Home > Uncategorized > Has Austerity led to a Recovery? (Hint: No)

Has Austerity led to a Recovery? (Hint: No)

Think Left

Did austerity lead to recovery? No, GDP was increased by government spending

By Michael Burke

First posted on Socialist Economic Bulletin 9th September 2013

The government and its supporters have been quick to claim that the most recent GDP data have vindicated its austerity policy.  George Osborne says the argument in favour of austerity has been won, some more excitable commentators have even talked of a boom.

Usually, SEB would provide analysis of the GDP data after the publication of the national accounts, the third release in the cycle from the Office of National Statistics, which provides a detailed breakdown of the components on economic activity and the final revision to the data.

But the claims made for the British economy following the most recent GDP release (and some subsequent surveys) are so outlandish, and so at odds with the facts, that is worth providing a short analysis…

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