Yes, Alan, austerity is madness but we don’t have any

Tuesday, 14 May 2019

Another poor effort from Alan Kohler:

American GDP growth accelerated to 3.2 per cent in the March quarter. We won’t get Australia’s figure for that quarter for a few weeks, but on Friday the RBA downgraded its forecast for Australia’s growth in 2019 to 1.7 per cent.

…President Donald Trump signed into the law the Tax Cuts and Jobs Act, delivering $US1,125 billion in personal tax cuts and $US350bn in company tax cuts, both over ten years, but starting last year. Trump is a conservative Republican President, of course, but that was pure Keynesian fiscal policy…

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.