Importance of Natural Resources

Are The Tories Actually Strong On The Economy? ?


We’re supposed to think that the Conservative party are good with the economy.
Sure, they might be cartoonishly evil “It is to end the free movement of people,
once and for all” – but ultimately rich people are good with
money, That’s why they’re rich! There’s just one problem with that theory
however It’s not remotely true. The Tories are better on the economy –
so says political common sense. And, while they might be …challenged…when
it comes to compassion and social justice, in a market economy –
where taxes from growth pay for public services they’re usually considered to be the safest pair of hands “People who think they’re right to take
benefit and do nothing for it, those days are over. I ought to club them and eat their bones!” “hehe” Except when you look at their record since
they came to power, first with the Liberal Democrats in 2010,
then by themselves, and then since 2017 with the DUP,
they’re a bigger disaster than Prince Andrew on the television
giving an alibi to the BBC’s Emily MattLiss. “You were there with her that night…” When judging economic success you want to
look at three things: the first is growth – the value of everything
being produced (like making a car) and consumed (like buying
a car) over the course of a year. This is called GDP, or Gross Domestic Product, but GDP in isolation can be misleading. Indonesia’s GDP is bigger than Switzerland’s but nobody would say it is outperforming the home of cuckoo clocks and Roger Federer. So a better measure is GDP per capita, that’s the size of the economy divided by the number of people The second measure is productivity. Productivity means how much you get out for how much you put in. Measuring this for the economy is actually pretty straightforward: you get the GDP per person figure and divide
it by hours worked. This gives you an average of the value –
you, me, your friends, family, neighbours and so on –
produce in a single hour of work. Then there are wages.
For much of the 20th century rising productivity meant rising wages,
meaning a virtuous cycle which – in effect – made everyone better off.
The economy was more productive meaning workers benefitted more from a larger expanding pie. Ride with the young adults who are buying
70% of all homes sold. Except over the last ten years –
specifically since 2010 – that’s not been happening. On GDP per capita Britain is now poorer now than
it was in 2007 – the year before the financial crisis.
In fact it’s around $7000 poorer per person – and this is from 13 years ago! Now in fairness we can’t blame the Tories
for the financial crisis. And it’s also important to say we can’t
blame Labour either – what they did was a bail out so big that
it in effect it saved capitalism. Don’t take my word for it, here’s congressman Paul Kanjorski speaking on American television in early 2009. “Would have collapsed the entire economy
of the United States And within 24 hours the world economy would
have collapsed. It would have been the end of our economic
system and our political system as we know it.” So given all that let’s start from 2011
– one year into the coalition government. As you can see, GDP per person is only slightly higher now – 8 years later – than it was then and it is in fact lower than 2013. Put this in historic perspective and you see the problem is pretty significant: This is a level of economic stagnation has never happened before. During the 1970s, so often used as an example of economic calamity, GDP per capita tripled. Labour taking us back to the decade of flares
and fishfingers with…pineapple? *70s music* We should be so lucky. The reason for that is productivity – output
per person, per hour worked. This is related to GDP per capita, because without rising productivity you can’t get rising economic growth. Here as well we’ve seen stagnation for a decade. That means an average hour’s work today, despite improving technology,
isn’t producing more value than ten years ago Indeed Britain’s productivity now is more or less the same as it was in 2005 – that’s 14 years ago! Again it’s important to be clear about this:
this has never happened before, it’s unprecedented since the lightbulb,
the Napoleonic wars, the invention to capitalism, even the first season of Friends. In 2018 the average hour of work in Britain
