,SN[ WAY TO RUN AN ECONOMY 

,PEOPLE 3 

,AU?OR 3 ,IA9 ,MC,KAY 

,TEXT 3 

,SURPRISE6 ,AU/]ITY IS KICK+ 9 &1 AS PR$ICT$1 ! ECONOMY IS CONT9U+ ITS D[NW>D TR5D4 ,IF ANY?+1 ! SPE$ IS 9CREAS+ ) GR[? 9 #ba FALL+ FROM #a4#b.0 9 ! SECOND QU>T]1 TO 4#h.0 9 ! ?IRD QU>T] UNTIL1 F9ALLY1 NEGATIVE 4#e.0 9 ! LA/ QU>T]4 ,RE/ ASSUR$1 ?\<1 !RE IS A CULPRIT AT H& TO EXPLA9 ! LA/ SET-BACK4 ,TO P>APHRASE ,MI*AEL ,JACKSON3 

0DON'T BLAME IT ON ! BANKS1 

0DON'T BLAME IT ON ! DOGMA1 

0DON'T BLAME IT ON ! CUTS1 

0BLAME IT ON ! WEA!R60 

,NE$LESS TO SAY1 0! EXP]TS0 9 ! ,CITY W]E BO? 0SURPRIS$0 & 0%OCK$0 BY ! ANN\NCEM5T4 ,! M>KETS HAD BE5 EXPECT+ GR[? ( BETWE5 4#c.0 & 4#g.0 9 ! F9AL QU>T] ( #b#a4 ,!SE W\LD BE1 ( C\RSE1 ! SAME 0M>KETS0 & 0EXP]TS0 :I* ,GEORGE 0IT %R9KS 9 ! COLD0 ,OSBORNE PROCLAIMS :O MU/ APPEASE BY IMPOS+ AU/]ITY444 ,AH1 ! 0,CITY EXP]TS0 DON'T Y\ LOVE !M8 ,!Y ALWAYS SEEM TO BE 0SURPRIS$0 & 0%OCK$0 :5 !IR =ECA/S PROVE WRONG444 DON'T Y\ WI% Y\ HAD A JOB 9 :I* Y\ >E CON/ANTLY & PUBLICLY PROV$ WRONG BUT Y\ KEEP GETT+ PAID VA/ AM\NTS ( MONEY8 

,! LA/ TIME ! 0EXP]TS0 W]E 0SURPRIS$0 WAS BACK 9 ,OCTOB]1 :5 ! ECONOMY GREW BY 4#h.0 9 ! ?IRD QU>T]1 D\BLE ! 4#d.0 EXPECT$ 9 ! ,CITY4 ,!N ,OSBORNE >GU$ IT CONFIRM$ HIS POLICIES3 0,:AT Y\ SEE TODAY1 9 AN UNC]TA9 GLOBAL ECONOMIC 5VIRONM5T1 IS ,BRITA9 GR[+444 ,?AT IS444 A VOTE ( CONFID5CE 9 ! COALITION GOV]NM5T'S ECONOMIC POLICIES40 ,?IS PROV$ HIS PLAN TO CUT ! PUBLIC SECTOR WAS RI<T3 0,9 ! ,BUDGET1 ,I SET \T A PLAN TO RE/ORE CONFID5CE 9 \R ECONOMY BY DEAL+ ) ! DEFICIT444 ,TODAY'S FIGURES444 PUT BEYOND D\BT ?AT IT WAS RI<T TO BEG9 ACT+ ON ! DEFICIT N[40 ,IMPRESSIVE1 GIV5 ?AT ! SECOND QU>T] COV]S ,APRIL TO ,JUNE1 ! ,CON-,DEM CAME TO (FICE ON #a#a? ( ,MAY & ! BUDGET WAS ON ! #b#bND ,JUNE #b#a4 ,A M]E #g DAYS TRANS=M$ ! ,BRITI% ECONOMY - UNLESS ! BUDGET WAS SO GOOD IT HAD RETROACTIVE P[]S6 ,SADLY HE DID NOT EXPLA9 :Y HIS GOV]NM5T %\LD TAKE CR$IT = GR[? 9 A QU>T] UNAFFECT$ BY POLICES HE WAS YET TO IMPLEM5T4 

