NP - Toryism (Austerity) Isn't Working.

[David Morris]

http://www.washingtonmonthly.com/political-animal-a/2012_04/toryism_isnt_working036909.php

**Toryism (Austerity) Isn't Working***

The big economic news today is that the United Kingdom is officially
undergoing a “double-dip recession,” as its economy registered a
second consecutive quarter of negative growth. Last time that happened
was back in 1975: you know, when Labour Wasn’t Working.

But instead of paving the way for a Thatcherite austerity regime, the
current double-dip recession could spell major political trouble for
the Thatcherite austerity regime of David Cameron. As Paul Krugman
notes today, Cameron isn’t just bringing back memories of the
mid-to-late 1970s, but of an even darker era.

http://krugman.blogs.nytimes.com/2012/04/25/camerons-remarkable-achievement/

**Cameron’s Remarkable Achievement**

When David Cameron became PM, and announced his austerity plans —
buying completely into both the confidence fairy and the invisible
bond vigilantes — many were the hosannas, from both sides of the
Atlantic. Pundits here urged Obama to “do a Cameron”; Cameron and
Osborne were the toast of Very Serious People everywhere.

Now Britain is officially in double-dip recession, and has achieved
the remarkable feat of doing worse this time around than it did in the
1930s.

Britain is also unique in having chosen the Big Wrong freely, facing
neither pressure from bond markets nor conditions imposed by Berlin
and Frankfurt.

Now, the defense I hear from Cameron apologists is that the austerity
mostly hasn’t even hit yet. But that’s really not much of a defense.
Remember, the austerity was supposed to work by inspiring confidence;
where’s the confidence?  Basically, the expansionary aspect should
already have kicked in; it’s all contraction from here.

Needless to say, Cameron and Osborne insist that they will not change
course, which means that Britain will continue on a death spiral of
self-defeating austerity.