Ironic, isn’t it. After spending five years lambasting the former Labor Government over their so-called reckless spending and a “budget emergency”, Treasurer Joe Hockey has threatened spending cuts if Labor and the Greens do not pass the proposed increase in the Federal Budget debt limit from $300 billion to $500 billion through the Senate. The Greens and Labor have instead proposed an increase in the debt limit to $400 billion. From Business Spectator:
“You will own these [Budget] cuts,’’ [Hockey] told Labor. “You will wear this like a crown of thorns”…
“It is Labor’s debt, there is no excuse,” Mr Hockey said…
Mr Hockey said the debt cap increase was not about running up more debt.
“We don’t want to have to come back to this place and increase the debt level (again), we want to put it out of the way and get on with the job of paying it down,” he added…
“We are being responsible,” he said…
“Labor trashed the joint when they were in government and now they are trying to stop us from fixing it.”
So, after being portrayed as economic vandals while in government, Labor is now also being painted as an economic vandal for seeking a more moderate, but still very large, $100 billion increase in the debt limit. Convenient isn’t it?
Meanwhile, the forecast increase in federal debt is also being blamed on Labor’s past policies. Never mind the fact that the Coalition has punched massive holes in the Budget with its promised paid parental leave scheme, and by cancelling the mining tax and fringe benefits taxes on leased cars. And of course, there’s no mention by Hockey of the ballooning entitlement spending aimed at middle class families, the aged, and wealthy retirees under the Howard Government, which have arguably contributed much more to Australia’s structural budget deficit than any policies implemented under Labor.
It’s Budget hypocrisy on a grand scale, helped along by a compliant media.
If Australia is to successfully navigate the challenges ahead, we need frank and objective assessments from our leaders, not this kind of politically partisan rubbish.