,UNDET]R$ BY M]E LOGIC & FACTS1 A ,TREASURY SPOKESMAN PRON\NC$ AT ! TIME ?AT :ILE ! GOV]NM5T WAS 0CAUTI\SLY OPTIMI/IC AB\T ! PA? = ! ECONOMY1 ! JOB IS NOT YET DONE4 ,! PRIORITY REMA9S TO IMPLEM5T ! BUDGET POLICIES :I* SUPPORT ECONOMIC REBALANC+ & HELP 5SURE ! SU/A9$ GR[?444 =ECA/ .<=.> ?IS YE> & NEXT40 ,OSBORNE PROCLAIM$ A 0/EADY RECOV]Y0 WAS N[ UND] WAY & :5 ! SURPRIS+ HI<] ?AN EXPECT$ ?IRD QU>T] FIGURES CAME 91 MU* BACK-SLAPP+ WAS 9DULG$ 94 ,YET ?IS GOOD NEWS WAS H>DLY ?AT - IT REPRES5T$ A FALL FROM ! PREVI\S QU>T]4 ,IT WAS ONLY GOOD NEWS 9 ! S5SE ?AT 0! M>KETS0 7:OM WE MU/ APPEASE7 GOT IT WRONG1 AGA94 

,AT ! TIME1 CRITICS SUGGE/$ ?AT ?IS %[$ ?AT ! ECONOMY C\LD S9K BACK 9TO RECESSION :5 ! GOV]NM5T'S SP5D+ CUTS BEGAN TO BITE4 ,?IS WAS DISMISS$ & 9 ,DECEMB] ! ,*ANCELLOR PROCLAIM$ ?AT !Y HAD 0ALREADY BEGUN ! R$UCTIONS 9 PUBLIC EXP5DITURE1 & IT HAS NOT HAD ! IMPACT ON DEM&1 NOT HAD ! IMPACT ON ECONOMIC GR[? ?AT ! CRITICS SAID IT W\LD444 !Y'RE BE+ CONF\ND$ BY ! FIGURES40 ,CUTS W]E BE+ IMPLEM5T$ & ALL WAS WELL ) ! WORLD4 ,N[ ,OSBORNE SUGGE/S ?AT 0DEFICIT D5I]S OR ! VE/$ 9T]E/S :O OPPOSE CUTS TO ANY ITEM ( PUBLIC SP5D+ WILL PROBABLY CLAIM ?AT ! ,SP5D+ ,REVIEW OR ! ,V,A,T 9CREASE >E TO BLAME = TODAY'S GR[? DATA4 ,BUT !RE'S A BIG PROBLEM ) ?AT >GUM5T - ! DATA REF] TO ! LA/ QU>T] ( #ba :5 NEI!R HAD YET BEGUN40 

,N[ ?AT ! =? QU>T] FIGURES %[ A MU* BIGG] DROP1 /RANGELY IT TELLS US NO?+ AB\T ,CON-,DEM POLICIES4 ,:5 ! SECOND QU>T]S' FIGURES W]E 9 ,OSBORNE PROCLAIM$ ?IS V9DICAT$ HIS ECONOMIC /RATEGY - EV5 ?\< !Y HAD NOT BE5 9 P[] LONG & !IR MEASURES HAD YET TO BE IMPLEM5T$4 ,) ! ?IRD QU>T]'S FIGURES1 HE PROCLAIM$ !Y W]E D[N PURELY TO HIS POLICIES - POLICIES :I* HE N[ CLAIMS HAD NOT BE5 IMPLEM5T$ YET6 

