He ain’t called Recessionberg for nuthin’

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L-plate Treasurer Josh Recessionberg continues down his self-destructive path today. Via the AFR:

In an interview with The Australian Financial Review before flying to an International Monetary Fund meeting in Washington DC, Treasurer Josh Frydenberg said restoring the budget to surplus was not a vanity exercise but integral to the government’s plan to buttress the economy against a further deterioration caused by external factors.

“A strong budget position helps build the resilience of the economy for external shocks, whenever that may occur, and your ability to respond to those shocks with a fiscal response.”

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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.