Exact(10)
The problem is that Mr Carney cannot tell how much austerity he needs to offset.
The presiding question in May 2015 will be the same as it was five years ago – how much austerity does Britain need?
The court's decision, he wrote, has now called into question "how much austerity will be tolerated, not only by disgruntled citizens but also by justices who often act as the guardians of the Continent's cherished social welfare system".
He also hopes that the Conservatives' zeal to wield the axe will undo their hard-won trustworthiness as guardians of the public services.But the government itself is split on just how much austerity is needed.
The decision has now called into question how the government can meet its budgetary goals in the near term and raised the broader issue of just how much austerity will be tolerated, not only by disgruntled citizens but also by justices who often act as the guardians of the Continent's cherished social welfare system.
Vicky Redwood, chief UK economist at Capital Economics, said: "With borrowing still at very high levels, next week's spending review is a reminder of how much austerity still lies ahead".
Similar(50)
And the bleedin' obvious point is that if the national debt was today nearer 70% of GDP, almost the entire debate of this general election campaign wouldn't have to be about how much more austerity is needed and the timing of that austerity.
But how much more austerity can these countries absorb, especially if there are further social stresses from deeper recessions?
Meanwhile, the stubborn slowdown in the euro zone is likely to further inflame the debate about how much more austerity troubled countries in Europe can take.
Along the way, Bernstein mentions the Blanchard-Leigh (pdf) analysis of multipliers, in which these IMF economists admit that the Fund failed to appreciate how much damage austerity would do because it underestimated multipliers by about two-thirds.
But they added that spending cuts must "take into account countries' evolving economic conditions and underpin confidence and economy recovery," a recognition of how much the austerity packages have dampened consumer and political confidence in Europe.
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