Ken Livingstone says Labour (and Tory Governments) have long been borrowing too much

The Daily Telegraph has the story, check out the link above.

His analysis of what has happened is frankly pretty much spot on; we have been living on too much borrowed money for far too many years so when the recession hit we were in a poor condition and unable to ride it out without massive cuts in public expenditure.

But of course the present Government is a coalition and one of the partners in that government seems to one that borrowed too much prior to Labour following suit. It wasn’t the Lib Dems so self-righteous Tories must have been borrowing too much as well!