The way we have run our economy is fundamentally flawed.
The Chancellor is still confronted by the awkward truth that for most people there is no recovery at all.
What is the quality of work across the UK? In most constituencies the average job is quite similar, but at either end daily life is very different.
The recovery may be feeble, but voters are rewarding the Tories as GDP rises – and the 'cost-of-living' is half the issue it was in 2011.
The uncomfortable truth is that for most people, the recovery hasn't even begun.
The dangers of an unbalanced recovery are real and excessive boastfulness could encourage voters to believe it is safe to return Labour to power.
At a time when the incomes of ordinary families are falling, the highest earners must contribute more to reduce government borrowing.
The Tories are hailing the UK's projected growth while promoting policies that would strangle it.
Britain is awash with debt, while government policy encourages inflation. But theoretical inflation sorts a lot of stuff out, while actual inflation will hurt.
The Chancellor's claim that "the pace of fiscal consolidation has not changed" is not supported by any of the available data.