He is not taking the blame when it is bad. He is blaming the global crisis! Yes there is a global crisis and the crisis in the UK is linked to that, but anyone who has studies economics knows that there are 10 year cycles. So we are due a downturn, so he should have saved so he can boost the economy via fiscal stimulus WITHOUT having to borrow and borrow.
Our government has a huge influence on the UK economy, they are probably the greatest spending power. But this great spending has to be paid for, you support labour now then you can be blamed for crippling the economy for years, for higher taxes and for the fall of the pound.
Who was the chancellor over the last 10 years, and dues to the multiplier effect it takes a long time for any decisions the government make to effect the economy. He lived of the Tories running of the economy and the mess we are in now can be blamed on him.
The USA can afford to borrow, they can sell oil and gold to fund it, Gordon sold our gold and we have very little oil. If the UK runs out of money all they left is to print.