The debt and the deficit are reflections of the failing economy. They are not the cause of the jobs and living standards crisis. We need to stop self-harming with ‘austerity’.
Published on May 17, 2013
Professor Robert Reich talks about what’s wrong with austerity and the current direction for the UK economy. Part of the After Austerity series from the TUC: http://www.afterausterity.org.uk
and nobody is going to change anything
Read Ed Balls’ Bloomberg speech 2010. With a free hand, he would be following Robert Reich’s economic prescription. However, he also is very fixed on the idea of politics being the ‘art of the possible’- the New Labour concept of following ‘public opinion’ rather than leading it. I think that is madness! But as John McDonnell has said the left must make these ideas ‘safe enough’ and then the Eds will follow!
Btw I think MMT/Steve Keen are on the better track than Robert Reich or Ball’s Bloomberg speech. We need a commitment to full employment and buffer jobs guarantee for all who want a job. Look after employment and the economy will look after itself.