In recent years, “Economic credibility” has laughingly been defined as an economic policy that has delivered neither sustainable economic growth nor improved living standards for the overwhelming majority of people. Indeed, the Tories’ austerity has even failed on their own very narrow definition of success of reducing the debt to GDP ratio.
Posts Tagged ‘Austerity’
Last week Jeremy Corbyn set out his vision for the British economy at a major speech at Bloomberg. Railing against the austerity economy that has failed so many, from workers at Sports Direct to those on zero hour contracts, the Labour leader pledged to create an economy built on investment, tax justice and harnessing the […]
The following is a letter by Professor John Weeks and Ann Pettifor, published today, 15th March 2016 in The Guardian. Andrew Harrop’s article on John McDonnell’s public borrowing for investment points out its improvement on the chancellor’s deficit obsession (John McDonnell’s new fiscal rule is strong, but it’s no election winner, The Guardian, 11 March). […]
What have they been putting in John McDonnell’s coffee? According to some, John’s embrace of fiscal responsibility, tight spending, and deficit reduction is a surrender to “the capitalist parasites“. And proving you cannot please some people no matter what you say, there have been criticisms from the right of the party arguing that his economics […]
Rachel Reeves, a former Labour shadow secretary for work and pensions, has produced a short note for Progress which has been hailed in the right wing media, and by the Labour right, as ‘an alternative Budget’. The New Statesman was perhaps the most excitable, describing Reeves as the shadow chancellor in waiting. All of this […]
“For the proposition that supply creates its own demand, I shall substitute the proposition that expenditure creates its own income” (JM Keynes Collected Writings, Volume XXIX, p81) G20 Finance Ministers met in Huangzhou, China recently and refused appeals from both the IMF and the OECD for “urgent collective policy action” that focussed “fiscal policies on investment-led […]