All periods of fiscal consolidation involve some pain for family finances. But cutting the deficit at the pace and rate proposed by the Coalition government inevitably means a wrench-like squeeze on living standards, as benefits are cut, taxes are raised and charges for things like bus and rail services increase. Add to that the effects of relatively high inflation, the prospect of rising commodity prices and increases in interest rates, and you have all the ingredients for a political storm. No wonder David Laws is worried.
So if you want a head-start on some of the policy rows ahead, pause over this graph from the Resolution Foundation report, bearing in mind as you do that the row over the 10p tax rate involved changes of £232 a year: