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longweekend58
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perceptions_now wrote on Oct 25 th, 2014 at 5:30pm: perceptions_now wrote on Oct 25 th, 2014 at 9:37am: perceptions_now wrote on Oct 24 th, 2014 at 12:05pm: Armchair_Politician wrote on Oct 24 th, 2014 at 5:03am:  St George of the Garden wrote on Oct 24 th, 2014 at 4:19am: Armchair_Politician wrote on Oct 23 rd, 2014 at 11:32pm: St George of the Garden wrote on Oct 23 rd, 2014 at 7:42am: Debt was under $200Bn at the time of the election, net debt was substantially less than that. Hokey has increased govt spending and REALLY blown out the deficit! Swan did heroic work cutting out $150Bn of Howard’s irresponsible, reckless spending from the Budget after saving us from the worst effects of the GFC. The problem Swan and Hokey face is declining revenue with revenue not coming in as forecast by Treasury. With a highly indebted household sector a Budget like Hokey’s was always going to cut private spending. Meanwhile, a few thousand super rich people will from next financial year receive more from Treasury in superannuation related tax concessions, negative gearing, a too–slack FBT, asset millionaires on (partial) Old Age Pension than the whole pension system costs. It is common knowledge that the idiot Costello cut taxes too much and rescinding the 2006–8 tax cuts on the top two brackets is needed. So bad is Hokey’s Budget (and the rest of the shambles, note the threat to jobs and investments in the renewable energy sector) that deflation has become a real threat: http://thekouk.com/blog/inflation-is-slowly-deflating-and-rba-should-be-worried.... Unless Swan made a miraculous effort to pay down the debt by a couple of hundred billion dollars just prior to the election that no one knows about, the debt was somewhere around $350bn-$400bn at the time of the election. Under $200Bn and net debt much less than that. Yeah, you're wrong as usual. Over six years, Labor ran up a $667 billion debt on the nation’s credit card. Every single month this debt is costing us a billion dollars just to cover the interest bill.
That is blatant Political SPIN, which was drawn from LAST YEAR'S MYEFO statement, where the figure of $667 billion debt, referred to projected Debt for the year 2023-2024.
1) Whilst it is obvious that it takes "some" time to turn any ship around, no Political Party could be expected to be held responsible for what happens 10 years after they are no longer in power!
2) Whilst the OZ Debt position did Decline during the recent Labor period (2007-2013), it did so during one of the most extreme Global Eonomic slowdowns of the modern Economic era and the OZ performance, to some extent, reflected what happened in most other Economies, certainly the major Global players.
3) In fact, whilst our Debt did increase significantly, it is still one of the lowest of most major Global Economies and it is a long way better than the likes of Japan, the US & many European players, such as Greece, Spain, France, Germany, Ireland & others.
4) Whilst our Debt situation is actually Good, compared to many other countries and this can be partially attributed to the Liberals during the Howard years, it is also correct that those years were a Peak Global Growth period and it is also correct that the Liberals should have done more, much more during that period, as should the recent Labor period and all of the other Liberal & Labor governments, going back at least to 1970 or further!
5) In closing -
a) Yes, the OZ Debt situation is in need of improvement, But the current situation is attributable to a long line of both Liberal & Labor Governments and a long line of poor governments Globally!
b) Your Pro-Liberal "support", at any cost, is about as useful to OZ, as is the Pro-Labor "support", at any cost!
Does Tits on a Bull, ring a bell???
Oh & btw, the gross Australian government debt was $326,552 million, as of 15 August 2014, which is nearly a year after the Liberals took office.
http://en.wikipedia.org/wiki/Australian_government_debt
Cheers AP! You know, you are start to remind me of Longy & his 4R's dilemmas? So AP, how goes your correction of MY wRighting? http://www.ozpolitic.com/forum/YaBB.pl?num=1414045566/22#22I have already done my bit, on YOUR aRithmetic, as can be seen! Q) What usually happens, when SPIN meets fact/s? A) SPIN goes into Silence mode! wow you re naïve. when spin meets facts, spin works even harder. SPIN actually works on facts, no fiction. it massages FACTS to make them palatable. you don't understand much, do you. Hows that peak oil fantasy of yours working out?
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