The Federal Liberals' budget rationale is based on the widely held myth that government spending is financed by taxes and should a reckless government spend more than it raises in taxes then loan funds will be required from the private sector which will not only diminish the capacity of the private sector to create jobs and pay wages but will impoverish our children and grandchildren by burdening them with loan repayments that can only be met by higher taxes.
We’ve heard it a thousand times - the incessant Goebbels inspired drum beat of the rationale of our current predicament.
But it’s not only the Liberals and those on the Right who believe it, but the so called progressives and those on the Left also believe it.
Maybe the latter are prepared to run government deficits for a bit longer and for government borrowings to be a bit higher, but essentially there’s not much difference between the two.
Just like the nuanced differences between Margaret Thatcher and Tony Blair, lost already in the sands of time.