The critics of austerity have been proved right. The OBR confirm today what we already knew - the recovery is at least two years behind schedule. The Chancellor has failed to meet the objective he set of a rebalanced economy growing enough through exports and investment to close the deficit by the time of the next election.
George Osborne's latest announcement is that "austerity works" as though we are all just living in a snapshot of a nostalgic poster of post-war Britain. You sit at home in your coat. Drag yourself to the cooker to pour some tinned tomatoes over some cold pasta, and try not to hurl it across the room in frustration when your toddler tells you he doesn't want it. But there isn't anything else. But aren't we supposed to just keep calm and carry on? There's nothing cosy and nostalgic about missing days of meals, turning the heating off for two consecutive winters and every bloody day and night in between.
On Saturday morning, I'm meeting Alexis Tsipras, the leader of the Greek Opposition and head of the left-wing Syriza coalition. We will be talking about the spectre that's haunting Europe: austerity. It may seem that Britain and Greece - at almost opposite ends of Europe - have little in common. In fact, we have lots in common, and lots to discuss.
Of course it's right that we should debate social security spending. After all it constitutes nearly 30% of all government spending - over £200bn a year. But the arguments should be based on evidence, not myths. And arguments should address the root causes of the growing welfare bill - not least the lack of affordable housing and the need for a living wage.
The new leader of the TUC has launched a strong attack on the Government for its "vicious spiral" of spending cuts which are hitting low-paid workers ...