Scotty from Marketing rebrands Depression

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The Murdoch press is truly nation destroying. Let me be a little more specific. Paul Kelly is truly nation destroying. Having grovelled and crawled his way through months of Morrison Government blundering, today he crowns it all with this little gem:

The Morrison government has averted a depression in Australia. This is the most momentous and unprecedented fiscal decision in our history. The government will pay a wage subsidy to as many as six million private sector Australians, or half the total workforce, for six months.

The cost over the period constitutes an increase in total government spending of 50 per cent. There has never been anything like this. Past ideological prescriptions are annihilated.

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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.