Lower British fiscal deficit gives the central government no more or no less capacity to net spend to reduce unemployment — Bill Mitchell

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Today, I reflect on the latest public finance data released by the British Office of National Statistics which shows the fiscal deficit is smaller than expected. Even progressive journalists have written this up as providing more scope for pre-election largesse to be provided. The fact that the fiscal balance is lower provides no more or no less scope for the government to net spend. The relevant questions that should be answered before such an assessment can be made are ignored by the journalists, including the fact that the unemployment rate is rising and the supply-driven inflation is falling fast.William Mitchell — Modern Monetary TheoryLower British fiscal deficit gives the central government no more or no less capacity to net spend to reduce unemploymentBill Mitchell | Professor in

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