Jeebus, who writes these things?
The Centre for Economics and Business Research (CEBR) said soaring inflation coupled with low pay rises means household peacetime disposable income is at its lowest since 1921.
No friggin\’ way. Don\’t these people understand how damn rich we are compared to 1921?
Rising food, clothing and energy prices mean the average British family will have £910 less to spend this year than they did in 2009.
The CEBR calculates that household disposable income will fall by 2pc this year, more than double last year\’s fall of 0.8pc and the biggest drop since the savage 1919 to 1921 post-First World War recession.
Stupid bastards. The largest fall in disposable income since 1921, yes. But not a fall to below the levels of 1921.
If we take 1987 as being 100 (hey, that\’s just the way the index is calculated) then real wages (ie, adjusted for inflation) were 30 in 1921, they\’re 131 in 2009.
Somewhere between four and five times higher.
Hey, I\’m not trying to say that everything is just flowering in the rose garden, but there is absolutely no way at all that disposable income is at the levels of, or below, those of 1921. We really haven\’t just lost 90 year\’s worth of economic growth.
But it\’ll be interesting to see who picks up and runs with this mistake, won\’t it?