Sunday, 26 January 2014

Australia has no "debt crisis"

With Abbott abbotting on for years about Australia's so called "debt crisis", the facts that have been around during all that time just haven't gotten a say in the main stream media. It's also hard to find a concise set of numbers in a graph or some such thing, that truly illustrates how much the "debt crisis" is actually nothing of the sort.

Yes, Australia has debt, yet it's fuck all when you look at what's going on in the rest of the world. Hardly a crisis, and we shouldn't be killing our economy with cutbacks just because it fits Tony Abbott's talking points. 

I have however come across a brilliant little site. You simply click on the country and it tells you the debt of that country. Couldn't be easier. Here's Australia's debt. The way it's compared with other countries debt is to compare the percentage of the Gross Domestic Product. Our GDP of debt is 19.18%. This is the debt "crisis" in Australia that Abbott has scared shitless most of western Sydney with. So how much of a crisis is it really? You can look all this up at the site, but I've just done a few quick snips of the results:

Well take the US for example. Note it's debt as a percentage of GDP, that being 102%. What? Yes, 102% of GDP. Yet Abbott would have us believe that we have a debt crisis. 

How about the UK?
Germany?


Japan?

What about that miracle economy China? 


Yes, Australia is even doing better than the world leading economy of China. 

What debt crisis then? We have none. The only logical conclusion to draw from all this is that the Abbott gov is lying to us, and has an ideological agenda. The cutbacks they're on about are needless. 

   

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