International recognition of what we always knew: ‘inherited mess’ = myth paul krugman debunks the austerity myth against two tory robots.


The Observer published a very interesting article on Sunday, in which its senior economic correspondent, William Keegan, noted that two economists of world renown have recently assessed the economic performance of the last Labour government and come to similar conclusions:

The ‘inherited mess’ – that most worn-out of Tory accusations against the Labour party – is a complete myth.

Since that touches on one of the seminal posts of this blog, dating back over a year, and one which has been the subject of much attempted-but-failed derision by Tory trolls visiting this blog, I’m going to indulge in a little bit of ‘I told you so’.

Keegan quotes economist Simon Wren-Lewis – the economist whose intervention kept the UK out of the euro – in the Oxford Review of Economic Policy:

The debt-to-GDP ratio in 2007 was lower than its level in 1997, and the net borrowing requirement was…

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