It was far from abysmal, and in theory it should be ok. The only problem is that everything has to roll back to those times and they won't. For example, what about all the mortgages taken out in those 9 years that are at boom prices, they won't roll back. Energy costs, tv licence, public transport costs, fuel costs, they'll all be at 2010 prices, while wages are at 2001. Then there's other things introduced since then like bin charges, health insurance levies, etc.
So while it's ok to say we weren't (and we weren't) worse off back then, it would only work if everything was reduced to the costs of that time.