The theme constant in posts I read on sites like The Liberal Partys, Tony Abbotts and others concerns debt and the number of dollars in interest on that debt that is paid. It needs to be pointed out that debt is nowhere near as important as making policy that will lift economic growth, increase productivity growth, grow employment and assist those sectors of the economy not in mining to take up the slack created by the ending of the resources boom. Since the beginning of the Howard years, no government, Labor or Liberal, has had the guts to carry on the reforms recommended by the Henry report on taxation, the Hilmer report on competition and the Harper review of competition policy. Nor will either side listen to economists. Time is running out. The Coalition now holds the reins, but the policy vacuum in these areas and the economy stifling policies introduced to date are already contributing to higher unemployment, a fall in productivity growth, and are leading us into a recession. If an economy is not growing, government revenue falls and expenditures rise. The simple fact is that the policies of this government are leading us into a debt and deficit spiral. In fairness, I dont think that this is intentional on their part, it is simply because they, like John Howard, are ideologically driven and do not understand economics. It is up to us to do all we can to try and make them change.
Posted on: Sun, 05 Oct 2014 23:47:31 +0000
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