Posts under ‘Macroeconomics’

People need hope, not more of the Tory austerity fairytale

by Michael Meacher.

Ha-Joon Chang in the Guardian is right that “the country is in desperate need of a counter narrative” to the Tory story on the economy. I believe it should go like this. First, Labour did not leave behind an economic mess; the bankers did. Labour was not profligate: the biggest Labour deficit in the pre-crash years was […]

Labour must outflank the SNP from the Left

by Neil Findlay.

This article was written prior to the resignation of Johann Lamont and is reposted here because it is a clear political statement by someone who many on the Left in Scotland would like to see as the next leader of Scottish Labour, and covers the same ground as Neil’s speech to the Campaign for Socialism conference […]

Is the EU Commission on the side of Farage?

by Michael Meacher.

It is difficult to believe that some senior members of the EU Commission are not secret Ukippers. To demand that Britain hands over more than €2bn because its economy is doing relatively well compared with the rest of the Eurozone, which is doing appallingly badly, is beyond satire. The idea that Germany, where the Merkel […]

Deficit rise this year destroys any purported case for austerity

by Michael Meacher.

The latest ONS Quarterly National Accounts tell a very significant story. For the media it was immediately a matter of Osborne likely not being able to provide a pre-election giveaway in a big new tax break to be announced in his Autumn Statement on 3 December. But that isn’t the real point at all. A […]

Leanne Wood interview: another Wales is possible

by Guest.

The annual conference of Plaid Cymru starts tomorrow. Here their leader, Leanne Wood, talks about the Scottish referendum and devolution, questions EVEL (English votes for English Laws) and opposes the evils of austerity. She is interviewed by Socialist Resistance SR: You were a very high profile and active supporter of the Yes campaign in Scotland. […]

‘Secular stagnation’ is the outcome of deliberate policy — it can (still) be reversed

by Ann Pettifor.

Martin Wolf in the FT today strikes a  different direction from those secular stagnaters shepherded by Larry Summers towards the cliff-edge of endless doom. Larry Summers devised and popularised the term, “secular stagnation”. He has a lot to answer for. His misjudgements, poor advice to the Obama administration, and flawed analysis have been catastrophic for the global […]

Osborne’s own policies shrink tax revenues, yet he cuts more to compensate

by Michael Meacher.

There are now unmistakeable signs that Osborne’s so-called economic recovery is fading, despite all the right-wing think tanks and pro-Tory media to talk it up. A survey of 7,000 businesses by the British Chambers of Commerce has just found that manufacturers have suffered a sharp slowdown in export orders, and even more significantly domestic sales […]

There is a magic money tree. It’s called investment

by Michael Burke.

Supporters of austerity have long argued that there is no viable alternative because of persistent government deficits and rising debt. David Cameron put it starkly arguing that “there is no magic money tree“. However these assertions contain two important fallacies. Firstly, it is evident that, if government is increasingly indebted it must be the case […]

Tories now wide open to attack: when is Labour going to exocet them?

by Michael Meacher.

Even on their own terms the Tories are now exposed to assault on several grounds. Cameron threw down the gauntlet by asking: Who do you trust? Labour should pick it up. Large majorities in the electorate think the Tories are the party of the rich, not for them; witness the tax cuts for millionaires and […]

Productive investment has not increased, so there is no sustainable recovery

by Michael Burke.

The latest GDP data showed that the British economy is a little stronger than previously thought. The economy is now 2.6% above its previous peak in the 1st quarter of 2008 and surpassed that peak in the 3rd quarter of 2013. However, the fundamental character of the current crisis is unaltered by the revised data. The […]

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