Wednesday, October 20, 2010

Austerity bites

Nice debate in the New York Times about Britain's new austerity mood. The most interesting point, Andrew Lilico of the Policy Exchange explaining the obsession with deficit reduction in the following terms:  "we have this internal fear of losing control of our deficits and having foreigners telling us what to do. There is also a sense that deficits of this scale are morally lax".

I've heard of a lot of reasons why the deficit should be reduced, but moral laxity is a new one.