Tyler Cowen considers whether the British budget cuts have been a failure:
The case for the cuts is not that they will spur growth, but rather forestall a future disaster. That’s hard to test. A second part of the case is that not many political windows for the cuts will be available; that’s hard to test too. On that basis, it’s fine to call the case for the cuts underestablished, but that’s distinct from claiming that poor GDP performance shows the cuts to be a mistake.
Massie notes how differently polticians and economists talk about this issue. For my part, I think the candor of the Tories and their determination to get this done quickly reflects well on them. They didn't expect an instant miracle; they hoped for long-term security. And they do not have a reserve currency to enable them in denial.
The Dish 