Posts under ‘Macroeconomics’

Deficit nonsense: right, left and centre

by Michael Meacher.

It is extraordinary that both the main parties have now put forward their plans for meeting the deficit, which is going to prove the centrepiece of the election, yet neither plan carries credibility. Osborne has once again committed the Tories to £30bn of further spending cuts on a rolling 3-year programme, i.e. currently targeted at […]

How the government’s super-platinum credit card works

by Guest.

This brilliant, witty explanatory piece by Neil Wilson first appeared at 3Spoken three years ago but is never more applicable Modern Monetary Economics shows us that monetarily sovereign governments (like the US, UK and Japan) are able to spend money before they receive any tax. That’s what puts the ‘fiat’ [Latin for “let it be […]

Labour views economy through the wrong end of a telescope

by Ann Pettifor.

“There is no path to growth and prosperity for working people which does not tackle the deficit”. So said Ed Milliband last Thursday. The Labour leader has finally succumbed to a baying media pack that insisted he commit himself to an economic goal set by Labour’s opposition: namely “tackling the deficit.” I am no politician, but […]

Market socialism: oxymoron or just plain moronic?

by Phil Burton-Cartledge.

These days the ‘99%‘ and ‘Another World is Possible‘ are slogans fluttering atop many a radical social movement. Yet on those occasions activists’ deliberations turn to what a post-capitalist future might look like, there will be a lot of talk about participatory democracy, community networks, the decentralisation of power and so on. The state might […]

Osborne decimating the State will finally trigger the resistance

by Michael Meacher.

Osborne’s central objective, he would have you believe, is to cut the deficit. He has failed: the deficit he predicted would be £40bn this year turns out to be £100bn and, worse still, it is actually now rising because of the fall in the government’s income (tax receipts) brought about by his own policy of […]

Osborne’s been caught red-handed – when’s Labour going to take him down?

by Michael Meacher.

Osborne over-reached himself badly last week, what with bare-faced lies, twisting of the figures to save his own skin but which no independent expert can validate, childish responses to well-placed questions which left him rattled and blustering, concealing his real underlying motive to take Britain back to the enfeebled state of the 1930s, insisting in […]

The real chill in the Autumn statement

by Dave Watson.

A budget package in December may not be Autumn, but it certainly had a real chill for those least able to afford its consequences. This was a classic Osborne budget statement. Massive real cuts, sugar coated by handing back a few pennies in the form of announcements on the NHS and infrastructure. Yes, Scotland will […]

Even by Osborne’s standards this is the most dishonest budget since the war

by Michael Meacher.

This was the thinnest Autumn Statement (mini-budget) in living memory. There was nothing new in it of any significance except the change from the slab system to the stepped system for stamp duty. But on the key issue which underpinned the whole statement, namely that this year the deficit is rising, not falling, there was […]

Austerity lies and myths – what the government doesn’t want you to know

by Newsdesk.

Joining the panel of leading economists for discussion and debate on the true state of the economy and the lies underpinning the Government’s austerity programme are Left Futures contributors Ann Pettifor and Michael Burke, James Medway of the New Economics Foundation and journalist (and former Left Futures contributor) Owen Jones, chaired by National Union of Teachers general […]

Osborne checkmated by his own austerity

by Michael Meacher.

Politics has a curious way of coming back to haunt politicians in a way they never intended or expected. Osborne is a case in point. The whole thrust of his austerity strategy, as he repeatedly told us, was to eliminate the structural deficit in this Parliament. On that basis he predicted in 2010 that the […]

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