Originally Posted by dlofnep
All political parties called for parallel public spending.
I don't see how that changes The_Minister's point.
I think it's fallacious to call the boom year policies Left or Right. They were merely Bad. The manifestos of most (all?) parties for the 2007 election called for increased
spending and decreased
taxes - a kind of mathematics that would earn you a fail at any level, and a kind of ideology that's a mish-mash of broad Left and
Right thinking. There are videos from 2000 warning against the economy over-heating, so there really is no justification.
The current sovereign debt crisis is a result of these bizarre policies, and it is currently the spending items that ballooned in excess of inflation during the boom that are the biggest obstacle to the crisis being rectified.
In terms of the housing boom, it seems fashionable to blame it on "Right wing economics" but this blatantly ignores (to the point of intellectual dishonesty, in my opinion) the dramatic effect pro-cyclical government policies had on the housing market and widespread availability of cheap credit. This isn't Right wing economic thinking at all.