” A fiscal deficit is not prima facie a problem.
A fiscal deficit is not an imbalance that needs eliminating (or even reducing).
A fiscal deficit is a compensating response to imbalances elsewhere in the aggregate economy.”
Acute Deficit Phobia: The Malady Spreads
There seemed no party leader or would-be leader with any immunity to this neoliberal malady until this summer. Jeremy Corbyn asserted unambiguous opposition to the theory and practice of fiscal austerity, and by doing so emerged from the depths of the backbenches to take a commanding lead in the contest for the Leadership of the Labour Party.The sudden and unexpected emergence of Corbyn at what appears to be the…
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