The Rest of the World is Doomed
A few days ago I received in the letterbox a newsletter from my local Member of Parliament entitled the Batman Courier. The electorate he represents and that I live in is called Batman, after the explorer John Batman not the superhero. I assume it was delivered to everyone in the electorates, it is 6 pages of glossy paper all about how bad the Liberal Governments budget was. Something I agree with them about and in fact I wrote an article about A Disappoint Budget, a Disappointing Government. But what I didn't do was say that everything was good and that there was no need for a reduction in our level of debt or in Government expenditure in total. But here is what the Australian Labor Party thinks:
Explanation under the title
"The Abbot Government has sought to justify the savage cuts and unfair policies in the 2014 Budget by creating a budget crisis."
"According to the International Monetary Fund, Australia has the second smallest debt in the developed world. While the United States and and the United Kingdom experienced net debt levels of 89% and 86% of their GDP in 2013, Australia's net debt level remained at 12.6%."
"Australia is also one of only 9 countries currently boasting a AAA credit rating from all three major rating agencies."
Then below that is a graph showing the level of debt of a few leading economies:
"Government Gross Debt as percentage of GDP"
"If Australian's(sic) economy is in crisis, the rest of the world is doomed."
First things first, the budget is terrible, it should be cutting fat and waste from Government expenditure not be cutting payments and services that people rely on to live. So in that regard I am in agreement with the criticism of this budget. But the entire reason that we owe any money is because of Labor!
They are the ones who started with a surplus and ended 5 years later with a deficit. A debt that is 1 in 3 of every dollar created in Australia in a year. And that 1 in 3 is needed to pay off the Federal Governments debt, the state's have debts, business has debt and individuals have debt but we are not even beginning to pay any of that, because that 1 in 3 is only for the debt of the Australian Federal Government. A debt entirely created by Labor, but which they have no guilt, no shame and no remorse. In fact they don't even seem to think that owing more than your nation produces in a year is any big thing.
It is the standard inability of parties of the broad Left to comprehend where money comes from or what it represents. The Government doesn't have money, instead it receives it's revenue from taxation. That taxation is paid for by you and I. So a debt created by the Labor Party is now my debt and I am expected to pay it off and I will because like you I will have no say in the matter.
The levels of debt around the world is simply insane and to pretend we do not have a problem because our debt is not as insane as others countries is truly insane! We can have no national prosperity while we have debt, sadly it will takes many years, probably decades to be rid of this debt, but at least the current Government, for all their failings, understand that it is a problem. Sadly I do not see that understanding overseas and I do not hold out much hope, I fear that things will get much worse. The rest of the world is doomed, unless it starts fixing this debt problem.
Upon Hope Blog - A Traditional Conservative Future
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