Truss and Kwarteng fucked things with unfunded cuts, not because of the media and banks.
If I remember rightly, their budget wasn’t implemented for long enough to directly cause problems - it was the financial sector’s reaction to the announcement that caused the damage. It was a bad budget and definitely should have been rejected. But it should have been rejected democratically by citizens not by finance and their media friends. The reason I’m being pedantic about this is because it shows how beholden we are to the financial sector. If Truss and Kwarteng had instead come out with a good budget which would improve the lives of 99% of citizens but at the expense of the rent-seeking hoarders of capital I think the same thing would have happened. It’s like “the markets” have a gun held to the governments head at all times. That’s the reason why I think Labour have been banging on about economic growth rather than economic justice; the power of concentrated wealth has become too big and dangerous to risk taking anything away from, so more must be created.
If Truss and Kwarteng had instead come out with a good budget which would improve the lives of 99% of citizens but at the expense of the rent-seeking hoarders of capital I think the same thing would have happened.
That is very very easy to say, especially when they didn’t. Other budgets were not unfunded messes which sought to grease their mates’ pockets (so much). They thought they could fuck about and do what they wanted.
The budget is yet to arrive.
Truss and Kwarteng fucked things with unfunded cuts, not because of the media and banks.
If I remember rightly, their budget wasn’t implemented for long enough to directly cause problems - it was the financial sector’s reaction to the announcement that caused the damage. It was a bad budget and definitely should have been rejected. But it should have been rejected democratically by citizens not by finance and their media friends. The reason I’m being pedantic about this is because it shows how beholden we are to the financial sector. If Truss and Kwarteng had instead come out with a good budget which would improve the lives of 99% of citizens but at the expense of the rent-seeking hoarders of capital I think the same thing would have happened. It’s like “the markets” have a gun held to the governments head at all times. That’s the reason why I think Labour have been banging on about economic growth rather than economic justice; the power of concentrated wealth has become too big and dangerous to risk taking anything away from, so more must be created.
That is very very easy to say, especially when they didn’t. Other budgets were not unfunded messes which sought to grease their mates’ pockets (so much). They thought they could fuck about and do what they wanted.