While the UK economy was growing rapidly at the time the Conservatives came to power in May of 2010, the economy is now smaller than it was in the summer of that year.
This is all very bad news for people living in the United Kingdom. There has been no job growth since the summer of 2010 and the unemployment rate has risen from 7.7 per cent to 8.1 per cent in the most recent data. It seems certain to rise more in the months ahead. If anything, the situation is likely to worsen over the course of the year as more of the spending cuts take effect.
But the bad news for the British people can be good news for the United States. Thanks to their generous offer to experiment with austerity, people in the United States can now see more clearly than ever that austerity does not work.
If Romney takes power in 2012, all you need to do is look at the UK to see exactly where we will end up in 2013. The lesson in all this: Rich people do not know how to create wealth; but they do know how to wage war on the classes beneath them, and they are still winning this costly war.