Monday, 19 October 2015

Gwynoro Jones' historical perspective refers.

The coalition government showed that they could cut the deficit without the extreme measures taken against the working poor by the Tories ruling alone. The early years of Gordon Brown's chancellorship when he sincerely believed in fiscal prudence, and before he went on a bureaucratic spending spree for purely party reasons, demonstrated that is even possible to achieve a slight budget surplus over an economic cycle.

I am not as sanguine about the mounting debt resulting from continuing to run a deficit as Mr Jones nor some others within the Liberal Democrats are. I applauded Nick Clegg when, as deputy prime minister, he said he wanted to get the bond-holders off our backs. Being beholden to them must limit the UK's actions both nationally and internationally. However, the chancellor should turn his attention from the output column to the input. Apart from reverting to Labour's state pension régime (pensions account for at least half of "welfare" spending) there is no further cut to be made which does not threaten social cohesion or investment and therefore long-term economic well-being.  Those with the strongest backs are not bearing their share of the burden, as Tim Farron called for in his conference speech. To redress this is not Corbynite socialism, it is fairness.

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