This is frightening

[Merv and Sharon]

Right again Les. "Debt" has been the catch cry from both parties in the lead up to this election while ours is described as being 'miniscule' in historical and international terms by the IMF. Public asset ownership is the great loss of my generation. Mike, my step dad trained as a PMG engineer and fitter in the 40s and still has great technical skills at 90. He eventually became a Telecom state manager and left in disgust.

[Rebel1]

Originally Posted by Merv and Sharon

Right again Les. "Debt" has been the catch cry from both parties in the lead up to this election while ours is described as being 'miniscule' in historical and international terms by the IMF.

Exactly Merv, but even the term deficit does not imply a debt to a nation with a sovereign currency. It does not mean the same as if we are discussing our household budgets. Although that's the way the pollies would like us to think.

A deficit is really nothing more than the shifting of currency from the Government to the private sector. ie. The Government spends $Billions on school halls and buildings and the NBN and by doing so sends the Budget into deficit.

But all that has happened is that that currency has been paid to builders and IT Companies in Australia, who pay their taxes out of profits, and pay wages to workers in Australia, who pay income tax and who race out and build cobras and guess where all that money ends up after filtering thru the system?. Back in Government Coffers. Every single dollar of it.

Deficit is an economic definition which does not mean "debt" as it does in the way it applies to personal financing.