was the failure to build enough houses and related infrastructure to meet demand and the needs of the growing population. Fix that and you would go a very long way towards fixing the problems you correctly identify, without any need to abandon economic orthodoxy.
That's definitely one of the main issues, though I wouldn't say the only one by any means. Out-of-control house price wealth is another trap where things appear to be going well for a while, then you realise you're stuck and have no clear way out, as now. Here's Gordon Brown in his first budget in 1997:
https://hansard.parliament.uk/commo...7-5d0e-44e4-bc7f-fbd4db86b779/BudgetStatement
I am determined that as a country we never return to the instability, speculation and negative equity that characterised the housing market in the 1980s and 1990s.
Volatility is damaging both to the housing market and to the economy as a whole, so stability will be central to our policy to help home owners. We must be prepared to take the action necessary to secure it. I will not allow house prices to get out of control and put at risk the sustainability of the recovery.
Well, he failed miserably.