,SO DESPITE BE+ 9 (FICE = OV] HALF-A-YE>1 ?IS SL[D[N WAS DEF9ITELY NO?+ TO DO ) ,CON-,DEM POLICIES - IT WAS ALL ! FAULT ( ! SN[ - & ! PREVI\S TWO QU>T]S HAD EV]Y?+ TO DO ) !M6 ,SO RE/ ASSUR$1 !RE WAS 0NO QUE/ION ( *ANG+ A FISCAL PLAN ?AT HAS E/ABLI%$ 9T]NATIONAL CR$IBILITY ON ! BACK ( ONE V]Y COLD MON?0 ACCORD+ TO ,OSBORNE4 ,SADLY HE DID NOT EXPLA9 :Y ONE QU>T] ( GOOD GR[? CONFIRMS HIS AG5DA BUT NOT ONE QU>T] ( BAD GR[?4 ,SO Y\ %\LD NOT READ TOO MU* 9TO ONE QU>T]'S NUMB]S - UNLESS1 APP>5TLY1 Y\ >E A ,TORY POLITICIAN & ! NUMB]S LOOK GOOD444 

,LUCKILY = ,OSBORNE !RE WAS SU* HEAVY %[ = HE C\LD BLAME ! WEA!R 7PRESUMABLY NEXT QU>T] HE WILL BLAME ! WRONG K9D ( LEAVES & !N A BIG DOG EAT+ HIS HOMEWORK74 ,?AT MEANT HE C\LD SKILLFULLY AVOID ! AWKW>D FACT ?AT1 ACCORD+ TO ! REPORT1 ! SN[ SIMPLY TURN$ .0 GR[? 9TO NEGATIVE 4#e.04 ,:ILE /ILL L[] ?AT ! 4#c.0 TO 4#g.0 ,CITY 0EXP]TS0 HAD EXPECT$ BO? %[ A TR5D D[NW>D S9CE ! ,CON-,DEMS TOOK (FICE4 

,YET WE CANNOT EXCLUDE ! IMPACT ( ! SN[4 ,AFT] ALL1 :Y WAS IT ! FAULT ( ! SN[8 ,BECAUSE PEOPLE C\LD NOT GET \T & SP5D !IR MONEY4 ,OSBORNE'S POLICIES >E BAS$ ON CUTS & RAIS+ 9DIRECT TAXATION SO CAUS+ REAL 9COME DROPS = MO/ PEOPLE4 ,SO :AT WILL HAPP5 :5 PEOPLE DO NOT HAVE JOBS TO GO TO & DO NOT SP5D MONEY !Y DO NOT HAVE8 ,IF A FEW DAYS ( SN[ CAN HAVE SU* AN IMPACT1 :AT AB\T HUGE CUTS SUCK+ JOBS & MONEY \T ( ! ECONOMY8 ,SADLY1 WE HAVE A GOV]NM5T :I* SEEMS TO ?9K ?AT ! LA/ ?+ A BUS9ESS NE$S DUR+ A SLUMP IS = PEOPLE TO GO \T & BUY ITS PRODUCTS4 

,?IS DROP 9 GR[? WAS PR$ICTABLE & PR$ICT$4 ,:Y8 ,KEYNES >GU$1 CORRECTLY1 ?AT CUTT+ WAGES WILL NOT PRODUCE A GR[? 9 EMPLOYM5T1 QUITE ! RES]VE AS IT R$UCES AGGREGATE DEM&1 %IFTS ! LABOR SUPPLY CURVE & HAS LITTLE IMPACT ON ! REAL WAGE4 ,NOT ?AT UNEMPLOYM5T BE+ CAUS$ BY HI< WAGES REFLECTS REALITY ANYMORE ( ?AN ANY O!R P>T ( NEO-CLASSICAL ECONOMICS4 ,) ! ADV5T ( NEO-LIB]ALISM 9 #a#i#h1 REAL WAGES /AY$ FLAT & ! EMPLOY]S REAP$ ALL ! B5EFITS ( RIS+ PRODUCTIVITY 9 ! =M ( RIS+ PR(ITS1 RIS+ 9COME = MANAG]S1 RIS+ DIVID5DS4 ,WEAL? FLOOD$ UPW>DS4 

