Memo to George Bush
You do not fight recessions by giving away tax and running a budget deficit in an attempt to try and sustain consumer spending. In that direction lies inflation and a growing balance of payments deficit.
If you want to run a budget deficit, and it should only be a temporary thing, it should be spent on infrastructure so that there is something to show at the end of it which adds to the nation's stock of wealth.
The railway here was electrified in the 1930s as part of a series of measures designed to alleviate mass unemployment. This was a permanent addition to Britain's wealth, and a tangible one as it resulted in enhanced land values.
The same principle was applied by your predecessor F D Roosevelt, in the policy known as the New Deal.
The Guardian has published a couple more articles against HS2, one by specialist rail commentator Christian Wolmar, and another today by journalist Simon Jenkins. The main arguments in favour will doubtless be wheeled out by the commentators: the need for capacity and the disruption caused by upgrading existing routes. HST itself will severely disrupt services to Euston during the construction period. Capacity can be increased at a fraction of the cost by a variety of measures, provided that it is accepted that the additional traffic will run at existing speeds. It is not generally known that the Midland main line is, or was, four track all the way from London to Trent Junction, between Nottingham and Derby. This is because the additional tracks are separate, having been added for coal trains which trundled down to Brent sidings, on the edge of London, from a collection point at Toton in Nottinghamshire, where the Midland Railway build a huge marshalling yard. Beyond Derby, the main l...
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