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  The simple answer is no.
  
  They are digging a bigger and bigger hole that our children will have to pay to get out of.
  
  There are all sorts of ways that people have been characterising the level of borrowing that they are undertaking in order to demonstrate just how bad it really is otherwise such large figures are meaningless. I have already ddescribed the level of borrowing over the next two years as more than has ppreviously been borrowed in the whole history of the UK.
  
  Another way is to describe it as double the amount Brown said would be sensible in his 'golden rule', 79% of GDP instead of 40%.
  
  The other problem is that these borrowing figures are based on hopelessly optimistic growth figures that carry no credability in the markets. No-body expects the UK to meet these figures and it is clear they have been massaged for political reasons. The actual borrowing is therefore likely to be even higher, except they are risking not being able to borrow what they need on themarkets and will have to turn to more printing of money and the IMF.
  
  The consequences are terrible. Inflation will rear it very ugly head in about two years time with a vengeance and that means interest rates will rise significantly. Taxes will be rising at a time when we are setting about a fragile economic recovery and will risk choking it off. A 'wholly home made 'double dip' recession is increasingly likely, indeed media commentators are now starting to suggest this, what I have been warning about for nearly a year now. The prspects for the economy are simply appalling.
  
  yes though we will emerge from recession, later than most countries but it is the hangover that will be causing serious long term damage.

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