,YET A PROBLEM REMA9$ - IF ! \TPUT P] UNIT ( LABOR 9PUT IS RIS+ :ILE CAPACITY TO PUR*ASE 7! REAL WAGE7 IS LAGG+ BADLY BEH9D1 H[ DOES ECONOMIC GR[? SU/A9 ITSELF8 ,SIMPLE - BY CR$IT & PU%+ EV] 9CREAS+ DEBT ONTO H\SEHOLDS4 ,! CAPITALI/S F\ND ?AT !Y C\LD SU/A9 PUR*AS+ P[] & RECEIVE A BONUS ALONG ! WAY 9 ! =M ( 9T]E/ PAYM5TS4 ,AS AN ADD$ BONUS1 IT MADE PEOPLE LESS LIKELY TO REBEL AS CR$IT REPAYM5TS HAD TO BE MADE4 ,?IS1 H[EV]1 9CREAS$ ! FRAGILITY ( CR$IT M>KETS & ?IS CAME TO ROO/ 9 ! CR$IT-CRUN*4 ,:5 ! BUBBLE BUR/1 REV5UE COLLAPS$ & ! BANK BAIL\T 9CREAS$ PUBLIC DEBT4 

,AMAZ+LY1 ! ,TORIES HAVE MANAG$ TO TURN ! N>RATIVE A CRISIS ) ITS ROOTS 9 ! PRIVATE SECTOR & 9EQUALITY 9TO ONE CAUS$ BY PUBLIC WELF>E SP5D+ & WORK]S' RI<TS6 ,! CRISIS IS BE+ US$ AS AN EXCUSE TO 9CREASE JOB 9SECURITY BY RAIS+ ! QUALIFY+ P]IOD = UNFAIR DISMISSAL CLAIMS FROM ONE YE> TO TWO4 ,?IS 9CREAS$ ABILITY TO FIRE PEOPLE WILL1 BY ! MAGIC ( ! M>KET1 MAKE BOSSES HIRE4 ,:I* RAISES ! QUE/ION ( JU/ H[ 9COMPET5T >E ,BRITA9'S BOSSES IF !Y CANNOT WORK \T 9 A YE> :E!R SOMEONE IS A 0GOOD0 7I4E41 OB$I5T & PRODUCTIVE7 WAGE-SLAVE8 ,RE/ ASSUR$1 ,V9CE ,CABLE 9SI/$ WORK]S :O W]E G5U9ELY EXPLOIT$ BY 0UNSCRUPUL\S EMPLOY]S0 W\LD /ILL BE ABLE TO GO TO TRIBUNAL4 ,YES1 BUT AFT] #b YE>S1 MEAN+ ?AT BOSSES CAN SAFELY BE UNSCRUPUL\S = #bc MON?S !N SACK ! EMPLOYEE 9 ORD] TO REPLACE !M ) SOMEONE JU/ HAPPY TO HAVE A JOB4 

,/ILL1 WE HAVE 0CR$IBILITY40 ,%AME ?AT ! \TGO+ ,C,B,I *IEF SLAMM$ GOV]NM5T'S LACK ( /RATEGY = ECONOMIC GR[?1 W>N+ ?AT IT W\LD FAIL TO R$UCE ,BRITA9'S BUDGET DEFICIT )\T MEASURES TO BOO/ DEM&4 ,YET ?AT ASSUMES ?AT ! ,TORIES WI% TO R$UCE ! DEFICIT4 ,AS ! ,U,S ,REPUBLICANS HAVE F\ND1 ! DEFICIT IS A USEFUL ?+ TO WAVE AB\T :5 DEM&+ AU/]ITY MEASURES = ! WORK+ CLASS4 ,?AT EXPLA9S :Y !Y >E SO KE5 TO CREATE !M :5 9 P[] & DEM& TAX CUTS = ! WEAL?Y :I* 9CREASE IT4 ,H]E WE SEE 0! DEFICIT0 ROLL$ \T TO EXPLA9 ! IMPOSITION ( EV]Y ,TORY WET DREAM4 ,:AT A WOND]FUL CO9CID5CE444 

