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Bairro Alto, Lisbon. ‘This is the first time Portugal has ever met eurozone fiscal rules. Meanwhile, the economy has now grown for 13 successive quarters.’ Photograph: Martin Thomas Photography / Alam/Alamy 
E
ver since the banks plunged the western world into economic chaos, we have been told that only cuts offer economic salvation. When the Conservatives and the Lib Dems formed their austerity coalition in 2010, they told the electorate – in apocalyptic tones – that without George Osborne’s scalpel, Britain would go the way of Greece. The economically illiterate metaphor of a household budget was relentlessly deployed – you shouldn’t spend more if you’re personally in debt, so why should the nation? – to popularise an ideologically driven fallacy.

Greek debt crisis: ‘People can’t see any light at the end of any tunnel’ 
 Read more

But now, thanks to Portugal, we know how flawed the austerity experiment enforced across Europe was. Portugal was one of the European nations hardest hit by the economic crisis. After a bailout by a troika including the International Monetary Fund, creditors demanded stringent austerity measures that were enthusiastically implemented by Lisbon’s then conservative government. Utilities were privatised, VAT raised, a surtax imposed on incomes, public sector pay and pensions slashed and benefits cut, and the working day was extended.
In a two-year period, education spending suffered a devastating 23% cut. Health services and social security suffered too. The human consequences were dire. Unemployment peaked at 17.5% in 2013; in 2012, there was a 41% jump in company bankruptcies; and poverty increased. All this was necessary to cure the overspending disease, went the logic.
At the end of 2015, this experiment came to an end. A new socialist government – with the support of more radical leftwing parties – assumed office. The prime minister, António Costa, pledged to “turn the page on austerity”: it had sent the country back three decades, he said. The government’s opponents predicted disaster – “voodoo economics”, they called it. Perhaps another bailout would be triggered, leading to recession and even steeper cuts.
There was a precedent, after all: Syriza had been elected in Greece just months earlier, and eurozone authorities were in no mood to allow this experiment to succeed. How could Portugal possibly avoid its own Greek tragedy?
 In 2016 – a year after taking power – the government could boast of a 13% jump in corporate investment 
The economic rationale of the new Portuguese government was clear. Cuts suppressed demand: for a genuine recovery, demand had to be boosted. The government pledged to increase the minimum wage, reverse regressive tax increases, return public sector wages and pensions to their pre-crisis levels – the salaries of many had plummeted by 30% – and reintroduce four cancelled public holidays. Social security for poorer families was increased, while a luxury charge was imposed on homes worth over €600,000 (£550,000).
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The promised disaster did not materialise. By the autumn of 2016 – a year after taking power – the government could boast of sustained economic growth, and a 13% jump in corporate investment. And this year, figures showed the deficit had more than halved, to 2.1% – lower than at any time since the return of democracy four decades ago. Indeed, this is the first time Portugal has ever met eurozone fiscal rules. Meanwhile, the economy has now grown for 13 successive quarters.
During the years of cuts, charities warned of a “social emergency”. Now the Portuguese government can offer itself as a model to the rest of the continent. “Europe chose the line of austerity and had much worse results,” declared the economy minister Manuel Caldeira Cabral. “What we are showing is that with a policy that restitutes income to the people in a moderate way, people get more confidence and investment returns.”

Business Today: sign up for a morning shot of financial news 
 Read more

Portugal has increased public investment, reduced the deficit, slashed unemployment and sustained economic growth. We were told this was impossible and, frankly, delusional. And so British workers endured the longest squeeze in wages since the 19th century, while the coalition did not even come close to meeting its commitment to eradicate the deficit by 2015. Why? In part, because low pay means workers paying less tax, receiving more in-work benefits, and spending less money. Portugal is increasing demand; the Tories suppressed it.
Portugal’s success is both inspiring and frustrating. All that human misery in Europe – and for what? What of Greece, where over hal

