That was (New) Labour's narrative for the past 5 years. Weird that it didn't work?
They didn't fuck everything up. They can be blamed (somewhat) for the financial crisis, but spending all the tax money had nothing to do with the financial crisis. Tony Blair is basically a sociopathic monster, but aside from the obvious bad things his government did a lot of good. That crowd wants credit for winning, no credit for the actual good stuff, and no blame for the genuine bad stuff. It's truly weird. The Tories are totally right about what we did wrong, but we know how to win elections as long as we listen to the Tories!!!