[Marxism] The debt delusion | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Wed Dec 11 05:52:13 MST 2019

John Weeks’ new book is The Debt Delusion: Living Within Our Means and 
Other Fallacies. It aims at demolishing economic arguments for the 
necessity of austerity.  ‘Austerity’ is the catch word for the policy of 
reducing government spending and budget deficits and public sector debt. 
  This has been considered as necessary to achieve sustained economic 
growth in capitalist economies after the Great Recession of 2008-9.  The 
argument of governments and their mainstream advisors was that public 
sector debt had mushroomed out of control. The size of the debt compared 
to GDP in most countries had got so high that it would drive up interest 
costs and so curb investment and growth in the capitalist sector and 
even generate new financial crashes.  Austerity policies were therefore 


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