Austerity No alternative to austerity? That lie has now been nailed Owen Jones For years we’ve been told that only deep cuts can save our economy. Portugal’s socialist-led government has proved the opposite Thu 24 Aug 2017 06.00 BST Last modified on Mon 27 Nov 2017 18.04 GMT Shares 12 630 Bairro Alto, Lisbon. ‘This is the first time Portugal has ever met eurozone fiscal rules. Meanwhile, the economy has now grown for 13 successive quarters.’ Photograph: Martin Thomas Photography / Alam/Alamy E ver since the banks plunged the western world into economic chaos, we have been told that only cuts offer economic salvation. When the Conservatives and the Lib Dems formed their austerity coalition in 2010, they told the electorate – in apocalyptic tones – that without George Osborne’s scalpel, Britain would go the way of Greece. The economically illiterate metaphor of a household budget was relentlessly deployed – you shouldn’t spend more if you’re personally in debt, so why should the nation? – to popularise an ideologically driven fallacy. Greek debt crisis: ‘People can’t see any light at the end of any tunnel’ Read more But now, thanks to Portugal, we know how flawed the austerity experiment enforced across Europe was. Portugal was one of the European nations hardest hit by the economic crisis. After a bailout by a troika including the International Monetary Fund, creditors demanded stringent austerity measures that were enthusiastically implemented by Lisbon’s then conservative government. Utilities were privatised, VAT raised, a surtax imposed on incomes, public sector pay and pensions slashed and benefits cut, and the working day was extended. In a two-year period, education spending suffered a devastating 23% cut. Health services and social security suffered too. The human consequences were dire. Unemployment peaked at 17.5% in 2013; in 2012, there was a 41% jump in company bankruptcies; and poverty increased. All this was necessary to cure the overspending disease, went the logic. At the end of 2015, this experiment came to an end. A new socialist government – with the support of more radical leftwing parties – assumed office. The prime minister, António Costa, pledged to “turn the page on austerity”: it had sent the country back three decades, he said. The government’s opponents predicted disaster – “voodoo economics”, they called it. Perhaps another bailout would be triggered, leading to recession and even steeper cuts. There was a precedent, after all: Syriza had been elected in Greece just months earlier, and eurozone authorities were in no mood to allow this experiment to succeed. How could Portugal possibly avoid its own Greek tragedy? In 2016 – a year after taking power – the government could boast of a 13% jump in corporate investment The economic rationale of the new Portuguese government was clear. Cuts suppressed demand: for a genuine recovery, demand had to be boosted. The government pledged to increase the minimum wage, reverse regressive tax increases, return public sector wages and pensions to their pre-crisis levels – the salaries of many had plummeted by 30% – and reintroduce four cancelled public holidays. Social security for poorer families was increased, while a luxury charge was imposed on homes worth over €600,000 (£550,000). Advertisement The promised disaster did not materialise. By the autumn of 2016 – a year after taking power – the government could boast of sustained economic growth, and a 13% jump in corporate investment. And this year, figures showed the deficit had more than halved, to 2.1% – lower than at any time since the return of democracy four decades ago. Indeed, this is the first time Portugal has ever met eurozone fiscal rules. Meanwhile, the economy has now grown for 13 successive quarters. During the years of cuts, charities warned of a “social emergency”. Now the Portuguese government can offer itself as a model to the rest of the continent. “Europe chose the line of austerity and had much worse results,” declared the economy minister Manuel Caldeira Cabral. “What we are showing is that with a policy that restitutes income to the people in a moderate way, people get more confidence and investment returns.” Business Today: sign up for a morning shot of financial news Read more Portugal has increased public investment, reduced the deficit, slashed unemployment and sustained economic growth. We were told this was impossible and, frankly, delusional. And so British workers endured the longest squeeze in wages since the 19th century, while the coalition did not even come close to meeting its commitment to eradicate the deficit by 2015. Why? In part, because low pay means workers paying less tax, receiving more in-work benefits, and spending less money. Portugal is increasing demand; the Tories suppressed it. Portugal’s success is both inspiring and frustrating. All that human misery in Europe – and for what? What of Greece, where over hal

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Austeridade
Não há alternativa à austeridade? Essa mentira foi agora pregada

Owen Jones
Durante anos, fomos informados de que apenas cortes profundos podem salvar nossa economia. O governo socialista de Portugal provou o contrário
Qui 24 Ago 2017 06.00 BST
Última modificação em Seg 27 Nov 2017 18.04 GMT

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12 630

Bairro Alto, Lisboa. ‘É a primeira vez que Portugal cumpre as regras fiscais da zona euro. Enquanto isso, a economia agora cresceu por 13 trimestres consecutivos. 'Fotografia: Martin Thomas Photography / Alam / Alamy
E
Desde que os bancos mergulharam o mundo ocidental no caos econômico, nos disseram que apenas os cortes oferecem salvação econômica. Quando os conservadores e os Lib Dems formaram sua coalizão de austeridade em 2010, disseram ao eleitorado - em tom apocalíptico - que sem o bisturi de George Osborne, a Grã-Bretanha seguiria o caminho da Grécia. A metáfora economicamente analfabeta de um orçamento familiar foi implacavelmente implementada - você não deve gastar mais se estiver pessoalmente endividado; então, por que o país deveria? - popularizar uma falácia ideológica.

