For millions of working people in Britain, there has been no economic recovery at all.
In fact, the average household will be nearly £1,000 worse off by next year as a result of tax and benefit changes introduced since 2010.
Yet today a Treasury minister will stand up in the Commons and attempt to justify the coalition's £3billion tax cut for the top one per cent of earners.
Nothing could better illustrate how the Tories and Lib Dems are out of touch with working people in Britain.
That is why I will be leading an Opposition Day debate this afternoon on the tax cut for millionaires.
It was wrong to announce a tax cut for people earning over £150,000 - as George Osborne did in 2012 - and it is wrong today at a time when working people are continuing to experience an unprecedented fall in living standards and the deficit remains high.
And yet, remarkably, the Tories continue to consider a further cut in the tax rate paid by Britain's highest earners.
So today I will also challenge Ministers to rule out a further reduction in the top rate of income tax for people earning over £150,000.
Labour has pledged to reverse the top rate tax cut for the next parliament as part of a series of tough decisions to balance the books in a fairer way.
This Tory top rate tax cut is worth an average of £100,000 for those earning more than £1million.
Tory ministers tried to justify this giveaway by arguing that most of the potential tax revenue would have been lost as a result of avoidance.
But their justification fell apart when it emerged the key decision on the "behavioural effect" of cutting the top rate was taken by ministers, not HMRC.
The average British family has not been anywhere near so fortunate as the highest earners, however, and will be £974 a year worse off by 2015 because of tax and benefit changes introduced since 2010, according to figures from the independent Institute for Fiscal Studies.
Can there be any greater fallacy than George Osborne's desperate claim that "we're all in this together"?
In the four years since then we have seen not one or two but 24 Tory tax rises.
The reality is that the Tory economic plan is to cut taxes at the very top and hope wealth trickles down.
Yet there is no evidence this actually works. In fact, recent figures from HMRC show the share of post-tax income of the top one per cent of taxpayers - just 300,000 people - rose from 8.2 per cent to 9.8 per cent in the 12 months to in 2013/14.
Over the same period, the bottom 90 per cent - a total of 27million taxpayers - have seen their share of post-tax income actually fall, from 71.3%, to 70.4%.
And we know the Tories want to entrench this divide because, at their party conference, David Cameron and George Osborne pledged to cut tax credits again for millions of working families.
So it is clear that working people cannot afford more of this failed Tory economics.
Labour will balance the books in the next Parliament in a fairer way. We will reverse the Tory tax cut for millionaires, stop paying the winter fuel allowance to the richest pensioners, raise child benefit by just one per cent for two years and cut ministers' pay by five per cent.
And we will introduce a lower 10p starting rate of tax for 24million working people and act to secure a strong and balanced recovery that delivers more good jobs and rising living standards for the many.
The Tories always stand up for a privileged few at the top. Only Labour will stand up for hard working people on middle and low incomes.