Step Up with Rou Reynolds Austerity - Sept 2015
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Sep 13, 2015 
In this engaging discussion, investment researcher Ben Marshall, political writer Ross Baxter, and economics student Ben Pringle tackle the complex topic of austerity. They dissect what austerity entails, debating its political motivations and economic implications. The trio explores the detrimental impacts of austerity on employment and inequality, questioning why the public accepts this rhetoric. Additionally, they highlight how privatisation tends to benefit wealthy interests while advocating for a shift towards progressive economic ideas and stronger public spending.
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What Austerity Actually Means
- Austerity means reducing government borrowing by cutting spending or raising taxes, which reduces funds for public services.
- Rou Reynolds and guests explain this causes cuts to health, benefits, police, and education, harming society's safety nets.
Austerity Was Politically Driven
- Austerity replaced post-crash stimulus in the UK despite stimulus working elsewhere, like the US, which grew faster by continuing to spend.
- Ben Marshall suggests austerity's adoption may have been politically motivated rather than economically necessary.
Keynesian Counterargument To Austerity
- Keynesian economics recommends spending during downturns and saving during booms to stimulate recovery.
- Ben Marshall and Ben Pringle argue austerity does the opposite and inhibits growth when it's most needed.