If the economists are arguing as to whether we need to cut or stimulate, because they're completely opposite policies, and they can't work it out then I would say let us work it out for you. Let's look at the lives people are able to lead, the effect of policies on the lives people are able to lead, and hence the likely effect on health and health inequalities.
Michael Marmot... social environment in childhood affects achieved adult height, life chances, and ultimately mortality rates in adult life. (...) ... social circumstances acting in childhood do have a persisting effect on adult disease rates, in addition to influences acting in adulthood.
Michael Marmot