The language of austerity is the language of deceit ✒️ FisherAndrew79 for ipaperviews
Former Prime Minister David Cameron with former Chancellor George Osborne
We should therefore be grateful to two academic economists who have been quick out of the blocks to challenge this narrative: Rob Calvert Jump and Jo Michell, authors ofThey argue that the concept of a fiscal hole is subject to economic forecasts, inherently uncertain, and government definitions, inherently political.
These multiple unresolved crises have left us on the brink of prolonged recession, with real wages falling, retail sales in freefall, high inflation, interest rates rising and unemployment forecast to rise too. It is the perfect economic storm in which Rishi Sunak and Jeremy Hunt are all at sea, acting like mediaeval quacks, with billionaire Sunak loftily instructing, “apply more leeches Mr Hunt”.
The UK’s debt-to-GDP ratio today is lower than that of Italy, the US, France and Canada – and less than half of Japan’s. What the markets bridled at was Liz Truss’s plans to issue more debt to fund tax cuts to the wealthy and corporations – which would do nothing to boost growth.
Danmark Seneste Nyt, Danmark Overskrifter
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