28 economists, social scientists and economic analysts (many of them familiar to PE readers) have written an open letter, published in today's Irish Times, arguing that the Government's economic strategy is failing, and warning that the current approach of spending cuts combined with tax increases on low and average income earners will bring about a low-growth, high-debt future. The result, they say, will be a joyless, jobless recovery. Instead, they argue, we need a reversal of policy and a new investment strategy which can not only address our serious economic and social deficits but can generate employment in the short-term. Investment coupled with a restructuring of taxation and expenditure in a progressive and expansionary manner to ensure a job-rich recovery - this, and not the current deflationary strategy, is the road to prosperity.
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