Dan Hodges has written a very clever and perceptive article on the Telegraph website:  http://blogs.telegraph.co.uk/news/danhodges/100223373/why-labour-is-on-course-to-lose-the-next-election-in-140-characters/

I have read it twice and will read it again.

"It is not about economics. It is not even about politics. It is about straightforward logic."