Some 40 economists have come out in favour of Jeremy Corbyn in a letter to The Observer on 23 August 2015. The letter is surprisingly short — and gives no justification for its bald assertions.
Here are a few extracts:
- Corbyn’s “opposition to austerity is actually mainstream economics”. Really? So, are deficits irrelevant then?
- Corbyn “aims to boost growth and prosperity”. How?
- Corbyn “voted against the shameful £12bn in cuts in the welfare bill”. How can the huge welfare bill be afforded? By more taxation? More borrowing? Or both?
- “Cutting government investment in the name of prudence is wrong because it prevents growth, innovation and productivity increases, which are all much needed by our economy, and so over time increases the debt due to lower tax receipts.” What should the government invest in? How would it be paid for? And how would it increase growth and productivity?
Not a single example is given to back up these bald assertions.
And then, after all this, we read at the very end of the letter: “We the undersigned are not all supporters of Jeremy Corbyn.”