produced 52 dollars; in Germany it was 60 dollars; in Denmark, 62 dollars; and in the Netherlands, 65 dollars; In Ireland it was – wait for it – 84 dollars. “I’d like to take this chance to
apologise To absolutely nobody!
*distorted* In concrete terms that means the average British worker is producing in an hour what takes 45 minutes for someone in the Netherlands. What’s more that divergence is getting worse: by 2025 the UK will be nearly a third less productive per hour than Germany. You guys are so pathetic! That matters because, as I noted at the start, you can’t have pay increases unless you have rising productivity Which brings us to the final part of the Tories
economic record: wages. Rising wages matter – because if inflation
is higher than wage increases in real terms you are getting
poorer. It’s a bit like being on a really slow treadmill – if you standstill you’re actually going backwards and eventually you fall on your face. Real wages remain 5-10% lower today
than they were in 2008. Like GDP per capita and productivity, that has no precedent. But of course the Tories came into power in
2010 – so let’s start there…
as you can see real pay is the same now as it was then. And of course the measure of inflation used here doesn’t include what is the biggest expense of all, namely housing. Given what’s happened to house prices over the same period, its inarguable that the average person is
poorer today than when the Tories came to power in 2010. Even that figure doesn’t tell the whole
story because it doesn’t include the self-employed who are around 15% of the labour force.
They’ve been hit worse than anyone else seeing incomes fall by 20% between 2008 and
2016, from £34,200 to £27,400. Self-employment was Margaret Thatcher’s
answer to the future of Britain’s economy – but rather than creating prosperity it’s
making people poorer. And this is the ultimate measure of Conservative
failure on the economy. Until 2010 poverty was generally something
limited to the unemployed, the sick and pensioners – people who didn’t
work. Increasingly, however, its something which
impacts working households more than anyone else. Work, it turns out, often doesn’t pay. 20 years ago only 37% of those in poverty
lived in a working household. Today that figure is 60% meaning you’re more likely to be in a working household and poor than in one that doesn’t work. For all the talk of the Tories creating jobs, which they have, these jobs are poorly paid with the taxpayer subsidising corporations exploiting cheap labour through corporate subsidies like housing benefit. The growth of these jobs also explains why
we are so unproductive as a country – we need more people installing wind turbines
and caring for the elderly rather than shelf stacking in Poundland or
working as a security guard for G4S. “Not allowed!”
“Why?” “Because you’re not”
“Who says?” “It’s a security vehicle” Those hit hardest by the growth of in-work
poverty are children. According to the IFS there are 4.1 million children living in poverty. And things are predicted to get work with that figure expected to rise to 5.2 million children by 2022. In Peterborough, Luton and Manchester child
poverty is above 35%, in Blackburn it goes above 40%, and in Newham in London it exceeds 50%. Now those kinds of figures aren’t what you’d
associate with economic success – but with complete and utter failure. Because 1 in 3 UK billionaires back the Conservative
party, who also enjoy the support of the billionaire-owned
press, you probably know someone who’ll say the Tories are better on the economy – but whether its economic growth, productivity or wages the last decade shows they couldn’t be more wrong. Trusting the Tories on the economy is like expecting the Liberal Democrats to not lie on their leaflets or Nicky Morgan to be decent with basic mathematics “50,000 more nurses, if you look in 10 years time, than there are today” “I know you keep saying that.” More than 2 million people using foodbanks since 2010 and 700 homeless people dying on our streets every year Is an accurate reflection of what is actually happening – and its being overseen by the most economically
incompetent government in British history. “The hospital’s generator is about to
give out, lives will be lost!” “Lives, lost… go on.” The PR and big money donations of the billionaire
classcan’t conceal that forever. Because reality, somehow
always finds a way of catching up.


