Britain’s conservatives have gambled heavily. If deep budget cuts amid economic weakness send the economy plunging back into recession, the government may be unable to make the cuts stick, and austerity could be discredited around the world. If disaster is avoided, it will strengthen the hand of fiscal conservatives everywhere. It would be an exciting experiment to watch if so many livelihoods weren’t caught in the balance.
The article provides a useful overview both of the measures being taken and of the political and economic risks. However, Mr. Avent seems to have gotten one thing completely wrong: “It” is an “exciting experiment” because, and precisely to the extent that, “so many livelihoods [are] caught in the balance.”