Showing posts with label Economics. Show all posts
Showing posts with label Economics. Show all posts

Sunday, 22 December 2013

The Hypocrisy of Benevolence

I don't seem to be able to write anything of much use at the moment - or at least I have no inclination towards such an endeavour in my present state. A general torpidity of spirit debars all action. Even eating is tedious, though it is 8pm and I have finally surrendered to the tyrant of appetite, betraying a day of asceticism, sliding a solitary bean burger into the oven mere minutes ago. A fantastic disc of protein, how charming! What nutriment!

But this is all achingly demoralising - I can usually tap this blasted keyboard at a fair pace, stamping my seal of bollocks onto all things at a steady canter. Presently, however, each clack of brittle plastic is an internal triage, a torment of indecision.

What I can do, and I will have it known that I can do it quite well, is copy and paste something I have written before. I should explain what it is, and so I think I will explain what it is. It is an essay on poverty I wrote for the 'New Statesman and the Webb Memorial Trust Essay Competition'. It was shortlisted, bringing with it the prospect of a shiny reception in Parliament, with important people and important trousers. Trousers mere mortals' buttocks cannot hope to animate.

I immediately decided not to attend. I cannot stand celebratory events - there is something unremittingly bathetic about them, being wet farts in event form - but I will often attend. What is worse is the brand of artificial, meaningless event this invitation to Parliament was perpetuating.

Yet I still went! Reason cannibalised its fellow Instinct, and led me to a thoroughly unreasoned decision. It seemed that, if I won the £1000 prize, or even the £500 runner-up prize, the expense of a suit and travel to London would be more than amortised. What hubris! This is like justifying the consumption of a sandwich because one might become hungry in the near future.

The event, unsurprisingly, followed precisely the progression of all events in my life, and I imagine in world history, which preceded it. There was an initial pang of excitement, agitation, novelty as we rolled through security (barrels of gunpowder rudely seized from us) and into the bowels of this stone leviathan. There was a sense of power to be savoured as security people, on seeing our invitation, did not arrest us on the spot. The thought of a strip search could not be further from their minds (though this may be owing to my ridiculous state of dress).

Making awkward ingress into the venue of the event was just that - awkward. Strange people proffered glistering libations from great platters, and exquisite viands exploded from all directions, tending towards the digestive systems of those in attendance. Here I was, a youthful wight being inducted into some debauched, Hellenic symposium! Grapes falling into my mouth wherever I moved! Breastfed by the Virgin Mary herself!

A preponderance of important trousers was indeed found - but important jackets too! And shirts! I had never seen so much importance in all my life! There is a terrible hostility in the construct of the suit - it being almost an emulation of medieval armour, rendered in flimsy fabric for the purposes of minimal encumbrance. I imagine there is a feeling of security to be experienced when one dons a suit of armour - indeed, it would be odd if this were not the case - yet is this not what the suit hopes to achieve? Everyone must certainly, if only subconsciously, acknowledge the absolute nonsense of the entire pretense; the idea that some strips of cotton sanctify their host and his morality is of course ridiculous. And yet, all wear suits, contented that they are fitting in, fulfilling that hideous precept propounded by only the most insipid individuals. 'Just fit in and don't make a fuss', I am frequently told, more often than not by two despairing parents, but is this not a call for the renunciation of the human spirit? I am quite serious. Homogenisation is the most pernicious force in the universe. All who slip under its thrall perish immediately - their existences become supererogatory. I will have no such fate for myself. This grim world is bleak enough without the shred of beauty all have access to - the personality. Nothing fascinates me more than a unique individual, but nothing vacates my mind more than a dull character, a common spirit. I must state, I do not believe that this common dullness of character is due to the universal blandness of humanity, rather it is individuals who are either too timid to seize haecceity for themselves, or it is society which tears it from them, in an act of utter spite. The idea that man might be debarred from unleashing his true character is the force which necessitates liberty - today we talk of liberty as having the freedom to subsist, or to be a part of an inherently malignant society. Well, fuck that! Liberty is the personal autonomy requisite for the perfection of the human spirit!

