Rising unemployment and the recession have been the price that we have had to pay to get inflation down. That price is well worth paying. * Hansard, HC 6Ser vol 191 col 413 (16 May 1991)Those last five words have been something which Labour has bashed over the heads of many a Tory to illustrate how uncaring they were/are. In fact, just this past Saturday Polly Toynbee wrote that Cameron had done a U-turn and taken the Tories back to the view that "unemployment is a price worth paying". It's a good soundbite right?
However, times change fast in the mind of Polly. We know this because she praised Gordon as a saviour, then slagged him off a no-hoper, then praised him as a savior again in the space of months. The speed of her U-turns has reached new heights now because today she writes,
Even if unemployment reaches 3 million, that still leaves 90% in secure jobs. Most people will suffer not at all in this recession: on the contrary they will do well as prices fall and the real value of their earnings rises.Got that? All of sudden unemployment at 3 million is a price worth paying because those in jobs will have lots of cheap things to buy? Recession is good. Long live recession says Polly, and 3 million unemployed? That's a price worth paying says the stuck-up aristocrat who is in touch with the common people!?
Hat Tip: CoffeeHouse and Guido for link to today's Polly column quote.