Perhaps there is no real need to pile on the ads at this stage since the evidence of Labor failure is everywhere. After my comment the other day about the depressing trek through my local shopping district and then along Swanston Street, Julie Novak sent me this link to an article in The Age which begins:
Almost one in six shops stands empty in one of Melbourne’s premium shopping strips as tough retail conditions continue to hurt suburban streets.
Vacancy rates across 11 prime suburban streets reached an all-time high in August, up to 7 per cent, according to Knight Frank research. [My bolding]
I know this may seem like going over old ground to many, but the textbooks still teach that public spending and deficits are a cure for unemployment and slow growth. The evidence before their eyes ought to be just a tad unsettling but never seems to be. And the recovery that will follow the return to stricter budget control ought to be even more unsettling but won’t be either.
I used to say during the Costello years that when they were over no one will understand what they had lived through, and I think that is largely right. We sailed through the Asian Financial Crisis using cuts to public spending and a balanced budget to pave the way but how can those who teach this dead-end macroeconomic theory found in our schools and texts explain what they personally witnessed?