Thanks Nick. That's $42bn which would have been wasted, which I and my kids now don't have to pay off.
No sense in replacing over-spending and over-borrowing by the private sector, with over-spending and over-borrowing by the public sector. Then both the citizens and their government (with the exception of the bankers) end up broke and in debt.
Governments need to save their bullets for picking up the pieces, when things have deflated back to a more long-term sustainable level. But will they do that? Hell, no! Governments don't do the sensible thing. They do the politically expedient thing.
