Treasurer Hit for Six over Labor Economics
I JUST watched the 7.30 Report and couldn't believe my ears when the Treasurer Wayne Swan, while being pressured by Kerry O'Brien to answer his question, "How long would a temporary budget deficit last under Labor?"
After much ducking and weaving he replied, "Peter Costello presided over Australia's last deficit."
Now this may be correct, how- ever does anyone remember how this came about?
If my memory serves me correctly the Keating Government, before being booted out of office, ran up an approximate $87 billion deficit (and during his election campaign denied it existed) then handed his legacy to the incoming Coalition Government which was staggered by its enormity and consequently this impeded immediate reforms planned by the Coalition.
It took many years and tough economic management to repay this debt.
Does Mr Swan think we all have short memories, and the odd diversion from the real truth may go unnoticed. Well unfortunately a very large percentage of Australians do not take the time to become informed about important issues in our country that directly affect them. And guess who they vote for?
As for Mr. Swan, what goes around comes around.
YEARS of right-wing incompetence in the West has led the world economy into a recession.
To fix it, newly-elected governments have had to use their available surpluses to remedy this predicament.
The Australian Liberal Party is complaining PM Rudd is spending the huge budget surplus it acquired.
A surplus at the expense of every Australian, from the sale of TAB, CBA, TLS and IAG.
Who gave these arrogant people the right to sell the people's assets anyway? …