20 Mar '12, 10am

Ahead of tomorrow's budget, a reminder why austerity isn't working

Ahead of tomorrow's budget, a reminder why austerity isn't working

Austerity isn’t working and has made the UK’s economic policy the laughing stock of Nobel Prize economists like Paul Krugman and Joseph Stiglitz. Even the hard line International Monetary Fund say the Coalition government’s commitment to austerity goes too far and is counterproductive. In the face of clear evidence of failure, George Osborne’s commitment to doctrine over pragmatism and reality is hard to understand, and given the ruined business and waste of human potential that result, hard to forgive. It is as if he has read and believed an obscure research paper on biology telling him that if you hold a dog’s head under water for long enough it will grow gills and breathe. Well, Chancellor, it won’t, and unless you change course, the dog is going to die. Austerity isn’t working, we’ll be better off with the economic alternatives.

Full article: http://www.neweconomics.org/blog/2012/03/20/austerity-isn...

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