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Greece passed this way once and we’re well on our way. It should scare the living daylight out of everyone as it goes to demonstrates the bind the troika of self interest, auction for votes and the combined scare campaigns have got us into.
“…..Western governments are ­addicted to debt and Australia has caught the disease. The debt cycle corrupts governments as politicians try to promote fiscal repair without slashing expenditure to prevent a backlash among voters. It is an impossible task. If ever there were a need for bipartisan political accord, it is in the interest of government debt reduction. But as debt grows, so too does the greed of the political class and the economic illiteracy of voters. Both empower self-interest against the national interest.
Numerous polls demonstrate Australians’ desire for debt reduc­tion and fiscal repair. However, when government tries to reduce spending, the ABC’s fake news pushers frame spending cuts as unneeded or ideologically ­driven. The public broadcaster is often criticised for bias but it is ­unconscionable to mislead the public about the desperate need to reduce government spending and pay down debt. Last year the Treasurer revealed that gross government debt had blown out to $430bn with monthly interest ­repayments of $16bn. No nation can afford interest repayments of $192bn a year. At the time, the ­Coalition had reduced projected debt by $55bn and planned a further $6bn in omnibus bill savings. But after another scare campaign led by Labor, the Greens and the ABC, the bill was defeated…..”  Forget the fake patriotism and get working on debt