Chris Dillow on UK austerity:
For years, Marxists have been accused by their opponents of believing in a crude economic determinism. However, it is not so much Marxists who believe this as our rulers. George Osborne described his Budget yesterday as “unavoidable.” His stooges have described the measures as “necessary“.This is bull. The austerity is not necessary or unavoidable. It is the outcome of a choice, a judgment: should we risk damaging economic growth in order to placate the markets, or should we risk a sell-off in gilts to nurture the recovery?Â By all means argue that the government has made the right choice. But don’t pretend there wasn’t one.