Well, yes Zoe, I suppose so

How language duped us into austerity
Zoe Williams

Interestingly, the actual economic definition of austerity, as Simon Wren Lewis put it.

Roughly – “Any level of spending which does not prevent a fall in employment.”

That’s a rather different meaning from the more general one, no?

Further, cash spend has continued to increase, spend as a percentage of GDP is still above long term averages.

What sodding austerity?

5 thoughts on “Well, yes Zoe, I suppose so”

  1. See also:

    Brexit forecasts that we will all be poorer (or more accurately, not getting richer quite as fast).

    Reducing the budget deficit (or more accurately, reducing the increase in government debt).

  2. So Much For Subtlety

    What the f**k is she talking about? I rarely agree with the batty tea lady Army in the Guardian but usually I can work out what they mean.

  3. That is a pretty baffling definition even by the standards of Simon Wrong-Lewis. The levels of negation baffle me… Does not prevent… Aaaggh ! So as far as I can see, employment is rising. Therefore there is no austerity so what the fuck is the basis of his constant moaning about austerity. He really is the worst academic economist alive

  4. ‘The New Economics Foundation, in its report, Framing the Economy, conducted 40 in-depth interviews’

    Hmmm . . . Any of you get a call from them? They didn’t call me.

    I’m sure they interviewed all the correct people. In-depth.

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