Northernheckler's Blog

A Yorkshireman's adventures in the big Smoke

Bailing out the banks & unemployment.

In times of economic hardship it’s customary for opposition parties ( and the electorate ) to criticise the Government.

So it’s not surprising that the Government should get stick for increasing borrowing to bail out the banks.

Not surprising either that it should find people upset about increased unemployment.

It is unfair though for Tories to condemn the Government for both unemployment and increasing public debt. It is precisely because Labour have taken dramatic ( and expensive ) steps to bail out the banks and keep the financial system afloat, that unemployment is not far higher, and the recession far deeper.

The Tories in the early 80’s some may recall, thought that making large numbers of people unemployed in order to maintain natural market forces was a price worth paying. A position which reflects the underlying principles behind Conservatism – they don’t care about people – just their people.

The principles behind the banks bail out similarly show that Labour does put people first. The banks were bailed out, not because they deserved it, but because the cost in human terms of not doing so was far greater than the cost to the nation’s balance of payments.

I for one feel that this was the correct priority, and that’s one of the reasons I still support the Government.

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August 4, 2009 - Posted by | politics | , ,

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