Reader Comments

  1. It's almost like they read the Hayek-Kayne's letters backwards and forgot to look at history.
    I guess "in the long run we're all dead"

  2. People getting poorer under Tory rule doesn't sound like Tory economic policy is failing. Sounds like an ideological success. After all, what is it they seek to conserve?

  3. The only thing that right was better than rhe socialist left is propaganda and its been this way since the Nazis were in power in Germany and its atill like this all over the world

  4. Great video. This is why they introduced £40k+ debt going to university, prop up the economy by passing on lifelong debt to the young – good ol tories.

  5. 'No. No. You're a terrorist sympathiser. No. You're a Marxist. No. You're a communist. (Well, Ash is ?.) No. You're a leftie loony. No. You're a Liebour supporter.' ??… ?

    The arguments against democracies are that the electorate are not educated, informed or intelligent enough.

  6. 'Unemployed' seems to relate, in figures quoted, to people claiming benefit. Being as we all know the shit involved in people claiming benefit, wouldn't it be fair to suggest that this figure is more than a little contrived and that the actual 'unemployment figures' are NOT what we are lead to believe?

  7. The Tories are excellent with the economy. Their economy! They believe they own EVERYTHING. The GDP is meaningless. The welfare of anyone but they and their friends is meaningless. They own the economy and it is tailored to their liking. TAKE IT BACK- VOTE LABOUR.

  8. Ahh for fuck's safe, did you have to remind us about McGregor?

    Also be very aware of our post-bust economics, our GDP and productivity over the last few years. We're small and changes are quick and large. Foreign Direct Investment and the budget is all our two cheeks of the conservative arse has been focusing on. There is much here that the neoliberal pipedream undermines us for.

  9. The premies of this video is misleading because he cherry picks the timescales and the figures he quoted. The country has been in recession after the crash the 2008 with growth in minus figures and just above 0. Only in the last few years has it picked up. However that has been true of global economy certainly in the west and we are above both Germany and France in GDP growth. I am not going to defend the Tory party economic record because sure they made mistakes and you can argue how they cut back. However they have reduced the annual debt from an eye watering 147 billion in 2010 under the last Labour government to 40 billion. Something not covered in the video.

    Blairs labour government enjoyed massive growth during the 90's to which they get a lot of credit. Labours problems have never been spending money when we have it but oh when things go south Labours record is poor. It was poor in the 2008 crash which in just 3 years saw debt skyrocket with no action taken to control spending 35 billion to 147 billion growth in debt in 3 years. We all recall the famous note left by Labour "Sorry all the money is gone". The video does not show any of the previous labour governments he basically starts in 2010 why is that ? ah that is because labours record is even worst.

    This is not the only time in fact they have made a far far worst mess of the economy. The 1977-1979 winter of discontent broke the country. We basically stopped functioning even on the most basic services, inflation was running away, wages and unions dragged the country to a stand still.

    If you follow economic patterns we pretty much always vote Labour out during a recession or when the economy is down turning and vote them in when it is booming to spend money. So are the Tories better with the economy "The answer is yes they are better at managing economy. Someone that spends everything they have and maxes out the credit card you would not say is good with money it is the people that don spend, that can save and provide with in a budget."

  10. Well the English Anthem is God Save The Queen, I'm Sure You Seen Jo Swinson and Bee Man Today Nature is Nature and Must Respect Religious Truth

  11. the tories and austerity have killed upwards of 200,000 people. those are human lives, sacrificed at the foot of business

  12. Ireland's economic stats are hugely skewed by the amount of money being siphoned through by American multinationals to avoid tax.

  13. GDP per capita is often misleading. Surely the correct equation is GDP per worker?

    It is a really powerful way to highlight how poor a deal workers get. The sad reality is that less than half the value generated by the economy is allocated through wages. The rest being essentially free money given to the owners of property.

  14. The Tories have one benefit when it comes to the economy: they are perfectly happy doing terrible things to people.

    That means you can get them to care more about the numbers in our accounting than the material circumstances because they lack the natural curiosity to go out and see if the two match and don't care if the outcomes are demonstrably terrible.

    It makes them predictable which makes it great if your goal is to abuse the numbers to game the system. Not so good if you actually have to live in the mess they create.

  15. Tories are only thrifty if it's their own money on the line. They are more then happy to take what they feel they need for themselves and let the public pick up the bill.

