LIVE AT PCS – Leading economists calls austerity drive “act of class war”

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By John Millington

A leading economist has described the austerity drive against working people in Britain as an “act of class war,” today.

Speaking at the PCS Austerity Isn’t Working fringe meeting, Ann Pettifor from Prime Economics urged the trade union movement to “go on the offensive” against the “infantile economics” of the IMF.

“We have to teach them that the government can’t cut the deficit,” she told the packed meeting.

“It is not a crisis of public sector debt. It is a crisis of private sector debt.”

“Private sector debt is 500 percent of GDP. That is worse than Japan.”

Fellow speaker and author Owen Jones heaped praise on the PCS for taking a “principled stand against austerity.”

Taking a pot shot at the political elite, Mr Jones criticised both Labour and the Liberal democrats for their weak stand on the economy.

“Labour have failed to put forward a coherent alternative.

“And for Vince Cable to be called a socialist taints to the good name of socialism.”

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