Kevin Rudd Labor is spending out of control like Greece and Spain leading up to the global financial crisis. Back then in 2007, Greece and Spain had AAA credit ratings by Moody’s as well as Ireland and Portugal. So having a AAA credit rating by Moody’s is no reliable measure of sovereign risk.
Who is Moody’s anyway but a private ratings agency with an unreliable record of judgment? Italian consumer associations have branded Moody’s as unreliable, manipulating market with “false, unfounded or otherwise imprudent judgments.”
Queensland’s Kevin Rudd is addicted to spending just like Queensland’s Anna Bligh was.
Bligh Labor blow out government debt to $70 billion, then sold the farm to get cash to pay down Labor’s debt. The interest bill on the debt was costing Queenslanders $5.1 billion each year, or nearly $100 million a week.
Rudd Labor’s budget deficit has blown out former treasurer Wayne Swanee’s forecast by $30 billion last Friday and the breaching of the $300 billion debt level. This is so far costing $13 billion a year just to service the interest.
That $13 billion should be going to fund vital health, aged care, transport infrastructure, education and helping struggling ordinary Australians.
But Brisvegas Labor just can’t help its spending addiction.Same Spots