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PS. Rudd dent was accumulated due to the unforeseen conditions...

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Scott th Ratbag

45,132 Posts.

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20/05/22

15:24

Post #: 61527833
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Originally posted by nursery: ↑

Debt can be bad debt or good debt. There is nothing wrong with debt if the debt is productive. There is plenty wrong with debt if it is used incorrectly.

Good debt: Borrow for a home you will eventually own.
Bad debt; A home owner that retires after paying off the home then borrows using the home as security and spends most of his/her time at the local club drinking and paying the pokies.

The above is exactly what happened to the previous owners of the home I now own. They borrowed to a point where the bank said enough is enough and made a forced sale.

Labor generally want debt to finance "social" benefits eg welfare housing. The Lib philosophy is to help you OWN your own home. Labor generally aims to have you employed by the government. Libs generally aim to have you as part of a free enterprise business. The result for Labor is bad debt and for the Libs it's good debt.
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PS. Rudd dent was accumulated due to the unforeseen conditions of the GFC - which prevented Aus from going into recession like every other nation on earth.
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