We will remember this Budget and the man behind it for a very long time - tonight announcing Australia will have a deficit of $57.6 Billion.He says we will be in deficit until 2016 - using KLR language - How the Hell would he know, we cannot predict the future.By next year at this rate it could be $300 Billion.
Just 12 months ago he announced the Budget Surplus would be $21 Billion for 2008-09.
Given that the previous government took 10 years of hard work to turn a $100billion debt into surplus - we will be lucky if we see a surplus for many years to come.
Sure as an export nation and a small player in the world of economics we are affected by the so called "Toxic Debt"overseas,however we cannot change that just like we cannot change the prices we recieve for our livestock.
Yet just like us they can control their COG (Cost of Government) - but as 17-year-old Sonia Arakkal, the head girl of Perth's All Saints school, said in a letter to her local newspaper last week:
"The (Rudd Government's) spending spree will be a burden on the economy in which we - your kids, grandchildren, nephews and nieces - will live, earn, and pay taxes.
"We will exist in Australia with less money to spend on schools and education, health and defence."
She likened Rudd to a drunken parent who spends the family inheritance then begs the children for their pocket money to cure the hangover.
Just so. Ms Arakkal knows that the Rudd Government's legacy will be debt. Generations in debt. Any fool can act decisively, but acting both intelligently and decisively is something else.
You won't hear anymore from me on this, I have had my rave - let's get back to the things we can do something about.
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