  16. Its an ingenious trick the tories have pulled off, managing to give the impression that they are the party of fiscal prudence and sound economic management despite all of the evidence to the contrary. Lets look at just one tory government minister, Chris Grayling. This guy has wasted an estimated 3 billion pounds of tax payer's money due to his incompetence. He should never have been entrusted with the kitty for the tea and biscuits let alone allowed to run a government department. And that's just one of them. Heaven knows how much of our money the rest of them have pissed up against a wall.

  17. I guess the only reason Alan Turing is going to appear on the new £50 note is so conservatives can get more pleasure out of burning them.

  18. Tory economic policy is shit, in the last two decades the best on the economy where New Labour, especially Gordon Brown; if he’d won in 2010 the economy would have recovered at least two years earlier from the 2008 recession

  19. They manage the economy for their rich friends and everyone else gets the crumbs from the table. They are then told that even though they are only crumbs,they are more than you'd get from Labour and they respond "ok,I'll go with that". ?

  20. At the end of the day we have to consider the economy the conservatives inherited. Enormous deficit, mass debt per capita, large employers leaving due to brexit etc. It’s hard to say whether any party would’ve handled the mess better or worse

  21. Conservatives serve to keep the wealthy in power at the expense of every one else. That is the focus of their "economic" policy.

  22. Just to mention self employment; in poor countries we generally see the lack of formal employment as a bad thing. This is because the effort to stitch together a large number of one off jobs involves a lot of extra work that provides no real benefit to society, additionally it hampers investments in things like training because why bother to train a temp thus reducing long term competitiveness and productivity. The glorification of self-employment only makes sense so long as self-employment is an option over a regular job, not as a substitute for a job; unfortunately Conservatives don't seem to largely care about this.

  23. When compared to the alternative, the Marxist Labour party, the Conservatives are leagues ahead. Socialism doesnt work. More middle class idealists promising the working class the world. Unfortunately the working class are becoming wise to the divide and victimise policies of the left which have destroyed British culture.

  24. I don't know about anyone else, but I feel capitally numb. Also: –
    1) Is a 'warm personality' a social construct?
    2) Is it an equivocation to say that having a 'warm personality' is the same as the physical property of 'warmth'?
    and 3) Is anthropogenic global warming real?

  25. I would see this video more favourably if it wasn't made by people whom believe in a system that has caused more poverty and wealth inequality then any other.

  26. This is seriously useful information. Should be common knowledge, but with media bought by Tories most people will never find out the truth.

  27. Under tories the rich have always got richer and the poor have got poorer and they have always spent more but not for the 99%!!! Stop this tory horror show vote Labour for the many not the few!!!!!!!!!

  28. No there not but anyone looking past the labour free stuff for all except the rich fantasy must surely look at just the front bench and realise how terrifying a labour government would be.

  29. Being good on the economy according to the British press has never meant anything other than how subservient your party is to billionaires.

  30. Between 1997 and 2010 the public debt went from 43% to 75% of the GDP. Borrowing money and the banks lending money left and right to pretty much anyone with a pulse has led to high wages, which looked like high productivity. Comparing that period to a post recession crisis is very misleading. That’s not to say that a lot of issues need to be addressed, but this Labour government is clearly not the solution.

  31. They are good the economy…for themselves. They don't consider anyone outside of their inner circles as being real or worth something. As far as they're concerned, they think they've succeeded, and the general public are just a stumbling block to overcome.

  32. Three minutes in, feeling the need to point out that GDP is not a measure of economic welfare. For instance, when more people need health treatment, GDP goes up.

  33. This says an enormous amount not just about the greed of the Tories, but also about the big question of where the money will come from to deliver Labour's regeneration policies in the next government. Those who receive earnings of under £80,000 per year, who Jeremy Corbyn says won't have to pay any increase in taxes, can only look forward to their (our) income increasing under the new Labour government. That means those at the upper end are likely to find themselves earning more than the £80,000 fairly soon. They'll then start paying a higher level of tax on the amount in excess of 80k, but not on the rest. So their income will increase anyway.

