Its usually a good idea to make a virtue out of any unwelcome necessity that comes along. And that's probably what our Prime Minister has been doing over the last few days. And all in the name of Keynes. When I first heard him talk about his plans to increase public borrowing to help us all through the recession, I thought that he'd taken leave of his senses. It seemed to me that the scale of borrowing was already astronomical. And the benefits bill is about to rocket along with the unemployment figures. And tax receipts are about to collapse along with business profits. Where on earth would this extra money come from? Or more to the point, how would the Prime Minister persuade the markets that he had a plan for repaying the debts. What would happen to our currency. But when I heard him speak today, I realised that he has no actual plans to increase public spending to any significant degree at all. Its just Gordon Brown trying to make a virtue out of a necessity.
What our Prime Minister is doing is justifying the eye watering sums of money he is going to have to borrow just to pay off the bills that he knows are going to be delivered though the letter box of 10 Downing St.. He believes that if he uses the phrase 'borrow to invest' instead of 'borrow to spend' often enough, he'll persuade us that he has some choice in this matter - and be able to justify breaking his so-called Golden Rule. All that our beleaguered Prime Minister will be able to do is perhaps bring forward capital projects already planned. I wonder whether the voters will believe any of this 'spin'.