Neither the tax rises proposed by Labour, nor the benefits cuts proposed by the Tories would make a significant dent in the deficit.
Despite being repeatedly pressed by Ed Balls at Treasury questions, the Chancellor refuses to comment on whether the Tories want to reduce the top rate from 45 per cent to 40 per cent.
The economy is still 1.3 per cent smaller than before the recession and the recovery remains the slowest since 1870s.
The dangers of an unbalanced recovery are real and excessive boastfulness could encourage voters to believe it is safe to return Labour to power.
The former US treasury secretary points out to the Chancellor that while the US economy exceeded its pre-recession peak years ago, the UK is still catching up.
The Work and Pensions Secretary wanted welfare reform to be defined by Universal Credit. It has been defined by the bedroom tax.
By conceding that a large rise would not cost jobs or damage the public finances, Osborne has made it harder for the Tories to credibly oppose a more radical offer from Miliband.
The party challenges the Chancellor to veto any move by RBS to double the bank bonus cap under new EU rules.
If the spectre of Gordon Brown alone were sufficient to propel the electorate into Cameron’s arms, he would now be governing with a majority.
Expect big cuts in housing benefit, the removal of child benefit from out-of-work families with more than two children, and a reduction in the benefit cap.