Professor Stiglitz, is a former World Bank chief economist and economic adviser to the US government, not to mention a Noble prize winner. According to Professor Thermometer, Stiglitz is a raving red, worse still, he is a fan of the ABC's, and has bad breath to boot!

Come on Shadow the man is a world leader in economics. His opinion has to be respected...just as much as you respect my opinion!

http://en.wikipedia.org/wiki/Joseph_Stiglitz

Paul,

Apparently I was remiss in citing Stiglitz.

It's obvious that his credentials pale in comparison to our own Shadow "I have a degree in economics" Minister.

Paul,

I have to say I just enjoyed Obama slapping Abbott's agenda around.

Lol!...talk about a shirtfront!

Shadow,

Having economics as part of your degree doesn't count for much – after all, people with PPE degrees are invariably economically illiterate! Indeed my own civil engineering degree included an economics module, but most of what I know about economics I've learned since I graduated.

How well do you understand sectoral balances? It should be 101 level stuff, but your statement that "Balancing the budget is neither vacuous nor populist" suggests you don't.

The Libs' run of budget surpluses had partly been the result of underspending on infrastructure. So while ramping up infrastructure spending was the solution that everyone would have preferred, there weren't the shovel ready projects available.

The "$900 cash splash" (which the Libs subsequently claimed to have supported) made many Australians financially better off and encourages spending, benefitting businesses. And the school halls scheme (which the Libs supported at the time then subsequently claimed to have opposed) was good value in states where the state governments oversaw it directly. It was only where management of it was contracted out to the private sector that colossal waste occurred. Shouldn't the main lesson from this be that we need a capable public sector?

Welfare does not equate to wasting money. Improving the standard of living of those Australians who are disadvantaged by circumstance is worthwhile.

Labor did well in the GFC, but stuffed up afterwards, letting a feral Reserve Bank destroy most of the good work by setting interest rates much higher than the inflation rate justified. The Liberals under Turnbull rightly criticised the government's actions as "driving with one foot on the accelerator and the other on the brake". Unfortunately they were of the opinion that the government needed to take its foot off the accelerator. And with a bipartisan surplus obsession, that's what happened – and by the time the RBA let go of the brake the damage was done.

Deficits only increase net debt if the debt if the borrowing is externally sourced. Australia's relatively high interest, not the deficit, is our biggest debt culprit.

Paul1405 I don't understand the hostility and insults directed my way.

I agree with you that big business can exercise the loop holes and pay next to nothing but to suggest small business owners are enjoying the same privilege is incorrect. The revenue generated by over taxing small business and the middle class is what's keeping this country afloat. Neither side of government is content and both will aim to extract more from us.

If you don't think small business owners are paying tax perhaps you need to do some research... ask the local small business owners in your community if they are paying tax. Even buskers are paying tax if they declare their earnings.

Hip, I was just helping you out with that 30% tax crap. " if they declare their earnings." the operative words! "if they declare their earnings". Okay Hip, you can't afford the 500 new stores, or the Cayman Islands. Cash economy that's it, not paying GST, fudging personal expenditure as business, dodgy dodgy dodgy, wives etc on the books when they do not actually work in the business, trust funds. All dodgy! As for the crappy Scandinavian furniture, you can pick that up at your nearest Ikea (we don't pay tax in Australia) Store!

Aidan, you are too learned and factual for our friend. the economically challenged, Professor Thermometer. who is after all a disciple of the Joe Hockey School of Economics.
Shadow I suggest you quit while you are behind, things can only get worse.

Spot on Poirot the Russians are coming! and our Tone was last seen heading for the hills. "shirt fronting' what a load of cods wallop, Tone couldn't go two rounds with a raspberry jelly! Tone needs to fight in the prelims before trying to take on a main event, that's for sure.

Nothing to do with the subject but we're off for some top class reggae tonight just been listening to 'Toots and the Maytals' they know nothing about economics but sure have a terrific sound; On for my partner "T".

http://www.youtube.com/watch?v=gMHY3GEhdsc