Collapse in trust that politicians and their experts can restore economy and living standards

It has taken almost 6 years, but we have finally arrived at the point where there has been a collapse in trust that the politicians and their experts can restore the economy and return people's living standards to  before the financial crisis.

This is a watershed moment as it sends the unambiguous message that the vast majority of people recognize the response to the financial crisis is a complete failure.

It is not surprising that the vast majority of people would feel this way as the response was designed to protect bank book capital levels and banker bonuses and shift the damage from excess debt in the financial system onto them.

As reported by the Guardian,

Most voters, but especially coalition supporters, have lost faith in the ability of swift government action to restore living standards to the levels seen before the banking crash. 

A belief in whether government has the power, let alone the policies, to restore living standards also appears to be one of the issues that most determines which party voters will back....

Such is the pessimism among poorer voters that one in three earning less than £20,000 a year do not believe a recovery would help their living standards, although that figure falls to a fifth among only a fifth of richer voters.... 

Gavin Kelly, chief executive of the Resolution Foundation, said: "Despite the stagnation of recent years, including in the period prior to the recession, the majority of people still think that with the right policies growth will translate into steadily rising living standards. 

"They want their share of the future gains from growth. However, a large minority appear to have lost faith in this belief, which is concerning, given that the legitimacy of our economy rests on it."