Joe Hockey reveals latest budget figures – as it happened

I’ve long harboured the opinion that Joe Hockey is a buffoon, but today he outdid himself with his economic idiocy. Quote:

‘Net government debt is reduced by $11.5bn. “Every Australian now owes $500 less,” Hockey said.’

I’m not an economist but I even I know that Net Government Debt is not the same thing as Private Debt. Hockey’s statement isn’t merely misleading, it’s flat out wrong. It would be more accurate to say “[on average], every Australian has $500 less in savings.”

Honestly, if this bloke wasn’t going to get punted from the role of Treasurer over the weekend anyway, he should be sacked for his economic illiteracy.

Malcolm Turnbull is under pressure on policy, Scott Morrison is under pressure from the right, but the polls show a bounce as Abbott declares he will stay. Follow it live …
via Facebook http://ift.tt/1F40tcp

Advertisements

About ret56fe

Ohhh, that guy.
This entry was posted in Uncategorized and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s