A sensible and rational analysis
By Michael Meacher, MP.
Originally published here, on October 1st
Osborne’s proposed goal of a budget surplus in the next parliament is absurd on several counts. First, the politics of austerity for a full decade 2010-20 is surely untenable. The unrest after just 3 years is already clearly mounting, and the idea that the lid could be held down for another 7 years is fanciful, especially since any further additional departmental or welfare cuts earmarked to be made during 2015-20 will be much harder to implement once the earlier reductions have been pocketed. Second, the plan is utterly dependent not only on securing those cuts, but also on achieving a long period of high growth. But where is that growth engine to come from, when investment has crashed and is shockingly low, wages are still falling, exports are stymied, and the eurozone is deeply troubled?
Gathering hopes that a hesitant…
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