totally agree.
whoever gets in is going to have make up that $70 bn shortfall and it ain't going to be pleasant for Joe Citizen
The economy of Australia is one of the largest capitalist economies in the world with a GDP of US$1.57 trillion. Australia's total wealth is 6.4 trillion dollars. In 2011, it was the 13th largest national economy by nominal GDP and the 17th-largest measured by PPP adjusted GDP, about 1.7% of the world economy. Australia is the 19th-largest importer and 19th-largest exporter.
Our deficit is small comparing to our GDP, that is why those who understand economics are not worried, that is why Australia has an AAA rating from 3 agencies. It is like a small loan that you get if there is some emergency in your life; it is like if you borrow a sum that is about 10% of your income. Sure, it would be great if we could pay for all those important things like health and education, and upgrades/upkeep of infrastructure without borrowing. But cutting severely will only result in more unemployed, people having less to spend, and less tax coming to the government, which in turn means less money available for all the important things we need like healthcare and transport.
I guess those people who think we need austerity measures to pay back the debt do not have a mortgage, and if they have some one of big outlay they stop heating and eating rather than borrowing some money to get through.
000000000000000000000000000000000000000000000000000000000000000000000000000000000
Voltaire: “Those Who Can Make You Believe Absurdities, Can Make You Commit Atrocities” .
