In the News April 15

Economic Matters of Concern

The British Penchant for Acknowledging the Obvious

Certain cartel politicians in the UK are trying to make themselves relevant by stating the obvious. But does their admission of being wrong lead anywhere positive let alone take politics towards democratic renewal and the economy in a new pro-social direction?

The Independent UK reports Michael Gove, Secretary of State for Levelling Up, Housing and Communities in the British cabinet admits, “Trickle-down economics has failed.”[1] The newspaper reports the “levelling-up secretary says Tory ‘traditional view’ of free market is wrong. The ‘trickle-down economics’ espoused by Margaret Thatcher has not worked out as planned and failed large parts of the country.”

The Independent UK writes, “In a speech on Tuesday, [February 8] Michael Gove told an audience in Liverpool that the ‘traditional view’ of the free market espoused by the Tories had turned out to be false. … ‘There’s been a traditional economic view, not just on the right but generally on the right, which says that the market will find its own level,’ Mr Gove said. ‘Unless government takes a lead then what we see is an agglomeration effect. What people have called the Matthew effect: “to them that have more shall be given.” And that is why government has to act.'”

Upon making some suggestions for “levelling-up” the economy, and having his view and White Paper on the issue widely reported in the country, The Independent UK writes, “Critics pointed out that ‘there was little in the way of cash or solid policy to match its ambitions.'”

Thus begins a great debate within the ruling elite of how to manage the unfolding multiple crises and keep the people looking to the oligarchy and its cartel parties for answers and leadership. The worst thing, in their minds, would be for working people to empower themselves, break away from cartel party politics and organize for democratic renewal, a new direction for the economy and against war.

Note

1. “Trickle-down economics has failed, Michael Gove admits,” by Policy Correspondent Jon Stone, The Independent UK, February 9, 2022.

Workers’ Forum, posted April 15, 2022.