Wednesday, 11 December 2013

Hapless fiscal fools

read This.

Just note on what these fools believe.
The increase in the debt ceiling was due to 'irresponsible government, in other words over spending.
no word of nominal GDP growth being well under the trend . no explanation for this which was of course the terms of trade falling.
No mention that the budget concerned was quite contractionary.Indeed the most contractionary we have seen since 1971 but of course Sinclair Davidson wouldn't know this he thought it was expansionary!!

No explanation of how interest rates were falling not rising if spending was the problem.

Finally he doesn't even recognize he is advocating greater structural deficits under Costello thus the fiscal position would be much worse now!

Need I say one 'works' with Steve Kates and another heads up the IPA .

What is worse that they parade their own ignorance as a virtue or simply refuse to recognize reality?