David Cameron is reported in The Telegraph saying that he believes that austerity in Britain is going to last until 2020. According to the report “Asked whether the austerity programme would now last a decade until 2020, the Prime Minister replies: ‘I think it’s going to be…this is a period for all countries, not just in Europe but I think you will see it in America too, where we have to deal with our deficits and we have to have sustainable debts. I can’t see any time soon when…the pressure will be off.'”
If the Prime Minister can’t imagine a way of getting the British and European economy working again sooner, then he really should think about standing aside and let those people who do have some ideas have a go at jump-starting the economy. Paul Krugman in his book End This Depression Now offers some simple solutions. Krugman describes the economies problems as like a car with faulty electrics. There is nothing wrong with the structure of the car, it just needs a jump-start.
Cameron, Osborne and Clegg are so blinded by their ideological convictions that they are incapable of seeing any other practical alternatives. Along with Mervyn King it’s time that they moved aside and let other people, who have got some ideas have a go.