Austerity and the Mistaken Lessons of History

I’m going on vacation for a couple of weeks, but, before I leave, a word or three about the latest news from Blighty, where George Osborne, arguably the worst Chancellor in modern U.K. history (it’s a tough contest) has just reaffirmed his commitment to austerity policies. Delivering an annual financial review to Parliament on Wednesday, Osborne promised yet another round of spending cuts, this one beginning in April, 2015, which is roughly when the next general election is set to take place.

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