I'm speaking at an event with the above title for Next Generation Labour at Portcullis House, Westminster at 7.30 tonight.
They've published a powerful blog in advance of the event. Give it a read, here.
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Krugman blog February 20, 2012, ‘Straight Talk and Shifting Windows’ and link therein to February 19, 2012 ‘Fiscal policy & the Overton window’ takes Ed Balls to task on this very issue. Also, Krugman blog September 4, 2010, ‘The Perils Of Government By Poll, 30s Edition’.