Fix the issues that led to failure in first place
The incoming government will inherit a mountain of debt with limited funds, but there is another way, writes Colm McCarthy
For a government elected in 2011 to stabilise the economy and avert bankruptcy, the commitment to tax cuts and spending increases served only to validate the Contest of Promises from everybody else.
Why did the economic recovery fail to deliver for the government parties? There are at least three reasons: it is recent and fragile, it has yet to improve the economic circumstances of many voters, and the electorate is doubtful about the promised distribution of the proceeds.
The world economy is weaker than the political parties have been assuming, the eurozone banking and sovereign debt crises could re-emerge, and Britain may be headed out of the EU.