Very rare quote of the day - a Labour PM talking sense

"We used to think that you could spend your way out of a recession, and increase employ­ment by cutting taxes and boosting Government spending. I tell you in all candour that that option no longer exists, and that in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of infla­tion into the economy, followed by a higher level of unemployment as the next step. Higher inflation followed by higher unemployment. We have just escaped from the highest rate of inflation this country has known; we have not yet escaped from the consequences: high unemployment."

"That is the history of the last 20 years. Each time we did this the twin evils of unemployment and inflation have hit hardest those least able to stand them. Not those with the strongest bargaining power, no, it has not hit those. It has hit the poor, the old and the sick."

James Callaghan, Labour Prime Minister: Leader's party conference speech 1976.

It is not often that I agree with anything that a Labour leader says, but "Sunny Jim" Callaghan was right on the nail with what he said at that conference in October 1976, and he would have been right to express the same opinion today. The present leadership of the Labour party would be very well advised to pay attention to the advice he gave.

Comments

Jim said…
Now it remains for George to come up with a budget that actually announces some spending cuts.

Its a long held claim "we have reduced the deficit by a quarter" but when you remove the fudge factors then you see government borrowing has actually increased. So we need cuts please George, and we need them now!

Its also no good hiding behind the idea that the NHS is the envy of the world, it isn't. The German system of social insurance is far higher up the health system tables and costs far less.
Our education is the most expensive in the developed world yet we are producing people who are hardly even literate, the Germans again laugh.

Though the current government have taken a few steps in the welfare system, its still nothing like that which was intended, more need be done.

I wait with anticipation George, Our nation needs a severe cut in public spending, it needs tax cuts for those who are producing, and it needs it now. I hope you have the spine for it.
6:18 pm
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