Cutting Government Deficits: Economic Science or Class War?
Abstract: The financial crisis of 2008 was widely blamed on reckless and predatory behavior by the banks, and public debate therefore centred on supporting employment and reforming the financial system. But during 2010, the focus of attention has shifted to the deficits and debts of governments, which are widely believed to be excessive and unsustainable. It is argued here that cutting government deficits is not an economic necessity, but a strategy for justifying attacks on the living standards of workers and heading off reforms that might threaten the power of the dominant business and financial elites.
Keywords: Public finances; Keynesianism; neoliberalism; class rule
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