This chart tells on interesting story, one that completely undermines the already farcical case for austerity cuts. All they have done is to shrink the economy, reduce the tax base and increase the need for borrowing pushing up the national debt.
Austerity was never about the disingenuous aim of “balancing the books”, but actually about an attack on public services inspired by zombie economics.
Austerity simply does not work. It strangles the economy!