Nick Clegg Should Be Ashamed At The Economic Chaos He's Facilitated

Clegg says The Coalition was wrong to cut capital spending. Sorry Nick, but why has it taken you three years to figure out the basics of economic policy? Your lust for power has led the nation to the brink of an unprecedented triple-dip recession...
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Clegg says The Coalition was wrong to cut capital spending. Sorry Nick, but why has it taken you three years to figure out the basics of economic policy? Your lust for power has led the nation to the brink of an unprecedented triple-dip recession...

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It would appear that Nick Clegg has finally, to paraphrase David Cameron's wonderfully stirring, almost Churchillian turn of phrase, woken up and smelt the coffee. And the smell has nothing to do with Cameron's smoke and mirror trick of focussing on Starbuck's tax avoidance. Nick has finally realised that there is such a thing as a sound, responsible economic policy. And it's not the policy that the Tories have imposed on the coalition that Clegg created.

Speaking in the House magazine (no, I'd never heard of it before today either) Nick appears to have had a slightly Damascene moment on the road to a triple dip recession. He thinks that the government may, just possibly, perhaps, have cut a little too deep a little too soon.

He is quoted thus; "If I'm going to be sort of self critical, there was this reduction in capital spending when we came into the Coalition Government"

Sort of self critical? Is the most lily livered moment of self reflection in the history of politics? Nick (can I call you Nick, Dave likes us all to call him Dave) you allowed this to happen, you created this coalition absurdity, you gave power where there should not have been power, you facilitated incompetence and a venal hatred of any class without birthright. You embedded the politics of entitlement in our society.

And more; "I think we've all realised that you actually need, in order to foster a recovery, to try and mobilise as much public and private capital into infrastructure as possible"

'We' Nick? 'We'?

No. You. You have realised this, WE knew this all along, it's a basic economic truth and any right minded individual with the minutest understanding of how cash flow impacts the economy understands that. You've realised this. Your Coalition allies haven't, and more importantly don't care about the principle; it doesn't suit their politics, it doesn't fit in their worldview.

"Wherever we can we've got to mobilise more capital investment. The economic evidence is overwhelming"

Oh. For. The. Love. Of. God.

Yes, yes it is. It is overwhelming. But it hasn't just become overwhelming, it was there on the day that you declared yourself kingmaker and appointed this coalition government.

"It helps create jobs now - people go on to construction sites. It raises the productive capacity of the economy in the longer run."

Nick Clegg has finally realised that the economic policy that would create growth in the economy is Labour's. Well done Nick. Great time to come to your senses. Do you know when would have been a good time to arrive at this realisation? 2010.

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And in case anyone thinks this is Nick going maverick, that he may be misguided in some way, IMF chief economist Olivier Blanchard has told George Osborne to reassess his cuts and come up with a plan B, basically now. Now, as we hit an absolutely unprecedented triple dip recession.

"We've never been passionate about austerity" said Blanchard, a man we can assume knows a little about economic theory.

Add to this that the lovely, responsible, honest and trustworthy Mr Cameron appears to have been caught out possibly telling the tiniest fib about the state of the economy; claiming in a party political broadcast that this policy was "paying down Britain's debts", Downing Street later being forced to admit that borrowing had actually increased under the Coalition's tenure.

So we have a Prime Minister who may well be either a liar of the highest stripe or an incompetent par excellence, a deputy Prime Minister who has finally figured out the basics of economic policy two and a half years into being (in theory) the second most powerful man in the country and an economy that stands on the edge of a triple dip recession, something they can at least, at last, claim that the coalition has achieved that no other government has ever been able to match.

And Nick, when you wake up each morning and, as per Dave's specific instructions, 'smell the coffee', I hope you're able to look at yourself in the mirror and live with the chaos that you have facilitated.

Follow Ian on Twitter: @fish2310 and read his blog at mumblinginttothevoid