I thought....

[catsnknots]

That Kevin Rudd was the saviour of the GFC and that he and Swan were so good that they set Australia up for the future. 

How come we are struggling so much right now if they did such a sterling job? 

Did they get it wrong? 

Did they go too far with that second stimulus package that was the only stimulus package that the coalition questioned? 

Did they really think far enough ahead to help steer Australia in the right direction and if so then why are so many businesses going to the wall? 

[the_great_she_elephant]

---

@catsnknots wrote:

That Kevin Rudd was the saviour of the GFC and that he and Swan were so good that they set Australia up for the future. 

How come we are struggling so much right now if they did such a sterling job? 

Did they get it wrong? 

Did they go too far with that second stimulus package that was the only stimulus package that the coalition questioned? 

Did they really think far enough ahead to help steer Australia in the right direction and if so then why are so many businesses going to the wall? 

---

To get accurate answers to those questions you'd need to ask an economist. The comments I have read from economists all seem to agree it was exactly the right thing to do and it did indeed save Australia from the financial horrors that befell so many other countries. Of course it's a while since I've seen any informed discussion on the subject so I suppose it's possible they may have changed their minds in the meantime. if you can find any recent non political views on the subejct I'd be interested to read them.

[boris1gary]

---

@the_great_she_elephant wrote:

---

@catsnknots wrote:

That Kevin Rudd was the saviour of the GFC and that he and Swan were so good that they set Australia up for the future. 

How come we are struggling so much right now if they did such a sterling job? 

Did they get it wrong? 

Did they go too far with that second stimulus package that was the only stimulus package that the coalition questioned? 

Did they really think far enough ahead to help steer Australia in the right direction and if so then why are so many businesses going to the wall? 

---

To get accurate answers to those questions you'd need to ask an economist. The comments I have read from economists all seem to agree it was exactly the right thing to do and it did indeed save Australia from the financial horrors that befell so many other countries. Of course it's a while since I've seen any informed discussion on the subject so I suppose it's possible they may have changed their minds in the meantime. if you can find any recent non political views on the subejct I'd be interested to read them.

---

Ele, the only place anyone can read that our previous govts handling of the GFC was wrong will be old copies of the Tele or LNP election material, even the IMF agrees the ALP govt did the right thing at the right time. One of the problems now of course is the stupidity of the LNPs 4 years of talking down our economy, creating the myth of the "Budget Crisis" is all coming home to roost now and people aren't willing to spend. The Prime Minister for Unemployment did say openly that he would do anything to win the last election and clearly its one thing he did not lie about.

[polksaladallie]

---

@lakeland27 wrote:

hockey is in talks with philip nitschke i hear

---

The guvmnt will have to pay for the goods though, but I guess it would be cheaper than five or ten years of pension.  Would Hockey be charged with aiding and abetting?

[polocross58]

.

Labor raided the Reserve to the tune of 8 billion as NLP discovered when they were able to get a look at the books

Swan had been warned not to raid the Reserve, but he did, leaving most of us exposed

First priority for NLP was to get that 8 plus billion back where it belonged

Then we had Labor raiding private bank accounts.  They gave themselves permission over the Christmas holidays.  Again, Labor and Swan were warned by the banks not to raid people's private bank accounts, but they did anyway.   All they managed to grab was $109 million dollars.  That's how broke Labor had rendered this land

Labor squandered the safety-net they inherited

They borrowed more and more

They raided the Reserve and people's private bank accounts

Don't think there was anyone as relieved as Labor when they lost the last general election.  They'd stolen and borrowed to the hilt

Once again, NLP has to claw back money inch by inch to try to put Australia in the black

[lakeland27]

he'll be sure to do it through a 3rd party polks, he'll cover his considerable bleep. eugenic joe hockensian.

[lakeland27]

---

@polocross58 wrote:

.

Labor raided the Reserve to the tune of 8 billion as NLP discovered when they were able to get a look at the books

Swan had been warned not to raid the Reserve, but he did, leaving most of us exposed

First priority for NLP was to get that 8 plus billion back where it belonged

Then we had Labor raiding private bank accounts.  They gave themselves permission over the Christmas holidays.  Again, Labor and Swan were warned by the banks not to raid people's private bank accounts, but they did anyway.   All they managed to grab was $109 million dollars.  That's how broke Labor had rendered this land

Labor squandered the safety-net they inherited

They borrowed more and more

They raided the Reserve and people's private bank accounts

Don't think there was anyone as relieved as Labor when they lost the last general election.  They'd stolen and borrowed to the hilt

Once again, NLP has to claw back money inch by inch to try to put Australia in the black

---

pfftt. it will be us trying to claw our way out of the hole they are digging, the collective grave of right wing stupidity.

