William Keegan: At a time like this, it is very important NOT to pay down the debt

Written by Ashwin Rattan Sunday, 10 February 2013 11:07
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 William Keegan is The Observer's senior economics writer and author of Saving the World? Gordon Brown Reconsidered


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For those of us Keynesians who think that it is not a sensible policy to cut public spending when the private sector is depressed – thereby adding to the factors inhibiting economic recovery – the present stance of the government is disturbing enough. But many of us, while we find present policies both intellectually offensive and emotionally repellent, do not suffer personally from the effects. Not so the poor and the disabled, who find their benefits being reduced in the name of austerity policies they are told are necessary because of the deficit and the supposed need to pay down the debt.

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