What an odd tangent. The path of my narrative hit some sort of impasse, ricocheting wildly at an oblique angle. I believe I was expatiating on the profusion of digestive fodder at this place - so antithetical to my solitary bean burger! There is nothing wrong with an abundance of food and drink, indeed this seems preferable. What does seem to me to be quite incredible, however, is such plenitude and wealth at an event devoted to the discussion of the topic of poverty.

It occurred to me, before the day had even arrived, that this was all impossibly absurd. Were there to be cash prizes, and wine, and exquisite morsels dispensed as if with some sort of neurosis, when there are half a million people in this country using food banks? Would £1500 of cash prizes be best spent on some, and I hate to pass judgement here, middle class kids with attractive CVs? There seemed to be something so symptomatic of the entire system, so microcosmic, in this tiny event. There is a tendency today to pontificate endlessly on matters, when of course this does nothing for material circumstances. These ridiculous discussions on poverty and food banks somehow tend to the financial reward of journalists and politicians. Yet what is there to discuss? In a civilised society, there should be no need for food banks whatever. That this is a real problem causes me hideous agony. The agony of comfortability, perhaps! The agony of hypocrisy, the agony of the weak. I am oddly rather glad I did not win anything at this blasted event; I considered such a possibility before I attended. What would I do? I certainly couldn't keep the money. £1000 to write a few words on how this country allocates money so unfairly? I would be mad! In many ways I regret taking part at all, for it reveals at least the yearning for such a poisoned chalice to be bound to my conscience.

Money is nonsense, its discussion should be banned! If we allocated all wealth equally, and held solemn silence on the matter thence, this world would be a more beaming place. I feel as if my hand has been forced in a world in which such an outcome is undesirable for ruling elites - I spend my life talking of money, that we might no longer talk of money! And politics too - I have no interest in politics whatever, but I cannot retain silence in the face of rampant malice!

I feel a strange urge to scrub myself of attendance of this fucking event - but this is this problem! I criticise the whole phenomenon, and recognised its blight before the event took place, and yet I still attended! I talk of individualism, and I am as obedient as the others. What am I to do? This world is so strewn with antinomy and strife, I scarcely know what to believe or how to act! This world is a stage for great discord between ideas, held by men who cannot prove their verity. And what if one forges the perfect template for this world? It shall be ignored, and cannot be verified besides! Then take my essay - it's worthless!


*


The Webbs and William Beveridge believed that “full employment” was a prerequisite for removing poverty. Is this true today – and, if so, how would you achieve it?


There is perhaps no better time to talk about unemployment and poverty. These are two of the great elephants in the room, occasionally gestured towards but rarely apprehended with any true vigour. Before I do so myself, I must begin by stating that I think there is the kernel of something pernicious embedded in the question I am about to answer. Unemployment is, contrary to what unemployment figures would have one believe, not simply a number which needs to be reduced to nothing. 'Full employment' is a fairly abstract concept which really means very little in isolation. Very little, that is, unless the quality of work is also taken into account. The question posed seems to intimate that work's virtue lies in its toilsome nature, not in its ability to bring some prosperity to a worker's immediate circumstances. Full employment itself is not something to be pursued as an ultimate paragon of welfare; there is nothing virtuous in toil for toil's sake, indeed this seems to me to be a fairly sadistic notion.

For this very reason, the flat figure of the unemployment rate fails to sincerely indicate the scale of the unemployment problem we have. Many workers have had to receive pay cuts, all workers doubtless face a more mercenary and perfunctory interview process with the tide of spare labour threatening to drown them at all times, and a huge number of workers will have had to accept part-time positions instead of their previous full-time positions. None of this is so much as hinted at by the unemployment figure. There is something cold and sterile about this monolithic, solemn number which is supposed to tell us a great deal about the economy. The thing it sadly overlooks is the workers it ostensibly represents. I don't believe there is any sense in mindlessly striving for full employment if the employment itself exploits workers.

