Why no public fury over austerity? Simon Wren-Lewis – Mainly Macro

Ed Milliband MP speaking at the Labour Party c...

Ed Milliband MP speaking at the Labour Party conference. (Photo credit: Wikipedia)

English: Lord Mandelson

English: Lord Mandelson (Photo credit: Wikipedia)

Ed Balls

Ed Balls (Photo credit: Wikipedia)

English: Alistair Darling, British politician ...

English: Alistair Darling, British politician and Chancellor of the Exchequer. Français : Alistair Darling, homme politique britannique et Chancelier de l’Échiquier. Español: Alistair Darling, político británico y Ministro de Hacienda del Reino Unido. (Photo credit: Wikipedia)

austerity

austerity (Photo credit: 401(K) 2013)

This is an excellent blog by Oxford economist, Simon Wren-Lewis. This is a RECOMMENDED READ. Check it out!

via Why no public fury over austerity? Simon Wren-Lewis – Mainly Macro.

Personally, I very much identify with Wren-Lewis’ anger. In my judgement, George Osborne‘s excessive austerity policies have been directly responsible for years of economic and social pain, plus the Lost Generation of UK’s youth.

This is the second time, that Simon Wren Lewis has identified a serious attempt to play down the impact of austerity in the UK media.

Wren-Lewis challenges the political classes for not rising up against excessive austerity. He correctly cites the absence of leadership. Personally, I have respect for the arguments of Shadow Chancellor, Ed Balls but he apparently does not have the support of Ed Milliband. For me, the Labour Party desperately needs a heavyweight like Alistair Darling or even Lord Mandelson on the case.

Returning to David Cameron’s Government, it is still all about smoke and mirrors rather than evidence-based policy, in my view.

Let me turn the austerity debate on the head and propose a hypothetical question:

How would Cameron and Osborne have addressed the financial crisis of 2008?

Any thoughts?

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7 responses

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