Crise da dívida na Grécia: "As pessoas não vêem luz no fim de nenhum túnel"
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Mas agora, graças a Portugal, sabemos o quão falho foi o experimento de austeridade imposto por toda a Europa. Portugal foi um dos países europeus mais atingidos pela crise econômica. Após o resgate de uma troika, incluindo o Fundo Monetário Internacional, os credores exigiram medidas rigorosas de austeridade que foram entusiasticamente implementadas pelo governo então conservador de Lisboa. Os serviços públicos foram privatizados, o IVA foi aumentado, uma sobretaxa imposta à renda, os salários e pensões do setor público foram cortados e os benefícios foram cortados, e o dia útil foi prorrogado.
Em um período de dois anos, os gastos com educação sofreram um corte devastador de 23%. Os serviços de saúde e a seguridade social também sofreram. As consequências humanas foram terríveis. O desemprego atingiu um pico de 17,5% em 2013; em 2012, houve um salto de 41% nas falências da empresa; e a pobreza aumentou. Tudo isso era necessário para curar a doença excessiva, seguiu a lógica.
No final de 2015, esse experimento chegou ao fim. Um novo governo socialista - com o apoio de partidos de esquerda mais radicais - assumiu o cargo. O primeiro-ministro, António Costa, prometeu "virar a página da austeridade": ele havia devolvido o país por três décadas, disse ele. Os oponentes do governo previram um desastre - "economia do vodu", como eles chamavam. Talvez outro resgate fosse acionado, levando à recessão e a cortes ainda mais acentuados.
Afinal, havia um precedente: o Syriza havia sido eleito na Grécia apenas alguns meses antes, e as autoridades da zona do euro não estavam com disposição para permitir que esse experimento fosse bem-sucedido. Como Portugal poderia evitar sua própria tragédia grega?
Em 2016 - um ano depois de assumir o poder - o governo poderia se gabar de um salto de 13% no investimento corporativo
A lógica econômica do novo governo português era clara. Reduz a demanda reprimida: para uma recuperação genuína, a demanda precisa ser aumentada. O governo prometeu aumentar o salário mínimo, reverter os aumentos regressivos dos impostos, devolver os salários e pensões do setor público aos níveis anteriores à crise - os salários de muitos caíram 30% - e reintroduzir quatro feriados cancelados. A segurança social das famílias mais pobres foi aumentada, enquanto uma taxa de luxo foi imposta às casas no valor de mais de 600.000 euros.
Propaganda

O desastre prometido não se concretizou. No outono de 2016 - um ano depois de assumir o poder - o governo poderia se orgulhar de um crescimento econômico sustentado e de um salto de 13% no investimento corporativo. E neste ano, os números mostraram que o déficit havia caído para metade, para 2,1% - menor do que em qualquer momento desde o retorno da democracia, quatro décadas atrás. De fato, é a primeira vez que Portugal cumpre as regras fiscais da zona do euro. Enquanto isso, a economia agora cresceu por 13 trimestres consecutivos.
Durante os anos de cortes, instituições de caridade alertaram para uma "emergência social". Agora, o governo português pode se oferecer como modelo para o resto do continente. "A Europa escolheu a linha de austeridade e teve resultados muito piores", declarou o ministro da Economia Manuel Caldeira Cabral. "O que estamos mostrando é que, com uma política que restitui a renda às pessoas de maneira moderada, as pessoas obtêm mais confiança e retornos de investimento".

