Quote:
Originally Posted by jfman
Old Boy, our fag packet economic expert, continuing to peddle his neo-liberal capitalist fantasy.
Austerity wasn’t needed to reduce the deficit (and indeed despite austerity the deficit remains). Recognition was needed that the one off windfalls of privatisation were gone. No more family silver was left to sell. Taxes had to go up to continue paying for public services. It remains as true today as it was in 2010.
Previously, before we decided to allow private companies to extract as much of the state’s wealth as possible and move it offshore, the alternative would have been to invest in our economy. Long needed infrastructure projects would have been paid for and long term benefits for the economy as a whole would have resulted.
To say there was no alternative is absolutely groundless in economics. The government budget isn’t a household budget, however capitalist fantasists have realised this is the easiest sell to a gullible public. You don’t want the state to do that, but if they give us money we will do a Carillion and walk away with billions in the process.
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Are you sure you don't mean the family gold sold off at a cut price rate?