In which we have to explain


I was involved in some Twitter debate yesterday about attacks that have been made recently on what has been described as the liberal left, who have been described by some as ‘enemies of working class people’.

Blah, blah, Soud’s a liberal leftie, sez Spud. Followed by:

But does that mean I am an enemy of the working class? I really do not know why.

Because every actual suggestion you make about anything at all fucks over the working class.

For example, your concentration upon fairness, equity, redistribution, at the expense of overall growth.

Over any meaningful period of time it is economic growth, not redistribution, which makes the difference to working class lives. If we stopped with the post-war Labor dispensation then we’d all be on £7k a year now (inflation adjusted into 2016 £). That’s if we had a perfectly egalitarian income distribution. If we’d stuck with the 1970s one then we’d all be on about £14k.

Over time growth is what matters, not the distribution at any one time. Which is why you’re an enemy of the working class. You not only seek to restrict growth – this GDP cannot be infinite nonsense – even when you think you’re increasing growth you’re actually depressing it.

Essentially, because you know no economics but presume to design the plan for an economy. A right and proper enemy of the people.

This is fun though:

John McDonnell was one of those who said that. Under him the ‘maxed out credit card’ mantra was on official Labour position.

And his chief economics adviser rejected modern monetary theory not because it did not describe very accurately how the money economy works, but because he suggested that it did not include a specifically Marxist class based explanation of the process of money creation. As a result he preferred an obviously wrong neoclassical theory.

That’s why I could not work with McDonnell.



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