This said, I do believe the chief benefit of work should be explored here. Work provides a wage, the sum of which can be used to bolster one's material circumstances. I think this is quite unobjectionable. Does it therefore follow that we should work as much as possible, or that full employment is a prerequisite to the eradication of poverty? I don't think so.

There is, at present, a rather large stigma attached to the prospect of unemployment. We all remember how, as the recession reared its ugly head half a decade ago, there was, quite rightly, universal obloquy waiting for the extravagant bankers who had successfully uprooted the world economy. What I find quite incredible, however, is how this condemnation has been transferred, by the power of a scaremongering press and a wicked sect of politicians looking for scapegoats, to the unemployed – the very people lost in the fallout of all this mess. It is they who are destroying the economy; it is they who are living the good life. I think we have been drip-fed this quixotic imagery of the life of the unemployed to such an extent that is has formed into one colossal, delusory edifice in the public mind, some sort of black stalagmite in the common consciousness, a giant receipt spike onto which all resentment can be hurled in a time of frustration.

In the public mind, the unemployed wake in the morning, ring for room service, then after a full cranial massage languidly jab a red button, following which they are lowered, in a Wallace and Gromit fashion, into the breakfast chamber beneath. William Morris wallpaper clings to every wall, notes scribbled on it from periods of acute paper shortage. A winsome eunuch polishes hunting rifles in a corner, preparing them for a day of action. Japanned furniture is littered grandly round the room with a perfect diffusion, and the stench of expensive oak bores its way to the entrant's brain.

Outside, the clack of gardeners' shears floats lazily across from the Elizabethan knot garden. A gilded palanquin has been laboriously transported from the servants' quarters and is waiting for its eximious charge. A fittingly gilded bottom is winched into place by scrabbling personnel, and all prepare for a jolly good day of shooting.

Firstly, the problem here is that the victims of these shameless and, worse still, boring attacks lack any real voice. They necessarily lack positions in the media, they necessarily lack a workers' union. I have always believed that scurrilous attacks on another's virtue are perfectly fine when the victim is rich and powerful, and indeed they are necessary when this is the case. The reproach shackled to the banking 'community' (admittedly an odd term to ascribe to such savagery) was necessary for political and moral reasons. What I cannot countenance, and what makes me heave with despair, is the execration lashed against the poor. It seems to me to be an obvious code of conduct in politics, and indeed in general, that one should never assail those whose power and wealth pales in comparison to one's own. It is therefore indicative of the brutal desperation of economic crises that not just the few, but the majority, should stoop to such depths. The worm of asperity, aided by a truculent press, begins to burrow into the everyday person, warping a desire for betterment into a need to find a repository for blame, and a repository which cannot object, at that. I think people have tired of attacking politicians and bankers; there is respectively an evasiveness and an indifference which mars the whole endeavour. What is far more suggestive of progress is to agree – falsely – that the unemployed are wicked. They live for nothing but to see the economy collapse. They refrain from work for their snooty aloofness and unwillingness to enter into society.

Then we may continue with this idiotic witch hunt, turning to our fellow disenfranchised and railing against their blight, or we may shear the manacles of grim condemnation and attack the underlying problems instead. Are people unemployed because they enjoy living in hunger, coldness and inactivity? This is the first question any reasoning individual must ask. Or – and this is a wild concept – is it because we are still in the gelid clasps of what is the most enduring recession of recent history? It is because the government, morally immune under the jovial flag of austerity, decided to ridicule the unemployed, rather than create any jobs for them.

Then we must break the immense stigma attached to unemployment. Stigma may encourage people to find jobs, though I doubt even this, but what it certainly does is divert responsibility from politicians and bankers. These are the people who should feel the weight of public frustration, not the powerless unemployed. To attack the weak is a shameful offense, and it does nothing practical either. Perhaps the unemployment bashers, so ready to broach their barbed tongues, could agree to devote more of their income to taxes, which can be used for improving the quality and quantity of jobs. Instead we have a situation where those who earn in excess of £150,000 per year are receiving tax cuts – a harrowing reality. This is typical of the government's approach to this recession – let the rich get richer and let the poor stay unemployed. Whether it be through an undersold Royal Mail, undersold banks, coercing the unemployed to work for free, the conspicuity with which this is all done makes it almost beyond the reach of satire. Injustice is meted out with such ferocity today that the onlooker doubts his vision, or doubts his instinctive views on what is right and what is wrong. To break the stigma against the unemployed is important in reducing poverty because to blame the poor is the abnegation of responsibility for all else; poverty can never be deracinated when its victims are seen as complicit in their plight.

