National Debt

Let us first consider what Wayne Maxwell Swan said on the 10th of March 2009. He stated that “the emerging economies of China and India are now expected to slow markedly”. Because of this, Wayne Maxwell Swan stated “it will be necessary to increase Government borrowing”.

The result was Wayne Maxwell Swan increased by $125 billion the amount able to be borrowed by reason of the Commonwealth Inscribed Stock Act 1911 and the Loans and Securities Act 1919. This resulted in the nation’s credit card having a $200 billion limit.

Now as we know, China did not go into recession so neither did we, in fact China hardly missed a beat but Australia has now gained the ignominy clearly spelt out by Dr Ken Rogoff of Harvard when he noted the countries with the greatest cumulative increase in real public debt since 2007.

Continue reading "Let’s take a closer look at our spiralling national debt…" »

Mark Arbib knows a lot about what he likes to call “scare campaigns”. As NSW ALP state secretary he revealed a special talent for negativity with his personal attacks on former NSW Liberal leader Peter Debnam.

So maybe it was his guilty conscience talking in The Punch when he accused the federal Coalition of unleashing what he calls the “politics of fear and loathing” on the Rudd Government’s $315 billion debt.

Then again, maybe he was just spinning the standard line our opponents roll out every time the Coalition highlights one of Labor’s shortcomings.

Continue reading "Busting the myth of a ‘scare campaign’ on debt" »