Comment: ps

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James Callaghan PM quote – British Political Speech, Blackpool 1976, 28 September 1976

“We used to think you could spend your way out of recession and increase employment by boosting government spending… I tell you that option no longer exists. And so far as it ever did exist, it only worked on each occasion… by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step.”