One wouldn't call the current Government's spending based on borrowing strictly Capitalist. In fact if follows Keynesian (socialist) theory to a T.
All of this current and impending borrowing (some $350 Billion over 2 years) will have to pe paid later. The only question is who will pay it (higher taxation) and when?
You criticise others for not having solutions. Tell us what your solution is? -should corporations pay more tax? -should individuals pay more tax? -should we erect import barriers (tariffs) which ultimately te individual pays -should the GST be lifted to say 20% (Only individual consumers pay GST)
So lets have it mate/ What is your solution to our growing mountain of debt.
We can be permanently out of recession due to massive Government borrowing and now RBA dollar printing (QE) but unlike your friends in the USA, we dont have the Reserve Currency which spreads the Greenback throughout the world the majority of which is held by your nemesis (China and the CCP)
The RBA first tranche of dollar printing will buy Aussie Government Bonds held primarily by the Big 4 Domestic Banks which are majority foreign owned!
My solution is well known: Increase tax on Iron ore & met coal going to China & use the lollies to build our own mega steel smelters/mills in SEZs which will lift our trade surpluses & GDP by $100 billion a year and share the benefits equitably with all Aussies in the form of PAYE tax cuts.
In the interim we are accruing debt and printing dollars at a rate of knots and you dont seem to have a solution. So mate, dont be shy....tell us what your solution is (saying that the Sept Qtr GDP shows growth due to the biggest Government goose (socialist) in history is like the proverbial ostrich sticking his head in the sand.
I spent lunchtime walking around a local light industrial area and i can tell you that the for sale signs/for lease/vacancies is worse now than at the bottom of Keating's recession in 1991.
