Sunday, March 08, 2009

We all helped fuel the recession, but not out of greed

There is some truth in the Shadow Chancellor's claim that we all helped fuel the current recession, but he needs to be very careful who he points the finger of blame at. The boom times may have been years of greed and overindulgence for some, but for many, they were simply a daily struggle to make ends meet.

Not everyone was bingeing on plasma TVs and buying houses as an investment. Many were simply looking for a roof over their heads, but with house prices rising faster than wages, were forced to take on mortgages they could barely afford.

We may have all helped fuel the current recession, but we weren't all responsible.