I highly recommend everyone read this post on the Freemania blog by Tom Freeman. He explains very clearly how GDP/public debt figures can be misleading. This is a good follow on to my post on how unemployment figures are distorted by the media.
For example, Tom explains how the current low/negative inflation can both make borrowing figures seem worse than they actually are and public debt much less of a problem for governments as interest rates are low.
He also explains how public spending has actually remained fairly flat and that the rise in borrowing is actually due to a massive drop in tax revenues and the extra burden of banking defaults.
There is though some solace for right-wingers itching to cut taxes. Tom admits that Brown should have either increased taxes in the years 2002-06 or cut public spending. He also admits that either or both of these are necessary in the future, though not until the recession is well and truly over.
The danger of the 'indecent haste' Tories is that they will cut hard straight away (egged on by their core support with relish) and inadvertantly prolong and/or worsen the recession.
By cutting early in 2010-2012 the Tories can still blame Brown and Labour and give themselves time to win again in 2014. But by cutting spending and jobs just when the economy needs them, the recession might not be over by then. Whether the Tories can get away with still blaming Brown in 2014 for their mistakes is the big question?