Notes on the Front

In today's Irish Times  28 economists, academics and analysts have signed an op-ed attacking the Government's failed economic strategies while providing an alternative way forward.
In short, they argue that the Government's deflationary policies are leading us to a low-growth, high-debt future with unacceptable levels of unemployment; in short, a joyless, jobless future.

Instead, we should embark on a substantial investment programme to address our long-term economic and social deficits (infrastructure, public services, poverty and inequality) which can not only 'grow the economy' but reduce unemployment. This can be financed through a mix of borrowing and a progressive expansion of taxation and expenditure.

This is the first sustained challenge to the conservative fiscal and economic consensus that has dominated the economic debate to date. It starts with:

'The Government's economic strategy is failing.'

It ends with:

'Embedding investment, rather than debt, into the economy while restructuring taxation and expenditure in a progressive and expansionary manner to ensure a job-rich recovery – this, and not the current deflationary strategy, is the road to success.'

It gets better in between.