Amid all the reporting of the catastrophic cancellation of the Commonwealth Games, you may have missed the Victorian Government’s plan to sack 117 specialist teachers who provide support to thousands of kids with disabilities (Labor have since been forced into an embarrassing U-turn on this decision after backlash from parents).
Here’s the rub: there’s a fantastic new idea in economics; modern monetary theory.The basic premise is that debt doesn’t matter, and nor do budget deficits .The debt will sort itself out, somehow. Relax.Despite comparable debt to New South Wales, Queensland and Tasmania combined, it cruised to victory at last year’s election.
Victorian Premier Daniel Andrews is proving he cannot even follow through on the delivery of costly, state-funded projects that he has built his entire brand around, writes Matthew Bach. Picture: NCA NewsWire / Luis Enrique Ascui There’s the Rent Tax, the Jobs Tax and the Schools Tax – just to name a few from the recent State Budget.
He railed against wasteful spending and unsustainable debt, and instead said one of the chief functions of government must be to “enforce private contracts.”It will now cost Victorians many hundreds of millions of dollars not to stage the Commonwealth Games, just as it cost us over $1 billion to not built the East-West Link.
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