George Osborne's logic is that if Greece, Ireland and Portugal had adopted the same approach that he is taking, they would not be facing such severe and deepening crises.
The problem for him - and for them - is that they did.
In fact, the Portuguese Chancellor went one better by introducing two VAT rises in the past year.
And what they, Ireland and Greece have all discovered - just like Argentina, Brazil and Turkey before them - is that it doesn't matter how much they cut spending or how much they raise taxes; if they can't create jobs and growth, their debt and deficit problems get even worse and market confidence falls further still.
My concern is that we are starting to see the same thing happen here in Britain.
Now he has to say what his growth plan is.
But he's bang on to say that whatever else Osborne will deliver it's not growth. And that as a result the deficit will increase in due course. Like night follow day.