Posts Tagged ‘Deficit’

John McDonnell’s very political economics

by Phil Burton-Cartledge.

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 […]

Memo to Jeremy & John: it’s the country’s deficit that matters, not the government’s

by Bryan Gould.

A major factor in Jeremy Corbyn’s appeal to voters in the recent leadership election – and potentially to the wider electorate as well – was his brave assertion that austerity was the wrong response to recession and was doing absolutely avoidable damage to both economic performance and social cohesion. That assertion not only gave fresh […]

Escaping “Stockholm syndrom – Stop fessing up to errors Labour didn’t make

by Ann Pettifor.

Mr Osborne’s most striking political achievement, with the connivance of the economics profession and media, is to reframe the debate about the most severe crisis in living memory away from finance and towards the welfare state – identified as causal of the crisis. In reframing the debate he has succeeded in ‘capturing’ some of his […]

Too left wing? Corbyn concedes too much on public spending – trade deficit matters more

by Bryan Gould.

How Left wing is Jeremy Corbyn? If anything, argues Bryan Gould, Corbyn’s economic platform concedes too much on the government deficit – it is the balance of payments deficit which should be our main focus As the warnings about a Corbyn leadership become more and more hysterical, we need to ask – just how left-wing is Jeremy […]

Would a Rachel Reeves budget yesterday have been much different?

by James Elliott.

Ahead of yesterday’s budget, in which George Osborne laid out £12bn of welfare cuts, a continued squeeze on public sector pay, the abolition of student maintenance grants and higher tuition fees, Labour’s ‘opposition’ front benchers went out of their way to agree with Osborne’s narrative of austerity. Still reeling from the General Election, or now […]

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 […]

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 […]

Osbornomics goes toxic

by Michael Meacher.

Osborne’s Mansion House speech last night reverts to the old-fashioned economics of the governor of the bank of England in the 1920-30s, Montague Collet Norman, which led to the General Strike of 1926 and the Wall Street crash of 1929, followed by the desperate misery and hand-to-mouth subsistence of the 1930s which was so etched […]

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