The government wants us to believe our economic growth is sustainable – and that budgetary surplus will fix all our problems.
But these are dangerous myths.
British public life has always been riddled with taboos and nowhere is this more true than in the realm of economics.
You can say anything you like about sex nowadays but the moment the topic turns to fiscal policy – there are endless things that everyone knows – that are even written up in textbooks and scholarly articles – but no one is supposed to talk about in public.
It’s a real problem.
Because of these taboos it’s impossible to talk about the real reasons for the 2008 crash – and this makes it almost certain something like it will happen again.
I’d like to talk today about the greatest taboo of all.
Let’s call it the Peter-Paul principle: the less the government is in debt- the more everybody else is.
I call it this because it’s based on very simple mathematics.