Polly on Austerity

It\’s a righteous old jeremiad as well.

The evils of Cameron\’s austerity, the joys of Hollande\’s spending in a slump.

One thought: the UK deficit as a percentage of GDP this year is expected to be 8.3%. That of France, 5.3%.

It\’s not immediately apparent who is doing the austerity here, is it?

3 thoughts on “Polly on Austerity”

  1. That’s Hollande’s photo submission for the All-France Gurning Championship?

    burnished with new credibility from François Hollande’s victory message

    Only in politics does the mere message gain you credibility. Now, some success in implementing his policies – yes, I’d grant you, that’s credibility.

    I’ll also point out that she miserably fails to see that there might be any difference between what is popular in France and in the UK. Sarkozy’s problem was that he was massively unpopular, particularly in the ‘national discussion’ environment, which does shape how people vote, – for personal as well as policy reasons.

  2. Polly said: “Obdurate Osborne bends only to say he regrets the bad “presentation” of his budget, the most unpopular in memory. How might he have sugared that pill? ”

    By being honest about it not being an austerity budget. They have changed the levels of spending on some things. Overall spending is still going up.

    Polly said: “All good, but as with Hollande, essentially small-ticket items. Labour doesn’t promise a great Keynesian spending splurge either, just cuts less fast, less steep.”

    Imo this is indicative of the alternate reality the political set has inhabited for a decade or more. If you are a proponent of Keynes then the deficit spending Brown undertook was a sign of doom not boom. Stock markets fell precipitously and credit was loosened. As the nation went on a credit binge so did the Government and it was spent on short term items not long term investment.

  3. Let’s see how well Hollande works out for France first, eh? I’m not convinced his plan to tackle youth unemployment whilst raising the minimum wage, and tackling the deficit by reducing retirement ages, is going to work.

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