Austerity politics is over. That was the message of the Autumn Statement. From now on, this Government is about high borrowing, high spending, and high taxation – all based on the fantasy of eternal economic growth. George Osborne is leaving Britain in worse shape to face another recession than Gordon Brown did.
The fundamental problems in our economy remain unresolved. Over the last five years, the national debt has doubled. The Government is still spending billions more than it takes in taxes. Welfare is still unreformed. Productivity is worryingly low. Britain's trade deficit is wider than ever. Britain's banks are still dangerously exposed to toxic debt. The Bank of England is still too afraid to raise interest rates from record negative levels.
Like Gordon Brown, George Osborne assumes that the economy will continue growing forever. But the economy works in cycles: a period of growth, followed by a correction.
So what happens when the next crash hits? When the national debt is already so vast, where is Osborne planning to find the money for another dose of "fiscal stimulus"? When interest rates can't go any lower, how can the Bank of England inject more "monetary stimulus"?
The truth is Osborne isn't planning. He hasn't fixed the roof while the sun is shining. In fact, he isn't even trying anymore. He has left Britain dangerously unprepared for the next recession.
Now that the Labour party has embraced its inner Maoist, the Tory leadership has clearly decided to fill the vacuum on the centre-left. The Conservatives are now New Labour. They have already broken the promise to safeguard "economic security" on which they were elected only months ago.
We cannot fix our broken economy without radical change. Businesses need to be set free from crippling regulation. Families need relief from high taxes. The State needs to slim down and spend within its means.
The Conservatives no longer support lower taxes and a smaller State. Only one party offers a responsible alternative to kamikaze borrow-and-spend economics. Only UKIP.
"A revolutionary text ... right up there with the Communist manifesto" - Dominic Lawson, Sunday Times
Printed by Douglas Carswell of 61 Station Road, Clacton-on-Sea, Essex