KRuddonomics! And the temple of doom.
I was somewhat bemused to see on the news last night,
our Federal Treasurer, Wayne Swan, actually state the words "we are in
recession". This followed our illustrious KRuddenator (PM) making the
announcement at a talk-fest in Western Australia.
"This recession did not
generate in Australia, it came from forces beyond this country's control," he
said. (http://www.news.com.au/story/0,27574,25364770-5007133,00.html)
Considering the last 5 months there has been a concerted
effort on behalf of our Federal Government and its high level Ministers to
completely avoid mention of the "R" word, finally we have the
statement.
It came about after the Reserve Bank chief Glenn Stevens
confirmed that yes, we are in recession (http://www.news.com.au/business/money/story/0,,25364267-14327,00.html)
.
My surprise, really, is that for the first time in a
while, the forecasters have predicted a slow-down and in some cases a turnaround
in the economy (or at least parts of it!). And WHAM! sorry folks, not its now
recession.
Previously it was avoidance, so as not to exacerbate the
problem. Now? Its a free-for-all, it appears. And with that, yet another reason
for "stimulant" spending by our Federal Government. Since the RBA has recognised
Western Australia has hit "recession" (and yes, I can attest to that!) - surely
then, economic and financial stimulation by the Federal Government will be
heading Western Australia's way! Yes? No, don't be a dick.
"The truth is this - the global economic recession makes it inevitable that
we'll have a recession in Australia which means that, as we frame the budget,
we're going to have to make even stronger our economic stimulus strategy because
unemployment will rise even further,'' Mr Rudd said. - http://www.news.com.au/story/0,,25365046-5007133,00.html
Thanks K Rudd. Oh wait, hang on, I've got it all
wrong...its not about Western Australia being in recession. Its those damn boat
people again!
Mr Swan dismissed opposition claims the Government was acknowledging a recession after months of avoiding the term to deflect attention away from the issue of boat people.
"That is completely ridiculous and demonstrates just how desperate the opposition has become," Mr Swan told ABC Radio. - http://www.news.com.au/business/story/0,,25363852-5017676,00.html
Sure thing Wayne, I believe ya
Sylvestor
twitter.com/sylvestor
