Austerity Chancellor George Osborne has cut, cut and cut again.

But rather than bringing down the deficit he’s sent it soaring to £100 billion, left the average worker £2,000 worse off than six years ago and borrowed a stunning £517bn — more than every Labour government in history combined.

And as he details his lastest wave of vicious attacks on the working class and handouts for the rich, the Morning Star has teamed up with top economist James Meadway to show him how it’s done.

The New Economics Foundation’s senior economist has drawn up an alternative autumn statement exclusively for the Star.

It is being unveiled after hundreds turned out to tell Mr Osborne they won’t buy more of his austerity myths at a People’s Assembly protest at the gates of Downing Street last night.

Challenging the Chancellor’s “disastrous” policies, Mr Meadway told the Star: “Osborne’s entire strategy, shrinking the deficit by imposing cuts, has been misguided, and the social consequences have already been dire.

“Continuing it, even if the optimistic official forecasts are correct, will mean a further £75bn of spending cuts by 2019.”

Setting out the alternative, the economist called for the Chancellor to create jobs by borrowing at low interest rates to invest in renewable industry across Britain.

He added that some 30,000 new jobs could also be created if the government made the Living Wage the legal minimum, boosting the spending power of 4.6 million by £1,400-a-year.

And, with forecasts showing that the government will fail to meet its borrowing targets because of lower than expected tax revenues, today’s statement should make the rich pay their way.

“Corporation tax revenues, headline rates cut repeatedly by Osborne, have dropped 14 per cent since 2010 despite record company profits,” explained Mr Meadway.

“We need to tax the wealthy and clamp down on avoidance.”

The economist admitted pro-growth measures can’t immediately undo Mr Osborne’s damage because he has “built on decades of debt-driven growth and rising inequality.”

But if delivered today, Mr Meadway said an alternative statement would “make a start on delivering an economy for the 99 per cent.”

Hundreds of people braved the cold to come out in support of an economic alternative at the People’s Assembly protest last night.

People’s Assembly national secretary Sam Fairbairn said: “Austerity has clearly failed and ‘more of the same’ is not an option.

“Millions are now living in poverty in Britain, wages are down, investment is down and we are going through the longest fall in living standards since records began.

“Austerity hasn’t even brought down the deficit — it’s made it worse!”

Despite failing by its own measure, the Chancellor’s Lib Dem helper Danny Alexander insisted yesterday that we must “stay the course” with the cuts.

The Chief Treasury Secretary said there will be “several tens of billions of pounds more” needed in order to “finish the job.”

And in a sign that Mr Alexander does not understand the damage caused, he called the cuts to come “smallish.”

Giving his verdict, Unison general secretary Dave Prentis said the Con-Dems’ “approach to public spending has been a disaster.

“The plan did nothing to reduce the deficit and left our public services in dire straits.

“This is the Chancellor’s last chance to bring some relief for workers and admit he got it wrong.”