a large ship in the background: Photograph: Tim Wimborne/Reuters


© Provided by The Guardian
Photograph: Tim Wimborne/Reuters

This week the June quarter GDP figures will show the economy shrank by about 6% in the three months after the pandemic hit our shores. But while the economic carnage of the present will deservedly get the attention, we should not let it blind us to the reality that even before the virus, the economy was barely limping along.



a large ship in the background: ‘Non-mining investment has now been falling since the first quarter of last year.’


© Photograph: Tim Wimborne/Reuters
‘Non-mining investment has now been falling since the first quarter of last year.’

For my many sins, this week I spent time watching the Republican national convention. It was of course a smorgasbord of turgid hucksters praising their lord Donald Trump with large helping of lies and delusion.

Speaker after speaker would have you believe that things are great. Vice-President Mike Pence boasted of how in the past three months the US has “gained back 9.3 million jobs”.

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