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Portugal aumentou o investimento público, reduziu o déficit, reduziu o desemprego e sustentou o crescimento econômico. Disseram-nos que isso era impossível e, francamente, ilusório. Assim, os trabalhadores britânicos sofreram a maior contração salarial desde o século 19, enquanto a coalizão nem chegou perto de cumprir seu compromisso de erradicar o déficit até 2015. Por que? Em parte, porque salários baixos significam trabalhadores pagando menos impostos, recebendo mais benefícios no trabalho e gastando menos dinheiro. Portugal está aumentando a demanda; os Conservadores o suprimiram.
O sucesso de Portugal é inspirador e frustrante. Toda aquela miséria humana na Europa - e para quê? O que da Grécia, onde mais de hal

Traduções de Austerity No alternative to austerity? That lie has now been nailed Owen Jones For years we’ve been told that only deep cuts can save our economy. Portugal’s socialist-led government has proved the opposite Thu 24 Aug 2017 06.00 BST Last modified on Mon 27 Nov 2017 18.04 GMT Shares 12 630 Bairro Alto, Lisbon. ‘This is the first time Portugal has ever met eurozone fiscal rules. Meanwhile, the economy has now grown for 13 successive quarters.’ Photograph: Martin Thomas Photography / Alam/Alamy E ver since the banks plunged the western world into economic chaos, we have been told that only cuts offer economic salvation. When the Conservatives and the Lib Dems formed their austerity coalition in 2010, they told the electorate – in apocalyptic tones – that without George Osborne’s scalpel, Britain would go the way of Greece. The economically illiterate metaphor of a household budget was relentlessly deployed – you shouldn’t spend more if you’re personally in debt, so why should the nation? – to popularise an ideologically driven fallacy. Greek debt crisis: ‘People can’t see any light at the end of any tunnel’ Read more But now, thanks to Portugal, we know how flawed the austerity experiment enforced across Europe was. Portugal was one of the European nations hardest hit by the economic crisis. After a bailout by a troika including the International Monetary Fund, creditors demanded stringent austerity measures that were enthusiastically implemented by Lisbon’s then conservative government. Utilities were privatised, VAT raised, a surtax imposed on incomes, public sector pay and pensions slashed and benefits cut, and the working day was extended. In a two-year period, education spending suffered a devastating 23% cut. Health services and social security suffered too. The human consequences were dire. Unemployment peaked at 17.5% in 2013; in 2012, there was a 41% jump in company bankruptcies; and poverty increased. All this was necessary to cure the overspending disease, went the logic. At the end of 2015, this experiment came to an end. A new socialist government – with the support of more radical leftwing parties – assumed office. The prime minister, António Costa, pledged to “turn the page on austerity”: it had sent the country back three decades, he said. The government’s opponents predicted disaster – “voodoo economics”, they called it. Perhaps another bailout would be triggered, leading to recession and even steeper cuts. There was a precedent, after all: Syriza had been elected in Greece just months earlier, and eurozone authorities were in no mood to allow this experiment to succeed. How could Portugal possibly avoid its own Greek tragedy? In 2016 – a year after taking power – the government could boast of a 13% jump in corporate investment The economic rationale of the new Portuguese government was clear. Cuts suppressed demand: for a genuine recovery, demand had to be boosted. The government pledged to increase the minimum wage, reverse regressive tax increases, return public sector wages and pensions to their pre-crisis levels – the salaries of many had plummeted by 30% – and reintroduce four cancelled public holidays. Social security for poorer families was increased, while a luxury charge was imposed on homes worth over €600,000 (£550,000). Advertisement The promised disaster did not materialise. By the autumn of 2016 – a year after taking power – the government could boast of sustained economic growth, and a 13% jump in corporate investment. And this year, figures showed the deficit had more than halved, to 2.1% – lower than at any time since the return of democracy four decades ago. Indeed, this is the first time Portugal has ever met eurozone fiscal rules. Meanwhile, the economy has now grown for 13 successive quarters. During the years of cuts, charities warned of a “social emergency”. Now the Portuguese government can offer itself as a model to the rest of the continent. “Europe chose the line of austerity and had much worse results,” declared the economy minister Manuel Caldeira Cabral. “What we are showing is that with a policy that restitutes income to the people in a moderate way, people get more confidence and investment returns.” Business Today: sign up for a morning shot of financial news Read more Portugal has increased public investment, reduced the deficit, slashed unemployment and sustained economic growth. We were told this was impossible and, frankly, delusional. And so British workers endured the longest squeeze in wages since the 19th century, while the coalition did not even come close to meeting its commitment to eradicate the deficit by 2015. Why? In part, because low pay means workers paying less tax, receiving more in-work benefits, and spending less money. Portugal is increasing demand; the Tories suppressed it. Portugal’s success is both inspiring and frustrating. All that human misery in Europe – and for what? What of Greece, where over hal

substantivo Frequência Indica a frequência com que uma tradução aparece em documentos públicos.
collapse	colapso, falência, ruína, desmaio, prostração
breakdown	colapso, avaria, desarranjo, pane, separação, ruína
debacle	desastre, queda, colapso, fusão, degel
fit	ajuste, encaixe, adaptação, ataque, feitio, colapso
drop	gota, baixa, pingo, alçapão, colapso, pingente
cracker	biscoito, bolacha, quebra, biscoito torrado, colapso, foguete explosivo