Yet equality is what will eradicate poverty. To gaze on the privations of one's coevals with utter disgust should be a natural rather than a minority response. An implacable agony at the immiseration of others would be enough to end hunger overnight. Simply, we do not need a greater work ethic, or more working hours – we need compassion. There is enough pie for all to be weeping blueberry juice, but at present the average person is cheated of his 'fair share', to quote the government. A fair share for the majority today is to work for little – or no – pay, whilst financial vultures tear public holdings asunder – Royal Mail, NHS contracts, banks, all racked like Prometheus on the altar of the stock exchange. A fair share today is to work for little return because toil itself is somehow virtuous. Today people are so inebriated by this solemn word – 'austerity', bellowed like thunder across a desert valley – that they look on their chains and somehow think them fair. Poverty is not engendered by laziness, much though the government loves to brandish such platitudes, but by a deeply warped perception of fairness which has been forced down the public gullet like some oozing bolus.

Inequality must be extinguished like the virus it is. 60% of wealth in this country is owned by 20% of people (inequalitybriefing.org). I scarcely need to support this fact with an argument – it is almost too abhorrent for words to cling to. This of course means that 80% of people own 40% of wealth – the subject of poverty is almost ludicrous to discuss before this gross injustice has been tempered. How might we look on a system which allocates the majority of wealth to a minority, and then look with dull censure when people cannot afford to eat? What is to be expected? The system is in dire need of change. The system is not idiosyncratic – it is sociopathic. It rewards the few for the toil of the many. This is the worst kind of barbarism a civilised society subjects itself to, and to support it either indicates ignorance or untrammelled malevolence.

But there is another potential solution, as proposed by Richard Buckminster Fuller, although it too is founded in the banishment of inequality. The quote is quite brilliant and so I must give it in full: 'We must do away with the absolutely specious notion that everybody has to earn a living. It is a fact today that one in ten thousand of us can make a technological breakthrough capable of supporting all the rest. The youth of today are absolutely right in recognizing this nonsense of earning a living. We keep inventing jobs because of this false idea that everybody has to be employed at some kind of drudgery because, according to Malthusian-Darwinian theory, he must justify his right to exist. So we have inspectors of inspectors and people making instruments for inspectors to inspect inspectors. The true business of people should be to go back to school and think about whatever it was they were thinking about before somebody came along and told them they had to earn a living.'

On first reading this, you may have thought, 'What tosh!' but why? We are so constrained by this inexorable capitalist system that the mere thought of dissent is deemed immediately nonsensical. Machinery is growing in its capabilities at a tremendous rate – why not publicly own all machinery, produce things for everyone, do as Buckminster Fuller suggests and let real people work fewer hours? I do not know if work will ever be eliminated, but it can be reduced, and must be if mankind is to gain even an approximation of freedom. I concede, work in the short-term confers on its bearer the freedom to survive. Yet this is the problem! We live on a quotidian basis, snatching income from day to day, and we do not see the long-term shackles. It is only when we are free enough to work fewer hours that poverty can be interred.

