And this is no surprise, given the speed at which the economy is currently shrinking as unemployment and borrowing are rising.
But how will the scale of the task facing David Cameron compare with that taken on by Margaret Thatcher, elected as she was thirty years ago next week?
Yes, we are suffering from the worst recession since the Second World War, but recessions pass, he writes; and he adds that despite the parlous state of the public finances, the underlying structural deficit is not much worse than that of three decades ago.
So whilst accepting that the Conservatives are likely to face "a singularly unattractive inheritance", he insists that "the problems of 2010, although considerable, pale into insignificance compared with those of 1979".
Lord Lawson continues: