Former London Mayor Boris Johnson campaigning for the Leave campaign (Reuters/Peter Nicholls)
By Matt O'Brien
Never have so many risked so much for so little.
I'm talking, of course, about Britain's upcoming vote on whether to leave the European Union. So-called "Brexit" — get it, as in British exit? — would be the economic equivalent of quitting your job because you think you can get it back minus all the parts you don't like. In other words, a fantasy. But, with apologies to Harry Potter, it might be Britain's most popular one to the point that there's a real, albeit slight, chance it could prevail in the June 23 poll. In which case, to extend
this metaphor, Britain would be left out of work and out of friends. Indeed, Britain's Treasury estimates it could send them into a recession costing as many as 500,000 to 800,000 jobs.
Despite all this, almost half the country thinks this is a good idea. Surprised? You shouldn't be. This is what happens during a depression. Now, I know it sounds strange to invoke the sepia-toned suffering of the 1930s when we're talking about an economy that only has 5.1 percent unemployment right now, but you have to look at the past eight years and not just the past eight months. By that measure, Britain is doing worse than it was at this point of the Great Depression or even its post-World War I slump.
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