“Osborne’s first Budget? It’s wrong, wrong, wrong!”

“If you have a household that can’t pay its debts, you tell it to cut back on spending to free up the cash to pay the debts. But in a national economy, if you cut back on your spending, then economic activity goes down, nobody invests, the amount of tax you take goes down, the amount you pay out in unemployment benefits goes up and you don’t have enough money to pay your debts.”

Joseph Stiglitz

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