This posting on the Compass website is a must read for any Labour activist, economics editor and political correspondent and commentator, and the Labour Party Clause V committee charged with signing off the 2010 Manifesto.
Ann Pettifor writes:
In 1946 Britain's debt was roughly 5 times what it is today - a staggering 250% of GDP. At that point an extraordinary thing happened. The heavily indebted Labour government began to spend - as soon as legislation was agreed by Parliament.Labour invested in a bold and visionary project: - a publicly funded health service free at the point of use - the NHS. There was a slum clearance and housing programme. They revived the ancient universities, provided pensions and welfare to the poor.......
My emphasis. The rest speaks volumes too.