Larry Elliott

My word, all these events really are making some people say some strange things.

On Tuesday, the prime minister should stand up and say: "We used to think you could borrow your way out of a recession and increase employment by increasing debt and setting the City free. I tell you in all candour that option no longer exists".

So that\’s a total rejection of Keynesianism then is it? We don\’t increase borrowing and public spending in a recesssion, rather we must increase taxes and cut spending?

Rather Herbert Hoover isn\’t it?

2 thoughts on “Larry Elliott”

  1. Tim,

    While I agree with Elliott that these are certainly epochal times, I don’t really agree with his conclusion.

    He is comparing 2008, times when the power of organised labour has effectively vanished, with 1976, when it was threat to civil society. His comments might seem to smack of rejecting Keynesianism – but what does he propose to replace it? After all, neoliberalism doesn’t seem to have worked.

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