My time for earning an income is limited. And I shall need savings to retire with. A country will always be collecting taxes and so doesn't need savings for its old age.
In other words, countries can magically produce money tree farms, similar to wind farms. A country, like a family cannot spend money it doesn't have indefinitely. Eventually the creditors will call in their money. If you don't repay your credit card, the bank will cut off your credit. Countries are run in similar fashion, only on a much bigger scale!
:laughing-smiley-014
Who is going to call in their money? Most of Australia's public debt is owned by other sovereign financiers, whose countries trade with Australia and therefore have a vested interest in our continued productivity.
The worst possible thing Australia could do is opt for austerity measures (a la Abbott's fake 'budget emergency') and kill our economic growth.
Thank you for once again demonstrating that you can't tell the difference between a household and a country.
The Labor party in power spends like a drunken sailor. It then takes a Liberal government up to three terms to bring the reckless spending under control. It's been like that for decades. The only sensible spending Labor government was the Hawke-Keating years.
Liberal governments sacrifice economic growth (and therefore revenue) in order to achieve surplus budgets; they are extremely short-sighted administrators and downhill skiers.
The wages Accord with the unions and opening up the financial institutions produced the prosperity Australia enjoyed, and still enjoying today, which was put at risk by Rudd/Gillard/Rudd. That's not ideology, those are facts!
Real household debt grew more quickly under Howard, and even more quickly under Abbott/Turnbull, than it has under any other government. Wages are declining under Abbott/Turnbull; something that has not happened since Fraser. Income growth is lower now than it has ever been since WW2. Business investment is lower now than has ever been since WW2, despite hitting a record high under Gillard. Innovation investment is at its lowest since Whitlam.
If we want prosperity, the facts show that we have the wrong party in Government.