Growth was just fine in this era 3.3% per year in real terms, exactly the rate of growth that prevailed in the long post-World War II run that is so famous, 1945-73.

FORBES: The Modern Cycle Of Economic Boom And Bust

And how about federal receipts: they went up more than the epic rate of economic growth, rising by 55% in real terms in the seven years after 1961.

FORBES: Trashing JFK's Tax Cuts, One of the Greatest Policy Successes of All Time

In the past four years, public expenditure has risen by 4.4% a year in real terms nearly double the rate of economic growth over the period.

ECONOMIST: Britain's budget

In the third quarter GDP grew at a quarterly rate of 1.2% in real terms, the fastest growth in the G7, but in nominal terms, as a result of the pernicious effects of deflation, it fell by 0.1%.

ECONOMIST: Japan is not yet doomed to debt-induced penury

Spending rising at the rate of population growth and inflation means the same amount of spending can be maintained per person in real terms over time.

FORBES: The Anachronism Of State Income Taxes

It says only that the Tories will reduce and simplify taxes but increase public spending in real terms provided that the increases are within the trend rate of growth of the economy.

ECONOMIST: Ready to rumble