Markets are an accurate and immediate barometer of the state of the economy. I have news for Mr Hockey and Mr Abbott. You have damaged the economy with your blunderbuss budget. I did quite well but still significantly down from previous markets. I did a poll of stall holders and the general opinion was that the market was down 50% on what they would normally expect. Every one of these small business people blamed the appalling budget and the talking down of the economy by Joe and the Winker. People have clammed their wallets and purses tight. They are terrified of losing chunks of their incomes. If this continues it will have a knock on effect and cause a tightening of the whole economy. It might even go into recession. Income tax, company tax and GST receipts will drop, making it that much harder for state and federal governments to meet their obligations and pay down debt. It could be a downward spiral. We have a bunch of ideological and innumerate amateurs now running this great country. The sooner they go, the better and so say many who voted Liberal last time.
Posted on: Sun, 25 May 2014 07:52:31 +0000
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