Emp jules

Are you yelling ud the Howard goverment was not left 100 billion debt by keating?

I have not had such a good laugh in years.

Now tell me that Costello never left a future fund nor 20 billion in the bsnk. Then tell me he neber ran surpluses nor lowered tax.

Go on make my day.

Also tell me whst happened to real wages under Howard and undrt kevvy/ julia.

Chris Lewis and others.
I have a few other things on and have only now found more time to comment.

What are the main problem with the Australian economy today?

To me they are;
1. Underemployment of people and resources.
The sovereign (money issuing) government faces no monetary problem in paying to utilising both to produce beneficial assets for our society or even to produce items for foreign aid.

2. The deficit in our Current Account.
The solution to that long term problem requires an industry policy. We have lost the whitegoods industry that was seen as a necessary industry in the aftermath of WW2. Are our washing machines and refrigerators any cheaper now they are imported? No and the imports are no better in quality. We need to reinstate industries that manufacture to meet consumer demand. Why are foreign products available here? Because foreign countries want to export their potential unemployment.

3. Overpriced energy
The total cost for electricity per kWh, including capital recovery cost, is, solar power 23.5c, wind 18.4c, coal 5.6c, and gas 4.8c.
If Chinese and Indian research succeeds power will eventually become available from modular, safe, mass produced thorium nuclear plants for under 4c per kWh.

4. Lack of understanding of monetary theory.
Budget outcomes are a result and not an aim. Employ every capable citizen, use the resources that are available, limit dumping in this country of other countries' potential unemployment and the budget outcome will move towards surplus. Apply austerity policies and underemployment will increase, the current account will probably move the wrong way and, the private sector will end up with less financial wealth.

Actually I wasn't stating (let alone "yelling") that Keating had not left behind a $100bn deficit - merely asking for a source. Having elicited nothing but an incoherent jumble from Imajulianutter in response, I searched myself. A few oblique references in Google listings but each article on being downloaded was all tip and no iceberg. But then I found official substantiation[1] - that the $100bn deficit was a Lib-Murdoch beatup. Read it and look closely at the graph of headline and underlying budget balance. What's not a beatup is the way the Libs hid their own profligate deficit financing by selling the family silver in huge chunks.

[1]http://www.budget.gov.au/1996-97/state1/state1.asp
<CTRL> "+" makes it legible.

Lack of understanding of monetary theory.
Foyle,
Theory might just be a close enough description of Labor's handling but criminally incompetent manipulation is probably more apt.

Emp Jules
The sale of the assets by Costello helped pay off the last Labor debt. Keatings 100 billion debt. Seems you have a terribly short span of attention.

As with the usual lefties you say things that are just fibs and then attack people who challenge you.

Are you sure you are not Emperor Kevvy?