Mid Year Economic and Fiscal Outlook (MYEFO)
[Treasurer Joe Hockey thinks]: Like the Labor Party, I’m going to ignore the housing bubble, especially as most of it occurred under the Howard Liberal government – and that’s a little embarrassing.
[So, Joe Hockey says]: “A recent pick-up in the housing market gives me confidence ….”
[And follows up shortly afterwards that ]: “….we face below trend growth and rising unemployment.”
Yes, naturally, Joe, because you and your side-kick Matthias continue to ignore the disastrous social and economic damage residential rent-seeking has generated in Australia over the last fifteen years!
I noted that not one journalist made the link between our residential bubble and the deteriorating economy, either.
Seems everyone is playing games – yet hoping for economic recovery and a budget surplus sometime in the future!
Fat chance! And our bubble hasn’t even burst yet! Oh, that’s right ….. “Don’t mention the bubble until after it bursts!”
You won’t get it from your politicians or mainstream journalists, so obtain your dose of truth and economic reality at The Depression website, folks!
All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident. – Arthur Schopenhauer (1788 – 1860)
2 thoughts on “TODAY’S “MYEFO” AT THE NATIONAL PRESS CLUB”
Gavin Putland will have something next week, and I’ll put it here, Steve.
Sorry to bang on about this but I am wondering when you are going to post the KPIndex chart for 2013?
The moment of truth is almost here, I suspect a few months into Joe’s first budget the wheels will truly fall of the economy