What can the raison d’être for the left be in the 21st century where “there is no money?”
In the 20th century economic growth on average topped unfunded liabilities as the average age was noticeably lower and few lived more than a few years after retirement. This allowed increasing government spending year on year so left policies were based on wealth redistribution.
In the 21st century unfunded liabilities will rise far faster than any puny economic growth the UK could attain due to our ageing demographicshttp://www.bis.org/publ/work300.pdf Hence dumping future debt on a declining future workforce is rank stupidity.
Immigration cannot solve ageing demographics no matter what politicians sayhttps://www.spi.ox.ac.uk/fileadmin/documents/PDF/wp05.pdf
Both at EU and UK level financialization has increasingly taken over from the real economy as the returns are much better than investing in the real economy can offer. This guarantees rising inequality, low economic growth and hollowing out of the middle class http://people.virginia.edu/~ar7kf/Media/NYT%20-%20Bruce%20Bartlett%20-%20Financialization%20as%20a%20Cause%20of%20Economic%20Malaise.pdf
At both UK and EU the richest 1% ensure government is always in their pockets through lobbying http://www.dailymail.co.uk/news/article-3085342/Stop-listening-insular-ruling-elite-help-poor-Cameron-s-ex-guru-Steve-Hilton-warns-Tory-PM.html#ixzz3aTL5Gagq
Since they favour making themselves ever-richer at the cost of the 99% and hence favour further financialization then growth is the real economy will remain low.
There will not be any meaningful investment in the real economy so reducing debt will be extremely difficult.
…When an economy grows at 1 percent annually but investment returns are 5 percent, the already wealthy need to reinvest only a fifth of their gains for their fortunes to grow at the same rate as the overall economy. The rest can be spent on a sumptuous lifestyle.
Since by definition the very rich do not need to consume 80 percent of their incomes — the portion by which investment returns exceed the growth of the economy in Piketty’s model — they can reinvest most of their annual gains in the market. Over time this accumulating capital will snowball… http://www.globalresearch.ca/whats-the-primary-cause-of-wealth-inequality-financialization/5374930
Hence the UK is already moving towards a low wage economy for many. Life changes are worse for many ordinary people who a generation or two ago could expect to be able to afford to buy their own house and have a permanent job with prospects. Prospects for their children are worse today. The public are well aware of these changes.
It’s only the elite clones who are themselves part of the 1% that are clueless.
It seems that our political rulers’ conversation make as much sense to the electorate as Stanley
Still…chin up! This’ll raise a…a smile