Why Gordon Brown thinks Labour should be re-elected

Gordon Brown and his chums seem to think that the government that got us into this economic disaster should be the ones trusted to get us out of it. Why?

If Labour now claim that can cut spending and leave front-line services untouched, then are they not tacitly admitting they have been wasting money for the last twelve years, otherwise why was the waste not cut years ago, or even better not allowed to build up in the first place.