Wednesday, 18 May 2011

Young, bright and indoctrinated

An interesting article on the BBC about graduate unemployment with the usual 'human story' in it. What was interesting was the following quote:

As an economics graduate, Miss Solomon understands the financial predicament the government is in with regard to bringing down the budget deficit.

She accepts it cannot afford to create thousands of public sector jobs to keep people like herself employed, but she does believe more could be done.

So we have an economics graduate here who doesn't understand that the UK government could indeed create as many jobs as are required to give the unemployed work, and that it is in no financial predicament whatsoever. The deficit is merely the outcome of private sector spending and saving decisions in the sovereign currency - something it needs to support if the economy isn't to deflate.

When the Turkeys are happy with Christmas as it is, what hope is there?