Hard-working people are against funding cuts (austerity) and even Keynesian economics believe that austerity is negative to economic growth. A huge number of people from different walk of life have been refusing budget cut as they believe austerity hits the hard working people, children and elderly people finally harm economic growth. But the handful representative of the government claim ‘austerity is the best’ and decide to impose it.
Money is the blood of the economy. lack of money, means, cutting budget is a symptom of seriously ill economy. The more investment, the more opportunities of production and employment. The more employment generate more money in the hand of people ultimately national income too. Economics always says ‘no worry’ about the increasing expenditure, but suggests just ‘learn how to earn’. This is simple ! even so-called leader fail to understand the truth and walk through the negative path in the name of ‘change’ and ‘betterment’.
I have taken some saying expressed by experts and Media which help to understand how people’s aspiration and plight have been ignored by the ruler for a simple cause of cheap popularity.
Prime Minister David Cameron tried to justify ‘‘£12 billion of cuts to the welfare budget by warning that Britain must “end the complacency” that has “infected our national life” and stop the “merry-go-round” of benefits dependency.’’ His tenure is known as ‘Austerity era’ of huge welfare budget cuts 1. The Institute for Fiscal Studies says ahead ‘‘David Cameron is still wrong about tax credit cuts’’2
‘‘A study by consultants Policy In Practice found that the Government’s changes would dramatically weaken work incentives.’’3 ‘‘Tory MPs are becoming increasingly frustrated about George Osborne’s handling of proposed tax credit cuts which they say are “penalising” the working poor.’’4 In a humiliating rebuff for the Chancellor, his proposals were twice defeated after peers queued up to condemn the measures for hitting the worst-off and attacked the Government for not coming clean in the Tory manifesto about the proposals.5 ‘‘Conservative cuts to tax credits and other benefits will push 200,000 children into poverty next year, according to new research.’’6 ‘‘The Government is planning to slash the payments to low-income working families, leaving 3.2m households worse off by an average of £1,300 a year from next April.’’7 Children in Britain are “starving” during the school holidays because their parents cannot afford to provide them with food, an MP has said.8 There is huge financial hardship and uncertainty people have been facing day to day.9 The impact of George Osborne’s changes to tax credits have been underlined by research that suggests two-thirds of working tax credit recipients will be worse off in 2020.10 controversial policy on tax credits has been narrowly defeated in the House of Commons.11 Now Osborne is “very much in listening mode”.12
But, finally, Prime Minister David Cameron and his faithful Austerity master Chancellor George Osborne came to know that Austerity is one of the bad measures, have been applied by the Tory government. The question raises that who will be the responsible for such a blunder mistake by which people and nation loses a lot ? This is a mistake of rich punish to the poor ! Is that fair ?