Yes that is the verdict of ex BBC Economics Correspondent John Cassidy writing in the New Yorker
I'd never read John Cassidy before but found his article on what is a complex subject easy to follow and understand compared to economic articles in the British press.
The article confirms what we in Wales believe and that the chanchellor George Osborne's cuts to reduce the deficit are too deep and will only serve to keep the fragile Welsh economy in a depression for many many more years.
I wonder if the Welsh Tory apologists, the Druid, Dylan Jones Evans or even the infrequent blogger Paul Rogers will come to George Osborne's defence?
It must be difficult to defend the undefensible.