As economists and academics, we know the breakneck deficit-reduction plan, based largely on spending cuts, is self-defeating even on its own terms. It will probably not manage to close the deficit in the planned time frame and the government\’s strategy is likely to result in a lot more pain and a lot less gain.
We believe a more effective strategy for sustainable growth would be achieved:
• through a green new deal and a focus on targeted industrial policy.
• by clamping down on tax avoidance and evasion, as well as by raising taxes on those best able to pay
• through real financial reform, job creation, \”unsqueezing\” the incomes of the majority, the empowerment of workers and a better work-life balance.
Signed by, among others:
lan O\’Shea, emeritus prof of cultural studies, UEL;
Cultural studies, eh?
Andrew Watt, Senior Researcher, European Trade Union Institute
A trade unionist….
Professor Gregor Gall, University of Hertfordshire
An industrial relations professor
James Meadway, Senior economist, new economics foundation
nef said, eh?
Richard Murphy, Director, Tax Research LLP
A retired accountant from Wandsworth
Andrew Simms, nef fellow and Green New Deal Group Member
Creator of the 9 billion tonne hamster
Professor David Marquand, Oxford University
A professor of politics
They\’ve really pulled out all the stops to get the economists on board, haven\’t they?
Which could be why their policy is so hopelessly confused. Raising taxes by attacking avoidance and evasion (or by raising taxes on the rich) is a fiscal contraction just as much as cutting spending is. If they actually believed in this Keynesian stuff they wouldn\’t propose anything so counter-productive.
The rest of it is just \”and a pony\”.