Here are three extract from the Guardian's economics editor, Larry Elliott, in yesterday's paper:
Title: "The deficit hawks need their talons clipped."
"The determination to cut budget deficits in (the present) circumstances does not show that policymakers of probity and integrity have replaced the irresponsible spendthrifts of 2008 and 2009. It shows that the lunatics are back in charge of the asylum."(my emphasis)
"...why is the government (cutting)? Is it, for all Nick Clegg's
'progressive cuts', that the real agenda is to finish the demolition job on the welfare state that began in the 1980s? Or are the deficit hawks simply crackers?" (my emphasis)
"...we now have the bizarre spectacle of China, Japan, the eurozone and Britain all set on reducing budget deficits while simultaneously pursuing export-led growth. This is a logical absurdity - someone somewhere has to be importing all the exports."
If competent Liberal Democrat economists such as Vince Cable and Chris Hume cannot win the argument against the present folly inside the government, then in public we should dissociate ourselves from the cuts in the same way that Cameron has dissociated his party from zeal for electoral reform. Pretending, for the sake of the chemistry of coalition unity, a conversion having seen the figures, is hypocritical nonsense which diminishes our credibility. and, worse, questions our integrity.