Posts Tagged ‘Deficit’

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 […]

However silly no-tax-increases are, they should cut tax reliefs to pay off deficit

by Michael Meacher.

Enforcing £12bn welfare cuts (and a lot more beyond that if the deficit is really to be eliminated) is draconian and callous as a means of making the poor subsidise the rich so that the latter can walk away free of any liability, but no-tax-increases in this Parliament doesn’t end the matter. It doesn’t preclude […]

Did New Labour spend too much?

by Michael Burke.

It is not sufficient for big business to have secured an election victory and an overall Parliamentary majority for the Tory Party. It is also necessary to intervene in the Labour Party to ensure that its leadership also conforms to big business interests too. This currently takes the form of candidates in the leadership contest […]

Osborne has as much chance of a budget surplus in 2018 as of the Titanic resurfacing

by Michael Meacher.

Osborne is telling another of his wheezing yarns which he’s much better at than solving real problems. His first yarn in 2010 was that he would eliminate the structural deficit by 2015; it turns out that it is currently £92bn. His next yarn today is that he will now eliminate it by 2017-8. Fat chance. […]

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’ […]

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