24 September 2009

No Time for Cuts Part 2

From the New Statesman via Mil.

David Blanchflower says:
The time for cutting public spending is not now, not next year and not the year after.

Two years ago the Bank of England was raising interest rates out of fear that rising oil and food prices would spark demands for higher wages leading to persistent inflation. I thought they were wrong, the US was already in recession and we were at risk. I discovered that there was a lone voice on the monetary policy committee arguing against rate rises, David Blanchflower. He was proved right.

I think he is right again.

Could it be that the fight against early cuts in spending is gaining momentum?

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