[lbo-talk] Comparing the Labour Party and NDP commitments to a "balanced budget"

[Gar Lipow]

I don't know if this is in the official program, but I know Corbyn has
spoken in the past of a "people's QE" by which he means not QE at all, but
deliberate creation of money to support social spending. This is indeed
deficit neutral; given that inflation is too *low* in the UK, it is good
fiscal policy as well.

On Mon, Mar 14, 2016 at 1:47 PM, Marv Gandall <marvgand2 at gmail.com> wrote:


> Jeremy Corbyn's Labour Party introduced a fiscal policy last week which
> includes a commitment  to balance the budget.
>
> But unlike Tom Mulcair's similar pledge on behalf of the NDP - widely seen
> as pandering to corporate and right-wing sentiment and a major contributor
> to the Canadian party's sharp drop in popular support - the new Labour
> leadership's proposal is embedded in a broader Keynesian fiscal framework
> which includes major infrastructure spending, social ownership, and higher
> corporate taxes. Crucially, the rule can also be suspended in times of
> crisis like the present.
>
> Canadian economist Michal Rozworski concedes the program may not be fully
> realizable in open economies like the UK and Canada, but notes that it can
> help raise expectations and reshape the public policy debate "in a time
> when expectations are low and everyday ideology is dominated by the right."
>
>
> http://rozworski.org/political-eh-conomy/2016/03/14/fiscal-policy-for-the-left-or-corbyn-vs-mulcair-on-deficits/
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