Thiemo Fetzer<p>a more important point.</p><p>There was a notable realignment of public spending along the <a href="https://econtwitter.net/tags/age" class="mention hashtag" rel="tag">#<span>age</span></a> divide. As <a href="https://econtwitter.net/tags/politicaleconomist" class="mention hashtag" rel="tag">#<span>politicaleconomist</span></a> we know why this is so (votes). </p><p>Public spending became massively more <a href="https://econtwitter.net/tags/agebiased" class="mention hashtag" rel="tag">#<span>agebiased</span></a>. </p><p>Money was shifted from the current working population (in work benefits), the future working generation (education), to, well, &quot;the past&quot; (pensions).</p><p>I am not saying that the State Pension is super generous, far from it, but to claim that there was no austerity is just disingenuous.</p>