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Editorial

Britain’s Austerity Overdose

Published: October 22, 2010

There is a time and a place for aggressive deficit reduction. Now is not the time, especially not in Britain. The deep spending cuts announced by Prime Minister David Cameron’s government will hobble public services, strain poor families’ budgets and weaken Britain’s influence abroad. They could suffocate a feeble recovery.

Mr. Cameron and his team appear to be driven solely by Conservative Party articles of faith. They are gambling on the improbable theory that in a period of weak consumer demand, the private sector will generate enough business activity to replace the $130 billion the government will be withdrawing from the economy over the next four and half years. We are not sure why the Liberal Democrats, the coalition’s junior partners, are going along.

On average, government departments will have to slash their spending by an average of nearly 20 percent. The National Health Service was shielded from cuts, and after a last-minute intervention by Mr. Cameron at Washington’s behest, the military budget will be cut by only 8 percent.

Continues @ NYTimes.com Opinion

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I agree.

If UK triggers a global slow-down as a result, the worst hit will be on the U.S.