Armchair_Politician wrote on Jan 12
th, 2013 at 6:16am:
adelcrow wrote on Jan 11
th, 2013 at 8:07am:
Under Howard the economy was flat for his first few terms and only got into gear when China opened up its economy and started growing at a break neck speed.
Without Labors reforms and Chinas boom Howard would've led a very flat economy with his only solutions being record taxation, new taxes and massive cuts to health, education, infrastructure etc etc etc.
And it will be more of the same when Abbott rises to power so be prepared for our public institutions to be run down and for spending on roads, bridges, flood mitigation etc etc to be slashed.
Better a flat economy than a nose-diving one struggling to keep its head above water due to increasing debt and a Reserve Bank providing life support in the form of very low interest rates. Yeah, I'd rather a flat economy with minimal growth and no debt as opposed to the soaring debt and low consumer confidence/spending that we are seeing now thanks to Swan's economic incompetence. That fool couldn't balance the books of a kids' lemonade stand!
The economic downturn we have seen has been due to the impact of the GFC - nothing else.
As Australia prospered from a booming world economy it suffers under a world economic collapse.
It is not difficult to understand.
The valid measure is the fact that we have out performed much of the rest of the world in this period, sure somewhat due to our starting position but also some of our problems were generated there as well. Our economy was geared to get into trouble in any sort of downturn.
Money spent differently in the previous term could have made a big difference to our position today, fact is that in retrospect it is apparent that Costello (Howard) could have positioned our economic situation much better in terms of a less favourable world economic climate.