A very important post from the Skwawkbox…
In a bid to divert attention from the wet blanket of Philip Hammond’s budget last week, the Establishment has been attacking Labour’s plans for borrowing (only) for investment.
Channel 4’s FactCheck issued an article criticising Shadow Chancellor John McDonnell’s supposed lack of understanding of how government borrowing works – allowing Tories to crow briefly and erroneously – only to have to issue a corrected version. Other ‘MSM’ piled in with similarly-misplaced attacks.
The push-back against this nonsense has started. A group of twenty-three renowned economists also made a firm, public statement of support for the sound economic principle of government borrowing to invest to strengthen the economy – and the tax take.
Now the impact of government investment – and the reality that it pays for itself in economic growth and improved tax-receipts – can be seen in these previously-unreleased case studies of three planned Labour investment projects:
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