Wednesday, July 13, 2011

National's "step-change" II

Last election, National campaigned on the promise of a "step-change" in the economy. In fact, they've given us the longest, deepest recession since last time they were in power:

As for the reasons, they're the same: as in 1990, National has responded to a crisis with austerity, which has (as usual) made things worse. And so the pain drags on, with no end in sight.