Was Mervyn King Right About Cameron & Osbourne's Experience?

They've only been in power for a few months and already unemployment next year is predicted to reach a 17 year high, with another 200,000 souls losing their job and all due to the political dogma of The Tories, ably supported by the Lib-Dems.
I will admit that I only have a basic understanding of macro economics, having studied a module of economics a good number of years ago. However even I can see sectoral economics would suggest that 'balancing the books' is a good economic policy in our economy, unless they wanted to cause mass unemployment and suffering.
Regrettably the Government don't see it that way, so hands up those who elected it.