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It’s great that the OECD’s chief economist has recognised that supporting austerity was a mistake.
But let’s not forget the role the media played in legitimising austerity and the damage it did - perhaps none more so than Chris Giles and colleagues at the FT.
Thread: https://twitter.com/chrisgiles_/status/1346047029609426947
But let’s not forget the role the media played in legitimising austerity and the damage it did - perhaps none more so than Chris Giles and colleagues at the FT.
Thread: https://twitter.com/chrisgiles_/status/1346047029609426947
There are countless examples. For example: in 2012 Chris wrote that Britain’s austerity “generates genuine admiration around the world”. Arguments against austerity “range from the mad to the bad” he said. “Public austerity is the only long-term cure” https://on.ft.com/2Xb86Kn
In 2013 Chris argued that the reason austerity was needed was “simple”. “When you are poorer, you have to cut your coat according to your cloth”, he wrote. “No one should say austerity is nice, nor sufficient. But it is necessary.” The list could go on. https://www.ft.com/content/e1532c9a-aceb-11e2-b27f-00144feabdc0
This isn’t about one person. With the exception of Martin Wolf, the FT’s coverage was overwhelmingly pro-austerity. Here’s an ‘FT View’ from 2013 saying that austerity was “vindicated” and that anti-austerians had been “snookered”. Again, we could go on. https://on.ft.com/3nglXtl
I focus on the FT only because it’s the most credible and influential on economic issues - but this was repeated across the media. One might reply that austerity was a legitimate academic view. But as @sjwrenlewis highlights, only a small minority of economists ever supported it
This isn’t about relitigating old debates or point scoring. We’re about to witness the biggest battle over the public finances in living memory - it’s essential that we learn the right lessons. Lives are at stake, and the media’s role in shaping the public discourse will be key.
Just as we have seen humility from organisations like the OECD, it would be good to see some humility from austerity’s media cheerleaders - and a recognition of what they got wrong. That way, we can ensure the same mistakes aren’t repeated, and unnecessary suffering is avoided.
