"And another thing; there is a cynical manipulation of this issue to make the public believe that the only solution to a fiscal deficit is to make cuts in public spending."

Not just that, but it's a right-wing wet dream!
Ooh, look Capitalism has destroyed the economy and because a supposedly 'lft-wig' party were in power at the time, nobody noticed that it was Capitalism wot did it, bloody brilliant! Now we can easily railroad the stupid public into destroying all those inconvenient public services they like so much! Hip Hip Hoorrah!