    Added to all that, the burden on taxpayers of supporting people into financial viability will reduce: as average people get the chance to earn a decent living, they won't need to be so dependent upon state support. We managed this in the sixties, and we can manage it again. Austerity has been experienced by only by the majority who are poorly paid, with all the cream going to millionaires and billionaires while we've felt the shortages acutely. A Jeremy Corbyn led Labour government will bring about a return to a more cohesive society, and one where we'll be able to start healing the rifts that inevitably arise when almost everyone is feeling powerless to improve their own lives and their communities. The more people who vote Labour, the more positive change we'll see. A small majority will work to start with, but why not make this a landslide victory for positive change and world peace? I'm more enthusiastic now about Labour's integrity than I've been for seventy years.
    Vote Labour!

  34. …if it wasn't for Brexit the Tories would be having their arses served to them in this election. I fear we are in for another 5 years of pain before the penny drops with a lot of people.

  35. Another tory lie. “Good with the economy”??? Absolute nonsense. The economy is about everyone not just profit for billionaires and corporations. 10 years of tory hell. Austerity doesn’t work.

  36. Hey, I've been thinking it for a while , but your thumbnails are kind of what the algortihim USED to push. They'd do better for KIDS content because they click on them, but at the moment people click on a very catchy image that says what's in the video. You don't want emoji and graphics. You're aiming the content TOO young. I just think your thumbnails aren't what YouTube pushes.
    I like the videos… but I can see why people don't click on them.

  37. All of a sudden the Communists care about growth and productivity? I thought we were meant to be moving away from growth and GDP metrics in order to solve the climate crisis? ?

  38. Great video! I also wish you would do one on the real causes of two major events in our political history. Firstly the collapse of the USA easy loan market in the 70's that was actually the cause of the high interest rates and the winter of discontent. And the remarkable similarities with the collapse of the USA subprime mortgage market that caused the 2008 crisis.

    Two major world economic disasters causing global economic catastrophe. And labour getting the blame both times, even to this day, is frankly not on. And it will happen again. Especially of we become even more closely linked economically with the USA.

  39. Do not really have to even watch this video but I can take a guess it will no doubt discriminately use the last decade (ie the aftermath of one of the most significant global crashes ever) to demonstrate how any slow economic progress since is the fault of the tories….

    What a biased and flawed argument and how very predictable from novara media once again trying to fool people that the tories are evil..

    There has only been minority governments for the last decade so even if you were in power you would probably have been futile mr bastani – simply because any policies you tried to introduce would be vetoed – that's how it works when the first past the post system results in a minority government, it's hands are tied… As the current Brexit debacle in parliament shows and thus there is a desperate need for an election to hopefully result in one more dominating side in Parliament.

    After watching the video it is indeed so predictably the biased angle you take. I love how you speak with such conviction in an effort to convince your target audience of your propaganda (probably people mainly who were too young to remember much before 2010 anyway and may therefore be none the wiser about what preceded).

    For instance an another example of why this biased argument is flawed is you say you can't blame tories or labour for the financial crisis.. Ok – But then you go on to blame (a minority) Tory government for what follows?? How does that make any sense? How hypocritical. It's just skewed nonsense really because all of your stats are taken from the last decade when obviously progress will be slow after one of the most significant global crashes in history. If Labour remained in government how do you know it would not have been even worse??

    I can't take NM seriously personally because you are so biased. If you presented both sides of the argument your videos would be much more credible.

    Anyway less than a week left so keep Bashing out as many of these biased videos as possible in the hope of fooling as many people as possible. Good luck.

