Saturday, 21 July 2012

IMF urges UK to jump-start economy

The beauty in all that is you don't need the IMF to tell you whether your government is doing well or not.  You don't need S&P's ratings either.  You don't need the ONS or any central bureau to give you (misleading) statistics, for the GDP is an aggregator that relates very little to you, and the GDP per head doesn't resonate with the daily woes at all.

You will know Mr Cameron is doing a good job when you will be able to save a little more because you take more money at home after tax, and you feel you spend them on valuable things.  You will feel he's doing a good job when it will take you shorter to get to work in a quieter and less crowded train.  When your salary will go up in real terms.  When your neighbourhood has a good choice of schools and you won't need to make a loan and wear the same three shirts for five years to pay for your son's school, or when the nursery for your 8 month old won't cost you half of your take-home pay.  You will know he's successful when you won't spend more than 1h to enter your own country back from holidays.  You will congratulate him for all these.

If on the other hand, two years in the government, all the above are worse than before, and you do not entirely buy the argument that your life is significantly more miserable than before because of the eurozone troubles, or that "reforms" take time (how long is enough?), or that life is about "difficult choices" (for whom?) than he is not doing a good job.

Is he?

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