Il n’y a pas d’alternative; "Margaret Thatcher’s words were delivered at a different time, but are as relevant as ever": there is no alternative. So concludes Tim Montgomerie's piece in The Times. There is no soft option: well worth a read, summarised here for those not subscribed. "But this [soon to be announced childcare initiatives, a single-tier state pension and help for elderly people to afford long-term care. Women will be the biggest beneficiaries of this programme] is gravy. The coalition’s meat and potatoes remains deficit reduction"; (indeed and don't mention the debt, which is a whole other ball-game!). Deficit reduction is the main objective and must continue despite hiccups and stalling due to international economic strife but also lack of will/commitment (I'll put this down - maybe wrongly - to the yellow part of the coalition). Anyway, I know the feeling: my own deficit reduction hits the same barriers every Christmas :-). Tim's main point is the comparison with France (and Ed Miliband's hopes of a lefty buddy across the water) but "Rather than delivering a sea change in European economic policy Mr Hollande has had to push through France’s toughest budget since the recessionary period of the 1980s."
"The truth is simple. Electorates in the highly indebted West don’t face a choice between anti-austerity politicians and pro-austerity politicians. The real choice is between politicians who are willing to tell voters the truth and politicians who pretend that more than a decade of over-borrowing can be wished away."
If Mr Hollande has failed them, the international Left still hope that President Obama offers the world a pain-free alternative. Like Mr Hollande, Barack Obama campaigned on the big lie that higher taxes on the rich would solve the deficit."
Plus ça change...
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