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Deficit mania and balanced budgets are a political fraud

Seumas Milns writes in The Guardian (UK) that ‘Nearly five years into the Tory-led coalition, most people are well aware that austerity is still cutting living standards and actually increasing borrowing. The main reason Osbornomics has failed to meet its targets is that relentless cuts in real terms pay, throttled growth and rampant job insecurity have delivered lower tax receipts and boosted demand for benefits, while tax cuts for the wealthy have widened inequality. Austerity isn’t working in its own terms and there’s no reason to imagine that even more of the same will work any better.’ 

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