On the British spending cuts
I am, of course, late to this party, but I have to commend our fellow travelers across the pond for making some very politically difficult decisions. I’m referring to the spending and public-sector job cuts in England, to be phased in over the next four years, that will make a very meaningful dent in the size and scope of government in that country. The hope is that the cuts will produce enough government-sector austerity to usher in the same kind of fabulous growth last seen when Margaret Thatcher rammed her reforms through Parliament.
Naturally, the economic establishment has been going bananas over the prospect of reducing spending, thinking of government only as tonic, never as poison. Paul Krugman momentarily pulled his nose from Obama’s behind to opine on the coming Britanniapocolypse that certainly must follow if the country does not heed the wise words of his Krugness. That earned him a very satisfying “do shut up” from the Telegraph, which I encourage you to read.
I suppose that there’s not much else to say about this, except kudos to David Cameron’s coalition government for making cuts where cuts needed to be made – the government sector. And don’t worry about the critics; freedom is always vindicated in the end.