Britain’s Closet Keynesian
As British Chancellor of the Exchequer George Osborne, the poster child for austerity, repeatedly misses his deadlines to balance the budget, he is starting to look like a closet Keynesian. What he fails to realize is that his attempts to cut spending during a crisis are undermining his effort to reduce the deficit.
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LONDON – There is a growing apprehension among Britain’s financial pundits that Chancellor of the Exchequer George Osborne is not nearly as determined to cut public spending as he pretends to be. He sets himself deadlines to balance the books, but when the date arrives, with the books still unbalanced, he simply sets another.