This post was my comment in The Guardian in answer to this article by the journalist Martin Kettle.
“Austerity is here to stay, and we’d better get used to it”
“Austerity” a word that sounds like we are now being sensible, is more like a term or a plan whereby the populace pays back debt via the cutting of services to health and disabilities, rising utility costs and future wages.
I’m sure there are corporations and individuals with offshore bank accounts that would like to see the money still flow to them albeit with a minor interruption, but the danger is will our capitalist system be replaced by a populace who are absolutely fed up with the deregulation that has been a part of their lives and a cause of many of these woes over the last 30 years.
We talk of growth figures for the next 50 years, a new political system not necessarily better and possibly a lot worse than capitalism (for us) at it’s fairest peak, may just be around the corner. Current and future growth figures under a new political system will be meaningless and trashed into history.
Riots in the streets and yes middle class rioters too may be our future. Ask a Greek citizen what they now think of democracy (and they invented it) and you might well get the answer “bring back the dictatorship”. In Greece they have “The Golden Dawn” in waiting to do just that.
“Austerity” may just become a word that future politicians will never ever want to hear or use again. Unfortunately however it is now out of the bag this innocent almost simple word that may signal the start of years of soul searching and angst.