Definições de Austerity No alternative to austerity? That lie has now been nailed Owen Jones For years we’ve been told that only deep cuts can save our economy. Portugal’s socialist-led government has proved the opposite Thu 24 Aug 2017 06.00 BST Last modified on Mon 27 Nov 2017 18.04 GMT Shares 12 630 Bairro Alto, Lisbon. ‘This is the first time Portugal has ever met eurozone fiscal rules. Meanwhile, the economy has now grown for 13 successive quarters.’ Photograph: Martin Thomas Photography / Alam/Alamy E ver since the banks plunged the western world into economic chaos, we have been told that only cuts offer economic salvation. When the Conservatives and the Lib Dems formed their austerity coalition in 2010, they told the electorate – in apocalyptic tones – that without George Osborne’s scalpel, Britain would go the way of Greece. The economically illiterate metaphor of a household budget was relentlessly deployed – you shouldn’t spend more if you’re personally in debt, so why should the nation? – to popularise an ideologically driven fallacy. Greek debt crisis: ‘People can’t see any light at the end of any tunnel’ Read more But now, thanks to Portugal, we know how flawed the austerity experiment enforced across Europe was. Portugal was one of the European nations hardest hit by the economic crisis. After a bailout by a troika including the International Monetary Fund, creditors demanded stringent austerity measures that were enthusiastically implemented by Lisbon’s then conservative government. Utilities were privatised, VAT raised, a surtax imposed on incomes, public sector pay and pensions slashed and benefits cut, and the working day was extended. In a two-year period, education spending suffered a devastating 23% cut. Health services and social security suffered too. The human consequences were dire. Unemployment peaked at 17.5% in 2013; in 2012, there was a 41% jump in company bankruptcies; and poverty increased. All this was necessary to cure the overspending disease, went the logic. At the end of 2015, this experiment came to an end. A new socialist government – with the support of more radical leftwing parties – assumed office. The prime minister, António Costa, pledged to “turn the page on austerity”: it had sent the country back three decades, he said. The government’s opponents predicted disaster – “voodoo economics”, they called it. Perhaps another bailout would be triggered, leading to recession and even steeper cuts. There was a precedent, after all: Syriza had been elected in Greece just months earlier, and eurozone authorities were in no mood to allow this experiment to succeed. How could Portugal possibly avoid its own Greek tragedy? In 2016 – a year after taking power – the government could boast of a 13% jump in corporate investment The economic rationale of the new Portuguese government was clear. Cuts suppressed demand: for a genuine recovery, demand had to be boosted. The government pledged to increase the minimum wage, reverse regressive tax increases, return public sector wages and pensions to their pre-crisis levels – the salaries of many had plummeted by 30% – and reintroduce four cancelled public holidays. Social security for poorer families was increased, while a luxury charge was imposed on homes worth over €600,000 (£550,000). Advertisement The promised disaster did not materialise. By the autumn of 2016 – a year after taking power – the government could boast of sustained economic growth, and a 13% jump in corporate investment. And this year, figures showed the deficit had more than halved, to 2.1% – lower than at any time since the return of democracy four decades ago. Indeed, this is the first time Portugal has ever met eurozone fiscal rules. Meanwhile, the economy has now grown for 13 successive quarters. During the years of cuts, charities warned of a “social emergency”. Now the Portuguese government can offer itself as a model to the rest of the continent. “Europe chose the line of austerity and had much worse results,” declared the economy minister Manuel Caldeira Cabral. “What we are showing is that with a policy that restitutes income to the people in a moderate way, people get more confidence and investment returns.” Business Today: sign up for a morning shot of financial news Read more Portugal has increased public investment, reduced the deficit, slashed unemployment and sustained economic growth. We were told this was impossible and, frankly, delusional. And so British workers endured the longest squeeze in wages since the 19th century, while the coalition did not even come close to meeting its commitment to eradicate the deficit by 2015. Why? In part, because low pay means workers paying less tax, receiving more in-work benefits, and spending less money. Portugal is increasing demand; the Tories suppressed it. Portugal’s success is both inspiring and frustrating. All that human misery in Europe – and for what? What of Greece, where over hal

