The Quiet Wealth Transfer. From Wages to Debt.
For decades, the story you were sold was simple: "Work hard, get educated, and you’ll be fine."
But behind the scenes, the engine of the economy was swapped out. We stopped powering growth with wages and started powering it with private debt.
The real macro bomb was never public debt - it was private debt. Before the 2008 crisis, U.S. government debt was about 60% of GDP. But private debt had surged up to 170% of GDP.
And that trend didn't stop.
Today, private debt remains elevated at around 145% of GDP. Higher than any pre-2000 level.
Every major modern crisis - the Great Depression, 2008 - was preceded not by government deficits, but by a collapse in private credit. When that credit engine stalls, the economy crashes. Mainstream economists ignored this. They told you banks were just "intermediaries." They lied. Banks create money, and they pumped that money into existing assets - houses - rather than factories or innovation.
Another exciting week as your MP holding the government to account on fair funding for rural communities, action on tackling climate breakdown, cost-of-living and wealth tax measures, and much more!
Like every proper farmer, grandad had a field for all of his scrap (cars, tractors, implements and even a combine), so I spent the 90's playing around a rotting one of these. Same colour too.
https://t.co/mbDuMZoCjU
Only 12% of the UK earning over £50k a year is such a humbling truth on the state of the UK general economy. Do you know how poor that is as one of the largest and biggest economies in the world ?