Sunday, 20 May 2012

Austerity? What austerity?

I have never understood Labour's economic criticism of the Coalition. They apparently cut 'too far, too fast' causing the economy to fall into double-dip recession. But they are also now committed to borrow an additional £150bn more than their original forecasts because - apparently - they didn't borrow enough in the first place. Shouldn't Labour be pleased the government is now borrowing more than they were intending under Alastair Darling's original plan? Indeed, given that borrowing now exceeds Labour's plan, it is they and not the Coalition who should be criticised for cutting too far too fast.. this dis-ingenuous argument will go on and on.

The truth is that after two years of so-called austerity and what the left have disgustingly described as  'the Tories final solution' (Polly Toynbee), state spending has been cut by just £8bn - around 1% of GDP according to budget figures. You could not have had a more compassionate and understanding government correcting the monstrous levels of public spending than that.