We are not economists by profession, but we didn’t see the credit crunch coming and so that surely puts us in the same boat as most people who are.
Following the letter from 20 economists to the Sunday Times and the letters from 58 economists and another nine economists to the Financial Times, we felt compelled to write.
These three letters variously advocate reducing the deficit at a rate of mumble mumble mumble, by means of cutting spending on mumble mumble mumble and raising taxes on mumble mumble mumble. We fear that each of these positions is dangerously misguided and negligently vague.
We wish to put on record that if we are to bring the deficit down in a way that maintains market confidence in the public finances while safeguarding the recovery, and neither raising taxes too punitively nor harming essential public services, the government must take steps to mumble mumble mumble. Encouragingly, all three main parties seem to be moving towards this view.
It is sometimes said that economics is not an exact science, but we are so confident of our recommendations that we are even using a first-class stamp to post this letter.
And all my mates