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  John - the problem we have been left with is a structural deficit, one that will not be resolved by economic growth before the next recession hits.
  
  Labour repeatedly talk as if 'the economy' is the public sector - it isnt. the public sector depends entirely on the wealth generated by the private sector. What is spent by the public sector is only recycled money, including that spent by it in the private sector.
  
  What we need is growth in the private wealth creating sector, not the public sector. One problem up until the election was that the private sector was carrying all of the burden of the recession, that burden was not shared by the public sector. We need to relieve the private sector of the huge public sector burden it carries so it can grow and get us out of trouble.
  
  The risks of not resolving the deficit problem are greater than doing so.
  
  The economy works in cycles, recessions are as certain as night follows day. Brown ran the economy as if he believed his own conceit that he had banished boom and bust. The result was that we had a structural deficit combined with huge debt at the start of the slowdown. So at the point in the cycle when you would naturally allow a deficit to build and borrow to oil the wheels, we were simply piling in with a lot more debt and getting deeper into trouble.
  
  Jimmy - Brown cannot escape responsibility, he was in control of public spending and he and his government created the structural deficit, he was personally responsible for screwing up banking regulation, he was personally responsible for messing up the BoE inflation brief.... It is no good blaming the financial system, we know where things went wrong and he was responsible.

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