Reasons to march on 26 March, #3
Mehdi Hasan puts this somewhat better than I will be able to on this blog.
The bottom line is economic. On Wednesday, in his budget speech, Gideon revised the growth forecast down for the 3rd time since last year’s election. This is before any of the services affected by cuts are actually closed. Growth in the US is running at nearly double that of the UK. The difference?
They haven’t gone for a slash and burn austerity programme. (Despite the best will of hawkish Republicans to push Obama there).
You can’t reduce the deficit if you haven’t got money coming in to the treasury, without growth and the accompanying jobs you don’t get tax income in to the treasury. It really is that simple.
Despite all the economic indicators pointing in the wrong direction, Gideon didn’t use Wednesday budget to take his foot off the gas. He continued with a programme that even before mass public sector redundancies is seeing shrinking growth and consumer confidence.
Gideon’s deficit reduction isn’t simply an unpleasant dose we need to take to balance the books. It’s of a whole different order. It’s aimed at destroying public services.
The country didn’t vote for it. We shouldn’t take it. Moreover it’s dangerous economics. And nobel laureates agree.