Most people will just see things got worse under labour and are getting better under tory and wont care so much about debt reduction targets being missed.
I think some over estimate just how much the majority of people pay attention to the technicalities.
This is a country where the Sun is the top selling newspaper and programs like the X-Factor and reality shows rule supreme, many people see things far simpler than they are.
Its only getting better for some, Its not getting better for me nor for anyone that I know but maybe that is the power of presentation, keep telling everyone its getting better until they believe it.Sadly I believe you are correct, I don't know if this country was ever an intellectual bastion but it certainly isn't now.