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|Why Nigerians Should Not Bash The U.K., Lets Wait For The U.S by yemmyma: 9:23am On Feb 23, 2013|
In recent times, i have seen the bashing of the United Kingdom on Nairaland as a country where one cannot get RICH. In fact, some have gone as far as saying that the U.K income style does not suit a black man. The debacle facing the U.K today is that it neglected the basic principles that underpins a well functioning economy. According to Peter Drucker, to Grow your GDP all you need is EFFICIENCY and INNOVATION. On efficiency, the United Kingdom suffered from a lazy population, uncontrolled immigration, off-shoring, outsourcing, unsustainable welfare package amongst others. And on innovation, a focus on banking and service economy has done more damage to the economy than any other single thing. This can be explained better if you know that the U.K imports coffins. That to me is a result of bad economic management. It is pertinent to know that the U.K, is going through a serious austerity period which is one of the cushions to prevent a more serious economic collapse in the future. The effect of this is seen in stagnancy in real wages compared to inflation, lay offs, reduced public spending, increased taxes and reduced government income.
On the other hand, the United States a mixed economy but with a more capitalist DNA. Nigerians in the U.S have have praised the country as a place of opportunities which cannot be disputed from any quarter. But it is also very important to know that the U.S. has yet to carryout a single cost cutting measure despite her Debt to GDP crossing the 100% mark. What this means is that every dollar spent by the government is borrowed. For instance this can be explained by the Chinese holding of U.S debt instruments. The United States also have the luxury of having the dollar as the world's residual or reserve currency which means the U.S. can borrow money at a lower rate compared to other debt ridden countries amongst the OECDs.
Is it common knowledge now that Nigerians in the U.K are moving home more than ever for reasons explained in the first paragraph. As the anti-U.K threads keeps coming up on Nairaland, is it enough for us to bash that country? I personally would think the United Kingdom has produced more levellers for Nigeria than any Western country. As the United states is about to get serious about her own austerity measures in a week's time, does that mean that the U.S. is also going to get a lot of stick from our fellow Nigerians as the economic opportunities gets slimmer?
What are your thoughts on the future on the world economy? Are you preparing for a plan B?
You can get more insight in to this on :http://edition.cnn.com/2013/02/21/politics/budget-congress-pay/index.html
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