Posts under ‘Macroeconomics’

Greek myths retold: confronting the ideologues of austerity

by Michael Burke.

The world economy is not strong and the President of the United States is sufficiently concerned about new shocks to it that he recently met the Greek Finance Minister to urge ‘flexibility on all sides’ in the negotiations between the Syriza-led government and its creditors. US concern is fully justified. In any attempt to reach agreement it […]

There are 3 ways to cut the deficit – why has Labour chosen the wrong one?

by Michael Meacher.

The budget deficit, which has been far more central to this election campaign than it should have been, can be dealt with in three separate ways. It can be reduced by cutting net expenditure either by taxing the poor or by taxing the rich, or it can be reduced by cutting unemployment (the ‘automatic stabilisers’ […]

The central issue of this election is a mystery wrapped in an enigma

by Michael Meacher.

The key issue of this election,behind all the superficial flashy giveaways, is paying off the deficit. It still stands this year at £92bn when Osborne pledged in 2010 it would be £37bn or below – a discrepancy of £55bn, not exactly a minor slippage. So how exactly, after 5 years in which Osborne has tried […]

Vote Tory and you’ll never have it so good again

by Michael Burke.

There is an old joke, not a very good one, that the definition of a consultant is someone who you pay to tell the time who then asks to borrow your watch. Osbornomics, the specific variant of austerity economics that operates in Britain is similar. The British economic ‘recovery’ is the centrepiece of the Tory […]

£12bn more cuts will crucify poorest in society and are not necessary

by Michael Meacher.

So the Tories are able to tell us that Labour plans to cut the deficit (which they have never seen) will increase costs by precisely £3,028 per household, a figure now definitively rubbished by the Institute of Fiscal Studies and which the Tory party chairman has now admitted is mere “guesswork”. Yet they can’t tell […]

Cameron’s bad day: with more ‘victories’ like this, he’s sunk

by Michael Meacher.

Any objective person watching the Cameron-Miliband TV duel (although it was faux because Cameron was too frit to submit himself to a direct face-to-face contest with Miliband) could be in no doubt that Miliband won. Unlike Cameron, he didn’t get flustered or rattled, and he projected himself more strongly both in personality and on policies. […]

Extreme and dangerous Tory spending cuts

by Grahame Morris.

The Chancellor’s final budget was less than twenty hours old before Liberal Democrat Treasury ministers tried to disown it by presenting an alternative ‘yellow’ budget, before abusing parliamentary privilege to deliver it as a ministerial statement. However, no matter how many budgets the government presents none of them can hide from the fact that the Coalition […]

Osborne’s boasts were lies – his was not a budget for a prosperous Britain

by Michael Meacher.

The truth finally came out. Osborne claimed that the deficit was being cut this year when in fact that is only due to the exceptional delaying of tax payments till the end of the fiscal year by the super-rich in order to take advantage of the reduction in the top income tax rate to 45%. […]

Austerity has failed everyone but the rich

by Newsdesk.

The following letter signed by trade union leaders, MPs, campaign activists & economists which appeared in the Guardian, has called for the biggest mobilisation possible against austerity at the People’s Assembly national demonstration on Saturday 20 June: In what we hope was his last budget, George Osborne made a series of false claims about his […]

Tectonic plates shifting in world power structure are signs of a new world order

by Michael Meacher.

Something has just happened which got hardly any attention in the media, but which is very important. The recent setting up by China of the Asian Infrastructure Investment Bank may not seem likely to excite the passions, but it should. For this is clearly an intention by the big Asian powers to challenge the World […]

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