Tag Archives: Minerals Resource Rent Tax

Pedal To The Metal – Gillard Shows Rudd How To Drive Up Debt

13 Dec

As an avid motorcyclist and former GT Falcon owner, your humble blogger can certainly vouch for the thrilling adrenalin rush one experiences from serious acceleration.

But it seems I have a thing or two to learn from our flame-haired PM about getting thrust in the back.

Former PM Kevin Rudd knows all about it, as the chart below demonstrates:

Click to enlarge

Interesting, is it not?

The epic acceleration in government debt under Kevin Rudd abruptly halted for two months, immediately after Gillard knifed him.

She was distracted, you see. Eyes off the road.

Too busy bending over trying to quickly tune in radio 1ETS and 2MRRT before the 2010 election.

Election over, and deal done with the Greens and “Independents” to form government … then instant pedal to the metal.

Given it was then 2 years since the first GFC peak had passed us by, one can only wonder just what Julia was accelerating away from.

It is certainly clear what we are now rapidly accelerating towards.

In case you were wondering, that little flat spot about $20 billion below the $200 billion line?

Yep … it’s the period around the May 2011 budget.

Can’t be racking up the debt at a rate of $1 – $2 billion per week when the big Budget night is coming up. Especially when you are trying to distract everyone’s attention from the upcoming record deficit announcement, by lying about jobs creation.

Budget passed, provisions to steal your super enacted, debt ceiling raised by 25%, financial year ended … and it’s pedal to the metal again.

On the fast track to hit the $250 billion debt wall by mid-2012.

The chart above shows monthly CGS outstanding up to end November 2011.

So far this month, Julia has added another $4.5 billion to the total – now $223.4 billion.

With another $3 billion to be added this Thursday 15th.

$7.5 billion in a fortnight.

Forget CO2 … I reckon she’s flicked on the N2O.

Otherwise known as “laughing gas”:

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