The issue is that the deficit was caused by the global financial crisis

But the banks were bailed out by public money.

They were then further enriched by Quantiatative Easing - litterally the creation of money from nothing - which failed to trickle down to the normal economy.

Study after study has shown that austerity doesn't work. It is an ideological project.

Even John Redwood came out the other day and admitted that he wasn't worried about the deficit: User Posted Link

Posted By: Knitted Jesus, Mar 9, 09:12:13