Polly Toynbee in the Guardian comments, more eloquently than I on Vince Cable’s Conference speech. She ends her article with the following quote,
It’s time for grown-up politics from the Lib Dems. A measure of rapprochement with Labour and an end to mendacious attacks is the best way to distance themselves from their Tory captors.
Fact 9: Another unwanted effect of Osborne’s austerity measures has been to transfer government debt to private households. Although household debt has drastically increased since Cecil Parkinson’s “Big Bang” financial deregulation of the 1980s, and is now the highest in Europe, the household debt-to-income ratio fell between 2007 and 2010. But according to the OBR, as spending cuts start to bite and incomes continue to fall, household debt will rise again by £245 billion from 2011 to 2015 – and so continue to strangle demand and stifle growth.
Fact 10: Osborne has argued that the economy difficulties he inherited were nothing to do with a worldwide financial crisis and everything to do with profligate Labour spending. He now says that the UK’s downturn has been caused by a sudden collapse in growth across Europe and not by spending cuts. It is certainly true that the economies of Europe are now heading south, but this is because the four richest EU countries are run by centre-right or right-wing governments, which have applied Osbornomics to their economies one after the other. Compare this stagnation, brought about by austerity measures and a lack of EU leadership, to the global recovery that followed the $1.1 trillion stimulus package brokered by Gordon Brown at the G20 conference in April 2009.
Public Debt is not getting better! Growth and Private Debt is worse than under Labour. Blaming Labour for the current state of the economy is either “willful blindness”, stupidity or malevolence.