Tory Blair economics  

Who said this: “If governments don’t tackle deficits, the bill is footed by taxpayers, who fear big deficits now mean big taxes in the future, the prospect of which reduces confidence, investment and purchasing power.     This then increases the risk of a prolonged slump”?     No, it wasn’t Cameron or Osborne.     It could have been, but actually it was Tory Blair in his memoirs.     Every single clause in this pontification is wrong. Of course governments should deal with deficits.     But who presided over a government that had public sector receipts and expenditure in balance in 2001, but then racked up a cumulative deficit in the public accounts of   £260bn over the next six years before the banking crash in 2007?     Nor can he claim this was Brown’s fault.     In his diaries Blair ostentatiously claims credit for the government’s...