What Swan really said in his clearly uncomfortable Press conference today was that the time available to him to further cook the books had lapsed.
The nutjobs were right again. The economic ineptness of Wayne Swan combined with the profligate waste of Julia Gillard will be severely dealt with.
The fact is that both he and Gillard were rolled by Caucus... again! Labor’s faith in their own leadership has evaporated and that has always been a harbinger to a lengthy political void.
“A revenue crisis”, claimed Swan. Oh golly, a revenue crisis? A sudden revenue crisis that has emerged only in the past two weeks?
A revenue crisis that has been clearly evident to every first-year economics student and every member of the Reserve Bank Board for the past two years?
The clear message given to Government long ago was, stop spending or face yet more unsustainable, crippling deficits for decades. Yet outrageous Gillard spending, which has been outstripping revenue since the day she won office, remained unabated.
Interest rates will fall to 2% next year. The rest of the World is near zero. New Zealand is already at 2.5% and this apparently holds no concern for Swan.
His spin on falling interest rates is to claim success in assisting home-owners. He doesn't mention superannuants. Even Swan should know that interest rates fall because of a failing economy that needs stimulus.
Gillard was determined to spend her way to the next election and held no fear for the wasted billions in bribes she spent on a UN seat.
Her over-spend of $300 billion ($50 billion Coalition surplus plus current $250 billion deficit) was to be paid for by plundering our only competitive exporter, the mining industry.
That was never going to happen because Gillard and Swan are economic illiterates. They simply don’t understand commerce.
What Gillard and Swan intended taxing is still in the ground waiting for Abbott to can the tax on.
The Carbon tax (10% of which goes to the UN, so it was a very costly seat) has devastated family budgets.
From Gillard and Swan’s insulated Canberra tower it’s hard to see people who are genuinely struggling.
Gillard is not about helping working people, she proved that with her AWU fraud, she is about ideology and she has been since her university communist-committed days of her Socialist Forum.
What happened here was Gillard wanted to continue rolling out potentially election-winning unfunded “grand plans”.
Swan, who’s seat is marginal, assured her he could bring down a 2012/13 budget surplus by shifting an array of expenditure into the following financial year.
He could also change company tax to bring forward collection dates. He could off-load $7 billion of illegal immigration costs to the aid budget (because they can’t take the UN seat away from us now) and an array of other dodgy book-cooking.
Gillard foolishly believed him.
So, how has Labor fared with our economy? Well, here it is in a nutshell:
In 2007 every man woman and child in Australia had $850 in the bank, courtesy of Peter Costello. In a short five years of Labor, every man woman and child in Australia owes $7,000 and paying interest only, with not a dent in the principal.
And what has a struggling family of four have to show for their $28,000 of expenditure? A new car perhaps, an extension to the house? Maybe a round-the-World trip or two years’ private school fees?
Nope... nothing! Not one thing a family of four can say they have benefited from. In fact they have gone backwards.
Gillard is for the family and the workers eh ...since bloody when?