,! GRUMBLES 9 ! ,C,B,I %[ ?AT :ILE BUS9ESS MAY HAVE TOL]AT$ A DEEP RECESSION CAUS$ BY ,TORY 9COMPET5CE & ECONOMIC ILLIT]ACY 9 ! #a#i#hS TO BREAK ! LABOR MOVEM5T1 IT MAY BE LESS ACCOMMODAT+ :5 IT IS = ! F> LESS PRESS+ IDEOLOGICAL PASSIONS ( A FEW ,?AT*]ITES4 ,P>TICUL>LY AS ?IS CRISIS WAS CAUS$ BY CAPITAL W9N+ ! CLASS W> = ! LA/ ?REE DECADES - AS REFLECT$ 9 ! EXPLOD+ 9EQUALITY WE HAVE SE54 ,&1 AS 9 ! #a#i#hS1 IT IS H>D TO TELL :E!R ! ,CON-,DEMS /UPIDITY IS DRIV5 BY CLASS 9T]E/1 9COMPET5CE1 IDEOLOGICAL BL9DNESS1 ECONOMIC ILLIT]ACY1 OR A ,MA*IAVELLIAN WI% TO USE CRISIS TO PURSUE M>KET-FUNDAM5TALI/ SOCIAL 5G9E]+4 ,PROBABLY A MI%MA% ( ALL ) ! 9COMPET5CE1 IDEOLOGY & ILLIT]ACY HELPFULLY DEEP5+ ! CRISIS :I* CAN BE US$ AS AN EXCUSE IMPOSE NEO-LIB]AL DREAMS & 5SURE ! RI* GET RI*]4 

,/ILL1 !RE IS ,OSBORNE'S 09T]NATIONAL CR$IBILITY01 ?AT IS 0! M>KETS0 :I* GOT US 9TO ?IS MESS TO BEG9 ) & :I* MAKE SU* GOOD ECONOMIC PR$ICTIONS4 ,YET :O WILL BE L9+ UP TO 9VE/ 9 AN ECONOMY 9 :I* PEOPLE DON'T HAVE MONEY TO SP5D8 ,JU/ LIKE 9 ,IREL&1 ! OLD PO/]-BOY = ,BOY ,GEORGE & ! NE$ = AU/]ITY1 :I* SAW ITS CR$IT RAT+ GO D[N 9 ,OCTOB] AS ! PR$ICTABLE IMPACT ( AU/]ITY MEASURES TOOK HOLD & DEEP5$ ! CRISIS4 ,IT WILL N[ HAVE HI<] 9T]E/ PAYM5TS ON ITS \T/&+ LOANS & SO H>% SP5D+ CUTS L$ TO HUGE JOB LOSSES & L[] WAGES BUT FAIL$ TO RE/ORE 0CR$IBILITY40 

,SO1 UN=TUNATELY1 0CR$IBILITY0 DOES NOT GET PEOPLE 9TO JOBS & SP5D+ MONEY & IF ! SN[ /OPP$ BO? ( !SE 9 ,DECEMB] !N :AT IS GO+ TO HAPP5 :5 ! AU/]ITY MEASURES TRULY KICK-9 & PEOPLE DON'T HAVE JOBS & HAVE LESS MONEY TO SP5D8 ,/RANGELY1 AFT] PAY CUTS APL5TY1 ,IRI% CONSUM]S HAVE DES]T$ ! HI< /REET4 ,SADLY1 !RE WAS NO SN[ TO BLAME = IT4 ,UNSURPRIS+LY1 GIV5 ! 9CREASE 9 UNC]TA9TY CAUS$ BY ! PROSPECT ( CUTS1 !RE HAS BE5 COLLAPSE 9 CONSUM] CONFID5CE H]E AS WELL4 ,UNSURPRIS+LY1 POLLS %[S PEOPLE >E RELUCTANT TO SP5D :5 !Y >E NOT SURE H[ MU* MONEY !Y WILL HAVE 9 ! FUTURE - & :Y %\LD FIRMS 9VE/ 9 SU* CIRCUM/ANCES8 