Then what do we say to our children? 'Spend your life in the workplace, my child, this is the path to freedom'? Such a sentiment invokes the casuistry I discussed earlier. There is the hint that work is always good, regardless of its conditions. To me, work and freedom are diametric opposites on an abstract level. I am reminded of George Bush's reply to a divorced mother of three: 'You work three jobs? Uniquely American, isn't it? I mean, that is fantastic that you're doing that.' Yes – in the short-term a huge amount of work can allay the ills of poverty, but it is incumbent on a humane society to redesign the system, that this needn't ever happen. That somebody works three jobs to survive is nothing to celebrate – it is cause for insufferable anguish. I say again, an individual who looks on such a system without utter contempt is either ignorant or maleficent. At present, poverty is a function of the system, not a terrible aberration in its progression. In the long-term, the destruction of poverty will only occur through a great lurch in the direction of our economic system. It has often been said that charity conceals and perpetuates underlying injustices, and I think the same is true of work. Full employment may be necessary to eradicate poverty in the short-term, but in the long-term this can only bring servility and mere subsistence.

Then the fact that work has burrowed into our conception of freedom is an abject tragedy. We have trudged far enough with this millstone round our necks. We have been shown a world in which, like Sisyphus, we heave a colossal weight with our every move, with no progress derived therefrom. The rich, by some obscure divine right sublimated in the concept of money, look on at the mute proletariat with incredulity, as the latter moves the former's load without protestation. This inequality inevitably leads to poverty. Yet there is a whole tract of stones out there, and a legion of indifferent machines willing to move them. It is never too late to break the chain!

Sunday, 10 November 2013

The Religiosity of Economics

It's Sunday as I type this. Foul machines churn away outside my window with a disgusting arrogation. There is the insistence that everyone should listen to this grinding, whirring field of dissonance at all times. There is, in the brazenness with which this crap is presented to me, the firm insistence that capitalism is the moral superior in this world.

Some wretched building is being constructed. I can only assume it is incomplete, as it resembles some Eastern European abandoned tenement. The thing is hideous. All buildings are now built with cost as the limiting factor. Nothing beautiful is built. Think of all the economically inadvisable buildings religion has brought us. Now do the same for capitalism. I think what I am saying is that capitalism doesn't even have the self-respect religion has. There is no joy in capitalism, no effort is made beyond that which is absolutely necessary, and there is no charm in anything built under its black pennons. The grey edifice I mention is being built like a kids' puzzle, massive ashen ramparts sealed into place with inert sludge. Even bricks are too indulgent for this beast.

As a child there was always a terrible fear for me that my Kinder Surprise might in fact be a wicked surprise - the charge within might simply be a solid lump of plastic, a one-piece toy. This, to the curious, growing mind, is of no use at all. They could just as easily have printed a plastic middle finger for me to play with. The same may soon be true of buildings - lowered into place by a huge crane and opened immediately.

I think what I'm aiming to illustrate is that the anodyne, banal efficiency of capitalism is sapping the joy from everything. Nothing can be done anymore to amaze or subjugate the senses. I do seriously believe that the quality of literature has been inversely proportional to the scale of capitalism over the years. All is done for money now - in my opinion the last true repository for matchless art was the Romantic Era, but the Romantic artist is absolutely incompatible with the modern age. The concept of the individual as key in the construction of art is nonsense nowadays, for the only things that will be written are those which please the masses. Do not mistake my meaning - many of the Romantics were wildly successful, but society has changed since that time. A kind of apathy permeates everything at present, a dull philosophy of expedience holds sway in the construction of all things. Marx writes of the economic base determining the superstructure, and he is of course correct to do so. I used to think the idea fanciful, a grand conclusion tailored to his argument, but of course this is true. If the study of economics has taught me one thing, it is that economics is utterly corrosive, and necessarily corrupts all thought. And all things in this sphere are reduced to a horrendous self-interest, the concept of rationality barely supporting that of kindness. Labour is a factor of production in the same way as land or machinery, a homogenised input. This is as humbling as religion, in fact it is more so. Religion at least values each person as beautiful and divine, if in subjection to a higher being. Capitalism keeps the subjection and disposes with the exaltation. This is servility. This is the distillation of the religious impulse. This is the desolation of the soul.

Then, is being shackled to economic facts, impelled to construct hideous buildings of a Sunday, any better than being forced to attend church on a Sunday? I think it is worse. Even the church cannot quash rebellion in the mind, yet capitalism requires far more interaction. To undermine religion it is enough to simply stop believing; one might stop believing in capitalism but it will not wither away. One must pretend to love the machine, one must pretend to praise one's chains. And there can be no sedition when one's physical movements contradict one's thoughts. Soon the worm of resistance is crushed. And not just crushed, but inverted on its host. How much pretending can one take part in before one is believing?

