Since the Conservative-Liberal Democratic coalition came into power in Britain in 2010, there has been a vicious attack on both the public sector and the social welfare state that is being justified as a response to the “high deficit.” Austerity is being introduced for two related reasons. First, the low profitability and resulting stagnation following the economic crisis of 2008 led employers to squeeze wages in order to keep profits up.
Author: Susan Pashkoff
Susan Pashkoff is an independent researcher in economics, blogger, and a life-long political activist.
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