It was Chapstick. That and creating a benefits system which outweighs lower level earnings and low wages paid by employers bolstered by tax credits etc.
Rather than keeping wages apace with real living costs and also inflating housing costs based on incomes shored up with tax credits etc. so people felt they could afford the inflated prices. Didn't they learn anything from the '80's??
The bubble had to burst. Outgoings cannot forever exceed incoming funds. But socialists will insist on the state borrowing to inflate the standard of living.
Benefits first and foremost should ensure no one is homeless, hungry or cold. Any system which fails at that fails overall. I include in that putting families in crappy accommodation instead of freeing up larger council houses with single older residents. Private owners move later in life all the time!!
I say this as someone lucky enough to pay a lot in tax and who agrees no benefit should be universal.
We have had to trim the fat from our life style due to increased taxes and living costs but we had fat to trim. I am under no illusions others do not have anything left to give.
That said I think Milliband forgot that borrowing money they can't pay back isn't accepted on the global stage anymore. Wake up Millband it's 2012 not 2002. Change your ideas man. Your last lot didn't work out so well.