Thatcher's job approval rating fell to 23% by December 1980, lower than recorded for any previous prime minister. As the recession of the early 1980s deepened, she increased taxes, despite concerns expressed in a March 1981 statement signed by 364 leading economists, which argued there was "no basis in economic theory [...] for the Government's belief that by deflating demand they will bring inflation permanently under control", adding that "present policies will deepen the depression, erode the industrial base of our economy and threaten its social and political stability".