I think the person who coined the phrase was British Labour politician Denis Healey, probably in the early 1980s, when he was attacking the Geoffrey Howe/Margaret Thatcher monetarist experiments. His book, "The Time of my Life" is probably the place to look, though I don't have a copy to hand.
C. --
Phone: +44 (0) 1865-286793 Email: <chris.brooke at magd.ox.ac.uk> Web: http://users.ox.ac.uk/~magd1368