[polocross58]

Quote:

' Treasurer Wayne Swan reneged on an in-principle agreement not to raid the Reserve Bank of Australia’s emergency fund to deliver his now-abandoned budget surplus this year.'  end quote

http://www.afr.com/p/national/rba_emergency_fund_at_risk_after_VQ6HFtzqu0dg5togJgskTI

Quote:

' Treasurer Wayne Swan rejected advice and warnings from Treasury officials, and reneged on an “in-principle agreement” that was repeatedly recorded by Treasury, when he decided to strip $500 million out of the RBA to save his 2012-13 budget surplus goal, new documents reveal'  end quote

http://www.afr.com/p/national/treasury_distances_itself_from_swan_ad8szgSVMM5AQWuMvMsmXP

Quote:

'

WAYNE Swan's order forcing the Reserve Bank to pay the government a $500 million dividend last year overturned his earlier agreement that the bank should use its profits to rebuild badly depleted reserves.

The Treasurer demanded the dividend in the face of pleas from governor Glenn Stevens that it would leave the bank "significantly" short of capital.'  end quote

http://www.theaustralian.com.au/national-affairs/policy/wayne-swan-went-back-on-word-in-taking-500m-...#

[polocross58]

Quote: 

September 03, 2012

Labor to scrape the debt ceiling

GOVERNMENT borrowings subject to Australia's debt ceiling will soar to $249.7 billion within four years, it has been revealed, putting new pressure on Julia Gillard to avoid a further blowout in debt as the resource boom peaks.

While the government insisted in the May budget that commonwealth bonds subject to the cap would be less than $250bn at the end of every financial year over four-year forward estimates, the government's debt agency has revealed it expects to meet that target with just $300 million to spare at June 30, 2016.'  end quote

http://www.theaustralian.com.au/national-affairs/policy/labor-to-scrape-the-debt-ceiling/story-fn59n...#

[polocross58]

Quote:

December 18, 2013

Nation's debt could near $700bn

THE budget's haemorrhaging bottom line will push gross public debt to almost $700 billion over the next decade, setting Australia up to become one of the biggest borrowers in the world.

Joe Hockey's updated projections anticipate a rise in the federal government's gross financial liabilities to $460bn over the next four years before surging to $666.7bn - or 26 per cent of GDP - some time in the next decade.

"We have inherited from the Labor Party budget deficits totalling $123bn over the next four years and unless we take action, the budget will be in deficit for at least a decade," the Treasurer said yesterday.

He blamed the previous government for the deterioration in the nation's finances over the past four months.' end quote

http://www.theaustralian.com.au/national-affairs/policy/nations-debt-could-near-700bn/story-fn59nsif...#

[polocross58]

Quote:

March 27, 2013

Julia Gillard to leave Australians in $165 billion dollars worth of debt this term alone

GILLARD Government debt levels are forecast to blow out by 80 per cent to $165 billion in this term alone - equal to more than $14,000 for every working Australian.

Analysis of Budget documents reveals that between the 2010 election and Federal Treasury's update in October last year, the 2012-13 net debt estimate rose $54 billion to $144 billion.

With Wayne Swan having junked the Government's commitment to a surplus this financial year, Bank of America Merrill Lynch now forecasts Treasury will raise the estimate by a further $21 billion in the May budget.

Monash University Professor of Business and Economics Jakob Madsen said the gross debt rise was "disturbing".

"It's a dangerous trend and it's at the wrong time. It's completely unnecessary to hand out left, right and centre and the way they do it is not very clever," Professor Madsen said.

Business Council of Australia CEO Jennifer Westacott said spending had grown "out of step" with revenue.

"If that doesn't change we are going to have serious public debt problem," Ms Westacott said.

http://www.news.com.au/national/julia-gillard-to-leave-australians-in-165-billion-dollars-worth-of-d...