with long-term government borrowing as cheap as in living memory, with unemployed workers and plenty of spare capacity and with the UK suffering from both creaking infrastructure and a chronic lack of housing supply, now is the time for government to borrow and invest. This is not just basic macroeconomics, it is common sense.
He is right.
I am pleased that at long last Labour are now getting the point. As Ed Balls and Peter Mandelson argue this morning:
Europe needs to boost public investment in the demand that will help to drive growth, as the European commission is now urging. A serious capital lift for the European Investment Bank is desirable, to help to provide fresh sources of infrastructure investment, as are infrastructure bonds, which help to counter a failing private appetite for large-scale project finance.
As they should: there has never been a better time to build our future than now.