Spend, spend, spend

14 January 2010

I see that the National Institute of Economic and Social Research has said that between September and December the economy grew by 0.3 per cent, its first quarter of growth since the beginning of 2008.

Its prediction comes two weeks before official figures from the Office for National Statistics that are widely expected to show that the recession is over.

Thank the Lord for that. Because this is the recession that should never have been. It’s been the Media Recession.

News is a self-fulfilling prophecy. If the media tell people not to spend, they won’t. Truth is, history indicates that the economy moves in an eight-year cycle. Generally, there’ll be six years good; two bad.

However, the media exacerbate this. After six years of good times, they start to speculate about when the crash will come. Once the whispers begin, investors and consumers start thinking twice about laying out money. That shows up as a spending dip. As soon as that’s public knowledge, it turns into a media event and all the papers slap themselves on the back and say how they got their speculation right.

But it’s up to all of us now to fan the flames. Get out there and spend. Yes, even you lot whose public-sector jobs have always been safe and yet you were buying Tesco Value ranges.

Spend, spend, spend. On what? I have some nice fresh copy right here in my fridge. That’ll do for starters.

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