    Quick question – what are your views on (ex) Labour's Chief secretary to the treasury Liam Byrne leaving a letter in office to the next government (Cameron and clegg) saying 'there's no money left sorry good luck'? Do you think that is responsible or shameful bearing in mind all the economic hardship we all (including children as you point out) have experienced in the last decade? I wonder what your reaction would be if that was a Tory that acted in that way – hmm its pretty obvious really isn't it… I won't hold my breadth for a response or video about that. The clips were funny in this one though well done for that, nothing like a bit of prince Andrew to show ignorance when that's what you're trying to portray.

  40. Brilliant! Looking forward to the video that does a similar dismantling of "Boris" & the Tories seminal strapline "Get Brexit done" what have they actually done since the Referendum? From blocking their own leader's efforts, to squandering majorities, bunging the DUP, obfucating on deals, prorouging Parliament, spending millions on No deal preparations, refusing to have a few days more for scrutiny of latest deal, not to mention all the lies and false promises feeding into the systematic divide and rule machine that is Brexit!

  41. Any chance of a video on the 11% rise of household debt propping up the Tories sole reliance on a consumer led economy. Propping up high Streets.
    Not just the cost of living, Austerity etc. but the mendaciousness of their message "living within our means" whilst transfering the burden of any notion of a sustainable economy onto households through cheap credit

  42. JC4PM. ??? Really. ?? Ok , so you wanna be PM Jeremy ,tell me your employment history ? “ I’ve been an MP for Islington since 84 “. And what jobs did you do before Jeremy , “ ?? Well ?? Nothing paid , ?? Didn’t actually earn any money , but I was an activist “. Any kids Jeremy ??? Take any responsibility Jeremy. .?.

  43. This is the first time I've seen this site and I agree with some of it but but jeez. I was going to say this is like an intravenous copy of THE GUARDIAN but even that and Polly Toynbee realised there was child poverty and food banks under New Labour. You must think we've got the memories of goldfish, man

  44. Even if the tories implemented Corbyns manifesto successfully people would still hate them and ironically that is partly why people vote for them

  45. The problem is that Labour doesn't try to make money. I'm all for Nationalisation with its Economies of Scale, however when it becomes too secure, people are lazy and inefficiencies transpire. But a Private Company that monopolised or operate within an Oligopoly model suffers from the same problems. Frankly speaking, Labour has got to up it's already cautious attitude and really halt back on Budgetary deficits. I really think the Tories are bad with the economy. The Labour model works better. Just look at the perpetual instability and crashes through the 80s

  46. how about you look at the wage growth compared to inflation, both under the Tories after the crash and the Labour government from 1997? Also look at the debt ratio for each household, under these years and see the difference?
    Inflation was at 4.3% in 2007, the GDP per capita growth in 2007 was 1.75%, compared to now: wage growth at 3.8%, inflation at 1.9%. How are you implying this is bad for the countries economy? I may not like the tories love of austerity or their policies on ;social justice and neither do you, but that doesnt mean you can make a misleading video.

  47. Even the tories go back and forth on this – one minute they're talking about investment (that never happens) because "there's a strong economy under a Conservative government" and the next they're saying the economy is dragging because of Brexit, and that needs to happen so they can invest

    The real issue is they're allowed to get away with talking out of both sides of their mouth, they're never challenged on it which is why the myth is still alive. Look at all the cuts they made, which they call "prudent economic decisions" – they actively created poverty and misery, underfunded vital public services with dire consequences, and they get to call that good economic policy

    And now there's an election, and the economy is running well (or is it, BREXIT DRAG ANCHOR) they're promising investment that will… at best partially undo the damage their economic policies caused. And somehow they don't get laughed/chased out of every interview where they claim to be competent

    If you screwed up this badly in any normal job you'd be fired, especially if your defence was "actually I've done a great job, the fires are almost out and everything"

  48. One reason for low productivity is that where you have low wages you don't need to find technological improvements to increase productivity. Secondarily, it seems to be true that where you have a tiny percentage of the population accruing all the wealth, R & D declines as well.

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