I’m excited, of course, about the possibility of Labour taking a new direction in the UK. But I can’t be too excited until it challenges the worst economic policy of recent history, one that hasn’t been challenged within official circles since the 1970s.
The policy is very simple and repellent. Most people I’ve spoken to didn’t know it was a policy and find it hard to believe that it is. The policy is: Keep unemployment at around 5% at all times. Yes, actually. Let’s have that again. Make sure that 5% of people who are looking for an honest way to earn a modest living are unable to find one. That is the policy.
Think about what it means. On one hand, you have governments that complain endlessly about the number of people on unemployment benefits and the cost this imposes on the nation. You have them spouting rhetoric…
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