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Gary Sharpe's avatar

Is the UK Labor Party so inept that it can’t mount a credible attack on these outdated and destructive Tory policies? Two weeks into her tenure and Liz Truss seems intent on proving herself a high-functioning monetary moron. Unlearned history is repeating itself in Truss’ Thatcher-era mistakes.

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Andreas Bimba's avatar

Robert Reich's observation that most US inflation (and probably also most global and UK inflation) is currently profit-price driven then a little Keynesian pump priming by the new UK Liz Truss government, even if it is in the form of tax cuts, is unlikely to add much to inflation and is still better than nothing from the perspective of the unemployed and underemployed IF, and that is a big IF, other expenditure items are not cut as a result of the larger deficit.

It is almost certain that the UK defence budget will increase substantially which also may indicate how the UK government is actually thinking - Keynes is back?

Part 1. The truth I'm telling Congress today about inflation – Robert Reich – 22 September 2022

https://robertreich.substack.com/p/the-truth-im-telling-congress-today#details

Part2. The Truth I'm telling Congress today (Part II) – Robert Reich - 22 September 2022

https://robertreich.substack.com/p/the-truth-im-telling-congress-today-cc7

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