Britons, many already weary of government austerity budgets that some economists say are impeding the country\u2019s recovery, are going to have to wait even longer for relief.<\/span>
<\/span>The architect of the austerity program, George Osborne, the chancellor of the Exchequer, told Parliament on Wednesday that the government had missed one of its self-imposed debt-cutting goals and would have to extend the belt-tightening into 2018, a year longer than previously promised.<\/span>
<\/span>Although Mr. Osborne maintained that the debt reduction plan was still on track, his presentation drew heckling and laughter from some opposition lawmakers, particularly after he argued that new tax measures would show that \u201cwe\u2019re all in this together.\u201d<\/span>
<\/span>The next general election in Britain will take place in 2015, well before the end of austerity measures that have included cuts in welfare services and the elimination of tens of thousands of public sector jobs.<\/span>
<\/span>On Wednesday, the Office for Budget Responsibility, a nonpartisan body that is monitoring the economy, said it now expected full-year data to show that the economy shrank 0.1 percent this year, instead of growing 0.8 percent, as the office had previously forecast.<\/span>
<\/span>It also said the economy would grow 1.2 percent next year as opposed to the 2 percent predicted earlier.<\/span>
<\/span>\u201cIt\u2019s a hard road but we are getting there,\u201d Mr. Osborne told Parliament. \u201cBritain is on the right track. Turning back now would be a disaster.\u201d <\/span><\/p><\/blockquote>\nThe evidence is clear: Austerity in a depressed economy further depresses the economy, and reduces tax revenues.<\/p>\n
Austerity is not about creating growth, nor is it about reducing deficits. It is merely camouflage for an assault on social insurance.<\/p>\n","protected":false},"excerpt":{"rendered":"
That’s what the right wing push for austerity is all about. Case in point, the chancellor of the Exchequer George Osborne, who is saying that since austerity is further depressing the British economy, it has become necessary extend austerity until at least 2018: Britons, many already weary of government austerity budgets that some economists say …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1038,984,969,978,1086,979],"tags":[],"class_list":["post-183741","post","type-post","status-publish","format-standard","hentry","category-budget","category-europe","category-evil","category-politics","category-social-safety-net","category-wanker"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/183741"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=183741"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/183741\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=183741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=183741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=183741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}