Exemplos de Austerity No alternative to austerity? That lie has now been nailed Owen Jones For years we’ve been told that only deep cuts can save our economy. Portugal’s socialist-led government has proved the opposite Thu 24 Aug 2017 06.00 BST Last modified on Mon 27 Nov 2017 18.04 GMT Shares 12 630 Bairro Alto, Lisbon. ‘This is the first time Portugal has ever met eurozone fiscal rules. Meanwhile, the economy has now grown for 13 successive quarters.’ Photograph: Martin Thomas Photography / Alam/Alamy E ver since the banks plunged the western world into economic chaos, we have been told that only cuts offer economic salvation. When the Conservatives and the Lib Dems formed their austerity coalition in 2010, they told the electorate – in apocalyptic tones – that without George Osborne’s scalpel, Britain would go the way of Greece. The economically illiterate metaphor of a household budget was relentlessly deployed – you shouldn’t spend more if you’re personally in debt, so why should the nation? – to popularise an ideologically driven fallacy. Greek debt crisis: ‘People can’t see any light at the end of any tunnel’ Read more But now, thanks to Portugal, we know how flawed the austerity experiment enforced across Europe was. Portugal was one of the European nations hardest hit by the economic crisis. After a bailout by a troika including the International Monetary Fund, creditors demanded stringent austerity measures that were enthusiastically implemented by Lisbon’s then conservative government. Utilities were privatised, VAT raised, a surtax imposed on incomes, public sector pay and pensions slashed and benefits cut, and the working day was extended. In a two-year period, education spending suffered a devastating 23% cut. Health services and social security suffered too. The human consequences were dire. Unemployment peaked at 17.5% in 2013; in 2012, there was a 41% jump in company bankruptcies; and poverty increased. All this was necessary to cure the overspending disease, went the logic. At the end of 2015, this experiment came to an end. A new socialist government – with the support of more radical leftwing parties – assumed office. The prime minister, António Costa, pledged to “turn the page on austerity”: it had sent the country back three decades, he said. The government’s opponents predicted disaster – “voodoo economics”, they called it. Perhaps another bailout would be triggered, leading to recession and even steeper cuts. There was a precedent, after all: Syriza had been elected in Greece just months earlier, and eurozone authorities were in no mood to allow this experiment to succeed. How could Portugal possibly avoid its own Greek tragedy? In 2016 – a year after taking power – the government could boast of a 13% jump in corporate investment The economic rationale of the new Portuguese government was clear. Cuts suppressed demand: for a genuine recovery, demand had to be boosted. The government pledged to increase the minimum wage, reverse regressive tax increases, return public sector wages and pensions to their pre-crisis levels – the salaries of many had plummeted by 30% – and reintroduce four cancelled public holidays. Social security for poorer families was increased, while a luxury charge was imposed on homes worth over €600,000 (£550,000). Advertisement The promised disaster did not materialise. By the autumn of 2016 – a year after taking power – the government could boast of sustained economic growth, and a 13% jump in corporate investment. And this year, figures showed the deficit had more than halved, to 2.1% – lower than at any time since the return of democracy four decades ago. Indeed, this is the first time Portugal has ever met eurozone fiscal rules. Meanwhile, the economy has now grown for 13 successive quarters. During the years of cuts, charities warned of a “social emergency”. Now the Portuguese government can offer itself as a model to the rest of the continent. “Europe chose the line of austerity and had much worse results,” declared the economy minister Manuel Caldeira Cabral. “What we are showing is that with a policy that restitutes income to the people in a moderate way, people get more confidence and investment returns.” Business Today: sign up for a morning shot of financial news Read more Portugal has increased public investment, reduced the deficit, slashed unemployment and sustained economic growth. We were told this was impossible and, frankly, delusional. And so British workers endured the longest squeeze in wages since the 19th century, while the coalition did not even come close to meeting its commitment to eradicate the deficit by 2015. Why? In part, because low pay means workers paying less tax, receiving more in-work benefits, and spending less money. Portugal is increasing demand; the Tories suppressed it. Portugal’s success is both inspiring and frustrating. All that human misery in Europe – and for what? What of Greece, where over hal