Saturday, 9 November 2013

On Meritocracy

Meritocracy has assumed an almost axiomatic stature in liberal democracy. The idea goes that those who are the most competent, wise and intelligent should have the most power. This sounds fairly unobjectionable, as these are the people who are best placed to improve society, and they should make more reasoned decisions than their gibbering coevals. Furthermore, advocates would say that the people who benefit society the most should receive the most remuneration. This also seems fair.

However, despite all this, and it may be due to my two-day abstention from sleep, I sense something quite repulsive in this doctrine. Those who uphold the virtues of a meritocratic system, and this seems to be most people in the 'public sphere', often brandish meritocracy as a weapon against birthrights - republicans tell us the royals are a load of useless fools, many others campaign against hereditary peerships and such. All of this is on the basis that your place in life should not be informed by mere accident of birth. You may already see the irony here - meritocracy values qualities which only occur through accidents of birth. In other words, the whole concept of meritocracy whiffs of the desire to realign birthrights that they might benefit those who so piously declare meritocracy's sanctity - namely, intellectuals. I have always housed, in the recesses of my mind, the unwelcome thought that politics might merely be a stage for greed - each side calling for a realignment of wealth in their favour. I have the same worry about meritocracy.

I do not suppose I would have embarked upon this blog post had I not had a practical interaction with this theory just now. The story is not a story at all, and so I will summarise: I have found I cannot look on cleaners without execrable pangs of empathy coiling round the throat. The idea that somebody can be consigned to a life of drudgery - most toil is drudgery, but relative drudgery even - on the basis that their genes were organised in a way so as to preclude more respectable work (or, more likely, that they have been deprived of all opportunity, but let us leave this for the moment) stirs in me a grand sense of injustice. I feel a ridiculous need to apologise, or to vow avengement, or to help them clean, yet none of these options uproots the system. I don't think my response is necessarily a common one, however. How often might one observe the rubbishing of someone who works at McDonald's or Burger King? A great deal of people seem to maintain a wicked, spiteful superiority on the whole matter. 'I was born more intelligent, more beautiful, more virtuous than you!' they seem to warble. How abominable. If the same person were to boast their vast inheritance, they would certainly be met with great odium. Accidents of birth are quite fine to broach if they are personal characteristics, and I think this is explained in part by the fact that intelligence can always be dismissed as hard work. Deeming a person lazy is far more acceptable than to deem them dimwitted. This, in turn, is acceptable because work is so deified and lionised in this perverse world of ours.

I'm not at all sure where I am going with this. I'm placing my thoughts upon the dais of bland, syntactic sterility, that I might engender some tranquility in this fucking mind of mine. The conscience is a terrible, but of course necessary, thing. The agony of the critic is that things are rarely amenable to change. To be against capitalism in this world is almost to be against humanity itself; it is so stained into everything around us that to question it requires a Herculean lurch in the mind. I feel bound by a punitive indolence at all times, and the horrors which flit before my eyes with such desolating energy remind me only of my powerlessness.

The fact of the world is that there are people who clean bins for forty hours per week, and simultaneously there are people who have so much money that they could drop £50 with every step and never notice. Under meritocracy, this is all quite fine. I recognise that incentives must be maintained, and we do need the boons the elite shower on the rabble, but I cannot support a system where such ferocious inequality is not only countenanced but actively encouraged. It is a function of the system, not a terrible aberration in its development. People accept things as 'the way the world works', but why? This is a gross abnegation of responsibility. It might be the way the world works, but that doesn't mean it should be. We look on the animal kingdom with horror at its indifference to life, but capitalism achieves much the same thing, if in a far more insidious way. We like to think of ourselves as quite separate from the barbarism of beasts, and you might call someone an animal if they were grotesque in their behaviour, but markets perfectly emulate the savagery of the animal kingdom (indeed, Keynes talked about 'animal spirits' as key in economic behaviour).

