Debt is not the villain
The idea that the Coalition would oppose an increase in the Commonwealth’s debt ceiling makes about as much economic sense as its hostility to a market-based mechanism to address climate change. But, as with most of Tony Abbott’s big calls, it clearly makes good short-term political sense. In an age of slogans it is much easier to argue that government debt is bad than to argue it is good. But macro-economic variables are neither superheroes nor villains, and making good policy decisions is a bit harder than picking who to barrack for.
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