Ed Balls myth-making

In the Guardian today, Ed Balls has an article warning us not to repeat the folly of the 1930s:

http://www.guardian.co.uk/commentisfree/2010/jul/18/deficit-cuts-dont-repeat-30s-folly

He draws parallels with the deflationary budgets that Britain had in the early 1930s and warns of the disaster they created. Stirring stuff. Except it isn't true in Britain.

From 1929 to 1932, GDP dropped by 5.8%, following which the economy started to recover. In the most recent recession, GDP dropped by 6.4% according to the latest estimate. In other words, the recession that Ed Balls was in part responsible for was more severe than the one that he tries to frighten us with.