So..... this article in The Age has pointed out what us lefties have pointed out all along - that this gov hasn't the faintest idea about money. They just keep saying they're better than Labor and for some Newspeak reason heaps of people believe it like it's a hallowed virtue of the Lieberals. It's not true at all. Yet the Sheeple just keep believing it.
The worst thing about being targeted for debt by this gov, is that they're blaming us for their own incompetence. They got rid of a perfectly good carbon tax. They repealed the mining tax. Those two acts alone set this gov for economic failure from the start.
Turns out this gov is outspending the Gillard gov by twice as much.
Total government debt is now rising by $5.3 million an hour - or $126m a day - according to calculations performed by David Lawson, a commentator who runs the Australian Debt Clock website.
When the government reaches the $500b milestone - officially due mid-year but possibly sooner - it will raise fresh questions about the Coalition's claim to be a more responsible economic manager than Labor.
Gross government debt was about $274b when Tony Abbott won power in September 2013, meaning $200b has already been added under the Coalition.
It also means the average annual increase under Labor was about $36b - but under the Coalition it has been closer to $60b a year.
The interest bill is currently around $16b a year and under the government's own figures, gross debt is projected to reach $600b by 2020.The Age
But don't let the facts get in the way of the "alternative facts" You see we Australians are very used to political Doublespeak, to the point we laugh and jest with said speak as a very sad effort at voter manipulation. We've been getting Doublespeak from our politicians for years here. It's sort of employs the Turnbull Waffle with Doublespeak type language.
Which brings me to my example. Yes despite this catastrophic (to be read in Abbott 2012 mode) debt disaster, the Lieberals appear to be running like headless chooks to look for an answer to their present and own making debt disaster. Poor dears they won't find one other than their own ineptitude. But they'll never admit if of course. "It's all Labor's fault" they'll cry like a conga line of spoilt children. Trump-ets if you will. "Why should we pay pensioners?"
"1984" (doublespeak alert):
"Despite the debt and deficit legacy we inherited as a government we continue to make progress in getting the growth in government expenditure under control and arresting the growth in Commonwealth debt, which is still well below that of many comparable and other AAA rated economies," he said.
And if that's not enough to make you dry retch, just look at the bullshit praise he gives his gov?:
In subsequent comments to Fairfax Media, Mr Morrison said the government had "taken steps to substantially reduce projected debt" by cutting the rate of spending growth from 4.2 per cent under Labor to around 1.5 per cent. The Age
When Labor was in power the Coalition focused relentlessly on gross debt, repeatedly warning of a "crisis".
But Australian government debt remains low by international standards, with net debt - considered a more important economic measure than gross debt - currently standing at about $300 billion.
Commonwealth Bank chief economist Michael Blythe said that level of debt is reasonable.
"For Australia we could almost double it before we get to a level that would be of particular concern to markets," he said.
"So there's a bit of leeway if they did want to borrow more to stimulate the economy or build some infrastructure." In 2012,
Joe Hockey lambasted Labor for repeatedly breaking "their own self-imposed debt limit", first introduced at the level of $75b by Kevin Rudd.
"On each occasion they promise not to exceed the limit. Well, enough is enough - we are going to keep them to their promises," he said. The Age
Note the political Doublespeak in the above. Yes they were the boys who cried wolf. Unless we voted for the Lieberals then the economic world would come crashing in.
And now the tables are turned.
Yet they didn't focus on the National Debt back then in relation to the world. Because that've shown that the debt was very small internationally. It very much was, nothing like the US or Europe. In fact we still have the same housing bubble that hasn't burst yet.
And now you have them preaching to us the above at how good they are with money. Just ignore the facts. The gov debt hasn't doubled under us!
When you deny what's in front of your face, that is a mental condition imposed on you by a dictator.