Essentially he believes that we are to rich to want to work
hard and improve the economy. If this was true then the 80's would have been
one of the greatest periods of economic growth and 90's one of the lowest.
Lord Heseltine ignores that India and especially Chinas
growth is based on public spending and wage rises rather than austerity.
Basic essentials such as food, fuel and housing are so
expensive nobody has any money left to spend to stimulate the economy.
Economic growth has always been founded upon increasing
wages. The larger positive gap there is between cost of living and wages the
stronger an economy is.
All Lord Heseltine did is make a compelling case to ditch
the conservatives incompetent approach to economics they need to encourage and
reward effort rather than rewarding failure like the banking industry. Until
they do this the rich will remain complacent and the poor resigned to their
fate.
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