The thing about austerity, though, is that by reducing spending you also shrink the wider economy, reducing tax receipts. The "nation's credit card" rhetoric th

The thing about austerity, though, is that by reducing spending you also shrink the wider economy, reducing tax receipts. The "nation's credit card" rhetoric the government has used to try to justify this is just misleading. Oxford prof Simon Wren-Lewis explains it better than I could: https://www.lrb.co.uk/the-paper/v37/n04/simon-wren-lewis/the-austerity-con https://www.lrb.co.uk/the-paper/v37/n04/simon-wren-lewis/the...