So, all the rent a mouths are sounding off about the Shadow Chancellor changing his mind about the government's so called "charter of fiscal responsibility" (actually a charter of fiscal irresponsibility but we are in Newspeak territory here). Everyone can agree that he probably should have thought about it a bit more (perhaps taken some advice) before signing up in the first place, but shouldn't we actually be congratulating him for realising that it really isn't sensible for anyone, let alone a sovereign state, to bind themselves absolutely not to borrow even for investment purposes in normal times (whatever they are)? Come on guys, its not that difficult, even this non-economist, can figure that one out.
Of course the politics of backtracking needs careful handling. Perhaps that nice Mr Corbyn can call up a few competent mates to explain rather vigorously why McDonnell is now espousing roughly the right thing. Or is the tactic to let the half of the party that doesn't know what it is talking about blather on and provide even more copy for the idiot media that are attracted to all the sound and fury rather than the actual policy issue at stake.
As Keynes said, or perhaps didn't say: when the facts change, I change my mind. What do you do?
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