13 Nov '11, 7am

@theneweconomics: Ed Balls' five steps fall short of a credible solution | James Meadway

@theneweconomics: Ed Balls' five steps fall short of a credible solution | James Meadway

The shadow chancellor might have the right diagnosis but his prescription is lacking. Tweet Ed Balls, in his speech to the Labour conference , was clear about the severity of the economic crisis. “These are the darkest, most dangerous times for the global economy in my lifetime. Our country - the whole of the world - is facing a threat that most of us have only ever read about in the history books – a lost decade of economic stagnation.” Austerity is no solution to the collapse of demand. Quite the reverse: it simply hastens the downwards spiral, as spending collapses, firms cut back, wage cuts and redundancies mount. This is the same message Balls has offered since last summer’s leadership contest. His warnings against austerity then have been proved tragically acute. So the diagnosis is accurate. And yet the prescription offered is a feeble palliative. A “temporary” cut ...

Full article: http://www.neweconomics.org/blog/2011/09/27/ed-balls-five...

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