,/ILL1 ,IREL& HAS A LESSON = US ALL - :I* ONE DEP5DS ON :O IS TELL+ ! /ORY4 ,9 ,AM]ICA1 ,REPUBLICAN ,CONGRESSMAN ,PAUL ,RYAN PO9T$ TO ,IREL& & ! ,U,K 9 HIS RESPONSE TO ,OBAMA'S ,/ATE ( ! ,UNION ,ADDRESS1 ASS]T+ !Y 0DIDN'T ACT SOON 5\<2 & N[ !IR GOV]NM5TS HAVE BE5 =C$ TO IMPOSE PA9FUL AU/]ITY MEASURES40 ,YET ,IREL& NOT SO LONG AGO WAS HELD UP AS A POSITIVE EXAMPLE = :Y Y\ %\LD CUT H>D & FA/4 ,?AT ?IS HAS RESULT$ 9 MAK+ ?+S WORSE 7PR$ICTABLY1 & PR$ICT$7 DOES NOT *ANGE ?AT4 ,H]E1 9 ! ,U,K1 \R ,TORY MA/]S US$ TO PO9T TO ,IREL& ON :Y !Y W]E CUTT+ H>D & FA/ - BECAUSE IT W\LD BE WORSE LAT]444 ,GIV5 ! \TCOME1 ! HI/ORICAL REVISIONISM IS TO BE EXPECT$4 

,AFT] ALL1 :AT IS ! ,TORY 7& ,REPUBLICAN7 PLAN8 ,MORE ( ! SAME NEO-LIB]ALISM :I* GOT HIS 9TO ?IS CRISIS TO BEG9 ) - MORE AU/]ITY = ! MANY SO ?AT ! ELITE CAN BE P]SUAD$ BY YET MORE WEAL? TO EXPLOIT US AGA94 ,?AT IS ! MEAN+ ( WAGE-CUTS1 TO 9CREASE ! GAP BETWE5 :AT WE PRODUCE & :AT WE GET PAID4 0,9 #b#a#a1 REAL WAGES >E LIKELY TO BE NO HI<] ?AN !Y W]E 9 #b#e10 SAID ! HEAD ( ! ,BANK ( ,5GL&3 0,ONE HAS TO GO BACK TO ! #a#i#bS TO F9D A TIME :5 REAL WAGES FELL OV] A P]IOD ( SIX YE>S40 ,?IS SQUEEZE 9 LIV+ /&>DS IS 0! 9EVITABLE PRICE TO PAY = ! F9ANCIAL CRISIS & SUBSEQU5T REBALANC+ ( ! WORLD & ,U,K ECONOMIES40 

,9 %ORT1 ! WORK+ CLASS IS EXPECT$ TO PAY = A CRISIS CAUS$ BY !IR ECONOMIC MA/]S4 ,9EVITABLE8 ,F> FROM IT - ?AT DEP5DS ON US4 ,! FACTS >E CONCLUSIVE - IMPOS+ AU/]ITY MAKES ! CRISIS WORSE4 ,IF CUTT+ B5EFITS & WAGES MAKES ?+S WORSE1 FI<T+ = 9CREASES WILL MAKE ?+S BETT]4 ,LIB]T>IANS NE$ TO BE AT ! =EFRONT ( ANTI-CUT /RUGGLES1 >GU+ = DIRECT ACTION1 SOLID>ITY & COMMUNITY & WORKPLACE SELF-ORGANIZATION4 ,?IS WILL COMBAT ! CONTRADICTION ( CAPITALI/ CRISIS BE+ ! PRODUCT ( CAPITALI/ /R5G?4 ,H[EV]1 IT WILL EXPOSE ANO!R CONTRADICTION - ?AT CAPITALISM NE$S WORK]S TO OBEY !IR BOSSES & PRODUCE MORE ?AN !Y GET PAID BUT ?AT WILL BE UND]M9$ BY ! /RONG RESI/ANCE MOVEM5T REQUIR$ TO SOLVE ! CURR5T CRISIS4 ,?IS /RUGGLE1 ) MOVEM5T BETWE5 CONTRADICTIONS1 WILL CONT9UE UNTIL WE GET RID ( CAPITALISM ONCE & = ALL4 

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