More important, it has no viable economic strategy at present. John McDonnell remains committed to the Jonathon Portes / Simon Wren-Lewis neoliberal strategy of a balanced current budget and borrowing only for investment, all overseen by an independent central bank that only uses QE for bailing out the finance sector. In other words, it remains in current and foreseeable circumstances quite firmly committed to pro-cyclical, recession enhancing, austerity.
He is seriously suggesting that Wren Lewis supports a balanced current budget. Rather than one – as Keynes indicated should happen – balanced over he business cycle.
You know, the Wren Lewis whose definition of austerity is not running a deficit large enough to have entirely prevented a recession happening in the first place?
El Batata is becoming ever more deluded, isn’t he?