Who says that trickle down does not work?. For almost two years progressive economist have been hammering away that although governments have debts, they also have assets. Translated, you may have a mortgage of 100,000 euros (Heavens above, you are in debt!), but a house worth 500,000 euros (actually not so bad). While in many instances, public debt cannot be compared to private debt, in this one instance you can. If the British government purchases the railways, it may have debt, but it also has the railways. It took a while, but Aditya Chakrabortty has always been the intellectual avant garde among journalists. Other journalists will follow – and this fact will eventually reach voters. Hopefully before the general elections.
With Bill Mitchell’s blog we continue our series of analyses concerning the recent events in Italy. Read here
We have posted a number of articles and links concerning how austerity kills. In this article Simon Wren-Lewis analyses this phnomena in the UK and other European nations Read here
“The Eurozone is crawling along the growth gutter, mass unemployment is still at grossly elevated levels, poverty rates have risen, local community services are degraded, essential public infrastructure is in a growing state of disrepair, […]