Majority favours austerity

It is saddening but not surprising that 60% of the British public said they are in favour of reducing the deficit in a poll commissioned by the BBC World Service. Some 33% were against and the rest said they do not know.

In the present enviroment that is likely to mean that the vast majority accept the need for austerity. To the extent there is a debate it is likely to focus on the details. Should the emphasis be on cutting spending or raising taxes? What are the best areas to cut?

As it happens I also believe that the deficit needs to be tackled. Only my emphasis, as I have argued before, would be on boosting production rather than curbing consumption. Unfortunately, in this age of social pessimism, the potential for increasing output is not widely appreciated.