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More austerity is precisely the wrong response to this crisis. What is the right one?

The absurd logic of austerity has been exposed—what should replace it?

By Jonathan Portes  

Photo: Jeff Moore/Jeff Moore/PA Images

Austerity didn’t cause Covid-19. But the pandemic has thrown into sharp relief the misplaced sense of priorities of those who have governed us since 2010. The idea that the best measure of the country’s preparedness for a crisis—health, economic, or indeed any other—is the size of its fiscal deficit or its national debt was always absurd. Now the Sunday Times informs us of the grim reality…

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