Britain’s finest hour this is not

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This is by J Bradford DeLong,a former US assistant secretary to the Treasury and now a professor of economics at the University of California at Berkeley:

To borrow from your own people is especially non-humiliating when your economy is in depression, when the interest rates at which you can borrow are at near-record lows, and when every economic argument cries out for spending now and taxing later.

What is humiliating is to have a government that cuts a half-million public-sector jobs and causes the loss of another half-million jobs in the private sector. In an economy of 30 million jobs, that translates into an increase in the unemployment rate of 3.5 percentage points — at a time when no sources of expanding private-sector demand exist to pick up the slack. Britain’s finest hour this is not.

I think he's got it right.