The Tories have attempted to gain traction with the idea that there is no alternative to the 80 – 20 ratio of cuts to taxation to tackle the huge deficits forced on the global economy by the unregulated banks and financial markets. Cameron and Osborne expected universal applause for the tough stance. They have fallen flat on their faces.
Repeating the now tired and barely plausible mantra that it’s ‘all the fault of Gordon Brown’ as they have attempted to trump up figures of how much is spent on debt repayments and interest. They have resorted to using emotive comparators as to what that would mean in terms of schools and hospitals (ignoring just how many will be lost in the process of cuts).
However as National Institute of Economic and Social Research predictions show the tactic of rapid deficit reduction through swingeing cuts to public services is a grave mistake. NIESR suggest that by slowing down the level and volume of cuts, with more emphasis on {progressive} taxation it would provide a better way forward for the economy and remove some of the risks of sluggish economic growth. This vindicates those on the left that warned against the economic imbalance and risk to growth that the Tory tactics would bring about.
http://www.guardian.co.uk/business/2011/feb/01/niesr-predicts-economic-growth-slump
Whilst the Tories attempt to pin the label of deficit denying dinosaurs on anyone with a plausible alternative to the slash and burn of the Tories the truth is out. The Tories are deficit hijackers – using the issue of the global downturn to force through rightwing monetarist economic policy even when some of the most intelligent economic commentators are now openly admitting the Tories have got this deeply wrong.
Anna Rose
