Here's the problem:
https://australiandebtclock.com.au
$1.54 Billion combined Governments' debt (current)
Forecasts:
- $100 Billion more debt this year & likely the same P/A out to 2032 ( $3 Trillion by then including accrued interest)
-Current combined Governments' interest payments $50 billion P/A (based on the 10 year bond rate)
-Bond interest rates likely to double over the next 3 years taking interest only to $100 billion + P/A
That in a nutshell is the debt/debt servicing trajectory that we're on as a country
so the question to RW Peanuts is:
"What is the solution"?
There seems to be a lot of Peanut political hot air on these threads but no solutions
and, lets face it, we as a country simply cant continue to rack up massive debt on
the National Credit Card without catastrophic consequences!
So let's sort the seed from the chaff here ...eh?
What is your sustainable economic solution?
-Keep in mind that we're facing a recession and that to turn around
the budget and pay down debt over say 30 years we as country needs to:
(a) Cut spending by 20% (about $120 billion a year) (GDP consequences unknown)
(b) Rise Government Revenue by $120 billion a year (GDP consequences unknown)
(c) Grow the economy by 20% P/A (unrealistic)
(d) ?
(e) Your mix of the above
So lets have it rather than bickering about "stupid politicians" hated political parties etc etc...eh?
If we have no idea of how to fix our economic ills , then its senseless in criticising others for not doing so, IMO.
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RW peanuts economic solution to national debt
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