Update: Many thanks to Stephen Lark for directing me to this quotation.
A reader whom I won't presume to name (but will happily credit if they'd like me to) has drawn my attention to these words of wisdom from the former Labour Prime Minister James Callaghan, spoken in 1976:
"We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step."
Well, well, well!
