Posts under ‘Macroeconomics’

We need a Europe that’s for a better life, not one for advancing powerful interests

by Bryan Gould.

Like so many others, I long ago got used to being pilloried as “anti-European” for daring to say that the “Europe” we were urged to sign up to was no such thing, but was a particular arrangement cooked up by the powerful and foisted on the people of that often benighted continent without bothering either […]

Pre-budget memo to Osborne: records show austerity won’t cut deficit

by Michael Meacher.

Osborne’s 8 July budget will be forced through in the teeth of all economic experience. The history of the last 70 years demonstrates one conclusion irrefutably: austerity is the wrong way to cut deficits. After the second world war had dramatically drained Britain’s wealth and left the country with colossal debts amounting to 260% of […]

Wages, profits & investment In Greece

by Michael Burke.

The IMF has placed a road-block in the way of a deal with the Greek government and it remains unclear whether any agreement can be reached. The prior agreement which the IMF rejected was itself already very onerous. But the IMF wants to shift the burden of paying for the crisis away from taxes on […]

Why I went on the anti-austerity march & regret Labour’s leaders weren’t there too

by Diane Abbott.

Last weekend I attended the huge anti-austerity march and rally organised by the People’s Assembly against Austerity in London. Estimates of the size of the rally varied between 70,000 and more than 150,000. But demonstrators poured into London from all over the country, the march was self-evidently huge and it was definitely a great deal bigger […]

Tories’ pre-election fantasising comes back to haunt them

by Michael Meacher.

Northern powerhouse deflates into Northern power-cut. It was so hurriedly propagated by Osborne before the election as portraying the government as dynamic innovators of English devolution, but none of the details had been properly worked through, including the required transport infrastructure as we now know. So the election gimmick, if not evaporated, has dimmed at […]

Why Martin Kettle’s one dimensional analysis does the Tories’ work for them

by Bryan Gould.

Martin Kettle, in today’s Guardian, joins the ranks of those no doubt well-intentioned observers whose advice to the Labour party, as it chooses a new leader, seems to be based on a curiously limited and one-dimensional view of the political landscape. In this view, there are only two possible directions of travel and therefore just […]

1/4 million in Saturday’s rally against austerity: 1 million next time!

by Michael Meacher.

Governments don’t listen to Parliament so long as they have a majority, but they do listen to social movements amassing their forces against them. Saturday’s rally against austerity assembling 250,000 activists is a very good start, and it needs to be followed through with ever bigger demos over the next few months. You can always […]

Try as he may, Osborne cannot “eliminate the deficit”

by Ann Pettifor.

The Fabian Society invited Nicola Smith of the TUC, Dan Corry – once a Labour government adviser – and me to address their Summer Conference ten days ago. The theme: how can Labour restore its economic credibility with the electorate? The audience was large – about 300 earnest, well-informed and assertive Fabians. The discussion was […]

Why the Left is needed to attack Osborne’s shocking economic record

by Michael Meacher.

It’s depressing that so many of the Leadership contestants seem to be colluding with Osborne’s deplorable policies instead of attacking them head-on. The simplest measure of overall economic performance is real GDP per head: in the UK’s case it is still, 8 years on, no higher than at the start of 2007 and still below […]

Only Tory structural stupidity can explain Osborne’s budget surplus law

by Phil Burton-Cartledge.

The Conservative Party is structurally stupid. As a force the Gods of social dynamics have condemned to a slow and unlamented decline, so madness inevitably manifests itself in all manner of horrible pathologies. A more signal example of this is George Osborne’s speech, made yesterday evening, basically outlawing the state’s ability to run a budget surplus. It […]

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