There’s no reason to accept austerity. It can be defeated
Source: The Guardian Unlimited
It would hardly be surprising if the large majority of British people who didn’t vote for the Conservatives were daunted at the prospect of what’s now in store for us. David Cameron and George Osborne can hardly contain their enthusiasm for the torrent of cuts and privatisations they are about to unleash.
This is to be austerity on steroids. The full gory details of the £12bn benefit cuts the Tories refused to identify in the election will have to wait for next month’s “emergency” budget. But Osborne has already rushed through £4.5bn of new cuts and asset sales to get us all in the mood. And he and Cameron are counting on a punch-drunk Labour frontbench to smooth the imposition of a punitive fiscal regime. To wrongfoot the opposition still further, the chancellor now plans to enforce permanent budget surpluses in law. It is, as 77 leading economists warned, a dangerous political gimmick that could help trigger another 2008-style debt crisis.