That's all. I think I've got that out of my system. What I cannot get out of my system is the guilt and empathy at others' woes and the simultaneous plaint over my own.

Thursday, 6 June 2013

An Attempt at Seriousness - Ed Miliband's out of the austerity closet

I don't know whether I should be posting about politics and economics on a blog largely centered around poetry and foppish pursuits, but perhaps the superior quality of the bitter prose which follows will impel your heart to political activism. Or not. But anyway, perhaps don't read if you're offended by politicians' perennial ideological vicissitudes.

I just read this http://www.bbc.co.uk/news/uk-politics-22785282 with, perhaps not horror, but surprise at how Ed Miliband has made the inadvertent admission that his party has no unique view on anything.

This article describes how 'Ed Miliband is to promise to cap spending on social security so that a future Labour government can "turn the economy around".' Well this to me is tripe of the most gaudy fashion. He should have stood up, bashfully announced that we should just listen to the Conservatives because they have the exact same view with a more competent bunch of administrators, and then sat down (preferably on a piece of dog superfluity).

The article also notes that 'Mr Miliband will say only people who pay in to the system for more than two years should get jobseeker's allowance.' Fantastic. We have a huge youth unemployment problem and now it's going to be even more difficult for them to ever escape the tyranny of their querulous parents. Presumably the people with no filial benefice are going to be left to wither on the pavement like old bananas (it's 4:50 am, please don't judge the failings of my metaphor.)

The thing that irks me about this article is that it indicates, as I already was quite aware, that nobody has a clue how to get rid of the deficit, but they can't bring themselves to make a confession. What happened to Labour's 'too far, too fast'? Now it seems they're trying to beat the Conservatives in the austerity race. This is not particularly consonant with a public image as strong-willed and resolute. This article makes it clear that Labour has no real plan on how to improve growth (which should be the real aim, but more on that ahead), and certainly nothing even redolent of a coherent plan on reducing the deficit.

Furthermore, and most disregarding of the value of the people of this country, this statement brings with it the idea that even Labour now sees the elimination of this omnipresent deficit - a mere number - as more important than the welfare of real people. What the hell happened to neoliberalism? Well, that can be explained. Voters see public debt as the same as their own debt - something that must be prioritised before everything else. This should not be true of the government - it can pretty much borrow indefinitely at a very low rate (the Bank of England at the moment buys huge amounts of government bonds (almost wrote 'bongs'). Admittedly it's not allowed to buy them directly from the government but the effect is much the same.)

So should we borrow more to spend more? I have no idea. In 20 years we will probably see Keynesianism as the thing which didn't help us out at all, but this will be largely because it wasn't tried. But really though, nobody can tell whether it is profligacy or frugality that will deliver anything even remotely resembling a recovery. All that we do know is that the Great Depression was banished by a huge boost in public spending due to WW2. I don't think there is any great evidence to support austerity's efficacy in such a case. Keynes famously said that it doesn't matter what the government spends money on - it can spend it on paying people to dig holes and fill them up, this will still bring employment and consumption, a virtuous cycle and all its related boons.

In my opinion, we're going to carry on spending less and less, reducing the size of the economy, and the debt to GDP ratio will grow, and is growing. I'm not sure we can shrink our way out of recession. Politicians are restrained by popular opinion, and this explains why the Milipede is moving towards appeasing a vogue for governmental asperity; the public seems to have developed sadistic tendencies. But I'm not even sure there is no support for a Keynesian plan of action - austerity has conspicuously done, to coin a phrase, shit all, and public disaffection is rising, particularly since the downgrading of the UK's AAA credit rating by two of the big three ratings agencies. The Conservatives must be creaming themselves at Labour's support of austerity - there is no alternative economic plan to which voters can flee. The political parties have become homogenised like milk. All the Conservatives need to do now is prove they can win on competence, which they certainly do. The Labour Party should honour its more Keynesian sympathies if it is to retain even a semblance of consistency.