One letter pointing out the dangers of the Corbynista agenda:
Theresa May’s economic plans are underwhelming and do little to boost the UK, a panel of more than a dozen leading economists has told The Sunday Telegraph.
But the Conservative manifesto is still far superior to Labour’s, the economists said, fearing that a win for Jeremy Corbyn on Thursday would leave the country with excessive taxes, soaring debts and an interventionist industrial policy which risks taking the country back to the 1970s.
We agree that there aren't that many joys in the Tory promises. But to say that Corbyn and allies risk going back to the 70s is an error, for that's the intention. Another letter in another paper:
In contrast, Labour’s manifesto proposals are much better designed to strengthen and develop the economy and ensure that its benefits are more fairly shared and sustainable, as well as being fiscally responsible and based on sound estimations.
We point to the proposed increases in investment in the future of the UK and its people, labour market policies geared to decrease inequality and to protect the lower paid and those in insecure work and fair and progressive changes in taxation.
That second signed by all the usual suspects, Danny Dorling, Andrew Simms, Ha Joon Chang and what looks like the entire faculty of SOAS - those educated enough to sign at least.
What we need to remember is that to some significant portion of the minor level intelligentsia the 1970s were admirable. The country has indeed never been more equal, it is the time of the lowest Gini in our history. The capital share of the economy was the lowest it ever has been, the labour share the highest. There are innumerable papers and articles making these points spread around - even Polly has been known to talk about 1976, when we were most equal, approvingly.
That the capital share didn't even cover depreciation does not matter - business wasn't sticking it to the workers! That the equality came at the price of recession, inflation and near national bankruptcy does not matter - equality!
A standard reminder in the City is that the next crisis is going to occur, in the same place and in the same manner, just after the people who recall the last one retire. There's no one in that list of academics signing that second letter who was both adult and policy making last time around which is why they're not recalling the flip side of their stated desires. A monomania in favour of equality is enough for them, without bothering to think about the evidence of what happened last time we tried it.
It really is true, a return to the 70s is not, for all too many, a warning of an error, it's a stated goal, an intention.