PERSONAL: Deputy Prime Minister Warren Truss wants to fix the Bruce Hwy.
PERSONAL: Deputy Prime Minister Warren Truss wants to fix the Bruce Hwy. Luka Kauzlaric

Letters: Party games continue in Queensland politics

Letters: READING The Gympie Times article (Region frozen out of $2 million - Truss adamant cash not forthcoming on account of Labor's fiscal waste) I thought to myself, here we go, excuses, excuses...

I believe Warren Truss is basically an honest person; so much so that when he was obliged to follow professional spin doctors' directions to mouth cleverly crafted catch words, one of which was "a big new tax" over and over again and again it began to actually show on his face in a like manner to the portrait of Dorian Gray when the cover was removed.

Warren Truss insults voters' intelligence in blaming Labor.

John Howard was lucky to take over from Paul Keating at a time when private borrowing had recovered from the 1990s recession and was growing to great effect.

Kevin Rudd, on the other hand, was not so lucky when he took over from Howard because, at almost the same time, the private debt merrymaking came to an end.

The question as to which party is better at managing the economy is like asking which clairvoyant is better.

Howard was lucky to take over from Keating when the recovery in business borrowing had peaked. He then kept the credit gravy-train running by conjuring a revival in household borrowing in 2001 by first re-introducing and then doubling the First Home Vendors Grant.

Then by chance, his luck continued as the business sector moved into full Ponzi mode (remember the leveraged buyout craze, with its last hurrah being the aborted buyout of Qantas?) more than making up for a decline in household debt growth from 2004 onwards.

Luck is the last word one could use to describe Kevin Rudd's timing. Household borrowing had been heading for the doldrums for four years by the time he took office, and virtually on the day he did, business borrowings kicked the bucket as well.

One could be forgiven for imagining the business sector went on a borrowing strike because of Rudd's election, until one noticed that business borrowing peaked in the US slightly before either Rudd or Obama were elected.

Both allegedly left-of-centre politicians had the misfortune to reach the throne of power just as the biggest private debt balloon in history began to do a re-enactment of the Hindenburg disaster.

So, Warren Truss, give the proletariat, working class a fair go because blind Freddy can see you are playing for breaks using a bent cue.

Dennis O'Brien,

Gympie

Gympie Times


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