Sinónimos de Austerity No alternative to austerity? That lie has now been nailed Owen Jones For years we’ve been told that only deep cuts can save our economy. Portugal’s socialist-led government has proved the opposite Thu 24 Aug 2017 06.00 BST Last modified on Mon 27 Nov 2017 18.04 GMT Shares 12 630 Bairro Alto, Lisbon. ‘This is the first time Portugal has ever met eurozone fiscal rules. Meanwhile, the economy has now grown for 13 successive quarters.’ Photograph: Martin Thomas Photography / Alam/Alamy E ver since the banks plunged the western world into economic chaos, we have been told that only cuts offer economic salvation. When the Conservatives and the Lib Dems formed their austerity coalition in 2010, they told the electorate – in apocalyptic tones – that without George Osborne’s scalpel, Britain would go the way of Greece. The economically illiterate metaphor of a household budget was relentlessly deployed – you shouldn’t spend more if you’re personally in debt, so why should the nation? – to popularise an ideologically driven fallacy. Greek debt crisis: ‘People can’t see any light at the end of any tunnel’ Read more But now, thanks to Portugal, we know how flawed the austerity experiment enforced across Europe was. Portugal was one of the European nations hardest hit by the economic crisis. After a bailout by a troika including the International Monetary Fund, creditors demanded stringent austerity measures that were enthusiastically implemented by Lisbon’s then conservative government. Utilities were privatised, VAT raised, a surtax imposed on incomes, public sector pay and pensions slashed and benefits cut, and the working day was extended. In a two-year period, education spending suffered a devastating 23% cut. Health services and social security suffered too. The human consequences were dire. Unemployment peaked at 17.5% in 2013; in 2012, there was a 41% jump in company bankruptcies; and poverty increased. All this was necessary to cure the overspending disease, went the logic. At the end of 2015, this experiment came to an end. A new socialist government – with the support of more radical leftwing parties – assumed office. The prime minister, António Costa, pledged to “turn the page on austerity”: it had sent the country back three decades, he said. The government’s opponents predicted disaster – “voodoo economics”, they called it. Perhaps another bailout would be triggered, leading to recession and even steeper cuts. There was a precedent, after all: Syriza had been elected in Greece just months earlier, and eurozone authorities were in no mood to allow this experiment to succeed. How could Portugal possibly avoid its own Greek tragedy? In 2016 – a year after taking power – the government could boast of a 13% jump in corporate investment The economic rationale of the new Portuguese government was clear. Cuts suppressed demand: for a genuine recovery, demand had to be boosted. The government pledged to increase the minimum wage, reverse regressive tax increases, return public sector wages and pensions to their pre-crisis levels – the salaries of many had plummeted by 30% – and reintroduce four cancelled public holidays. Social security for poorer families was increased, while a luxury charge was imposed on homes worth over €600,000 (£550,000). Advertisement The promised disaster did not materialise. By the autumn of 2016 – a year after taking power – the government could boast of sustained economic growth, and a 13% jump in corporate investment. And this year, figures showed the deficit had more than halved, to 2.1% – lower than at any time since the return of democracy four decades ago. Indeed, this is the first time Portugal has ever met eurozone fiscal rules. Meanwhile, the economy has now grown for 13 successive quarters. During the years of cuts, charities warned of a “social emergency”. Now the Portuguese government can offer itself as a model to the rest of the continent. “Europe chose the line of austerity and had much worse results,” declared the economy minister Manuel Caldeira Cabral. “What we are showing is that with a policy that restitutes income to the people in a moderate way, people get more confidence and investment returns.” Business Today: sign up for a morning shot of financial news Read more Portugal has increased public investment, reduced the deficit, slashed unemployment and sustained economic growth. We were told this was impossible and, frankly, delusional. And so British workers endured the longest squeeze in wages since the 19th century, while the coalition did not even come close to meeting its commitment to eradicate the deficit by 2015. Why? In part, because low pay means workers paying less tax, receiving more in-work benefits, and spending less money. Portugal is increasing demand; the Tories suppressed it. Portugal’s success is both inspiring and frustrating. All that human misery in Europe – and for what? What of Greece, where over hal

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