It’s not just that public spending creates no jobs, it is that it also savages our standard of living. It takes a while for the results to become apparent, but the depletion of our capital base must have its effect. GDP data tells you almost nothing, but this is the very thing you must expect:
The young are the ones most affected since they are finding the cost of even buying into the most rudimentary standards at the bottom of the pile are disappearing before their eyes. I will only quote from the last of the articles but it is a problem that is only going to get worse. The story is mainly about young women, but it really is a general issue for the millennial generation who are being shafted left and right.
The younger generation are “despairing and worn out” as they struggle with financial and work problems, a study shows.
Research among 4,000 people aged between 18 and 30 revealed that women are worst affected as they are particularly hit by workplace discrimination.
The Young Women’s Trust said young people are having to “suspend” adulthood, often moving back in with their parents because of low pay.
Huge numbers say they are worn out, lack self confidence and are worried about the future.
The charity called on the Government to appoint a minister for young people, extend the national living wage to younger workers, and do more to help young women cope with work.
I particularly like the bit about “extend[ing] the national living wage to younger workers”. They see the problem but cannot even begin to understand what the actual problem is.