Thursday, March 25, 2010

The Sun's Economic Nonsense

A very confused fragment of economic commentary, from the Sun:

But Britain is likely to be £1.4trillion in the red in 2015 - with debt making up 75 per cent of our total economic output.

Debt may be equal to 75 percent of the national output but it won't be 75 percent of our economic output will be debt, that doesn't even make sense. Perhaps this is being pedantic but I'd expect someone in the role of business editor of a national newspaper (even if it's the Sun) to explain the debt situation correctly.

More stupidity on the same page from Trevor Kavanagh

The acid test of this Budget was the health of the stricken Pound. Hopes it would flicker back to life were dashed as feeble Sterling FELL against the American dollar.

Beyond all the debate about the relative merits of a strong or weak pound there is the simple truth that the day to day movements of currencies mean absolutely nothing.

I know I shouldn't expect much from the Sun, but it would be nice if their contribution to the economic debate was at least led by people who have a clue.

No comments: