It’s hard to find an issue subject where the LNP demonstrate any comprehension of what it really is. The global financial crisis (GFC) typifies this.
Remember the GFC? ” . . . considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It resulted in the threat of total collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of US dollars, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis”.
And remember this? “The IMF recognises that Australia is one of only a small handful of advanced countries to have avoided a recession during the global financial crisis and commends the Government’s response”.
It’s fairly easy to get your head around it: There was a GFC and Australia was one of the few countries to keep it a bay.
The Coalition are having trouble grasping this. To Christopher Pyne it never happened. In the stroke of his tongue he airbrushed it out of our history. It was a myth, claims Andrew Robb, while at other times he completely forgot about it. Amazingly, Barnaby Joyce even saw it coming.
Whilst he couldn’t explain what it was about, at least Joe Hockey knew about it and admits we might be in for another one. But what to do about it sees him floundering. I’ve read articles where he has condemned Labor’s decision to go into a budget deficit to save us from the GFC, yet here he says he might have done the same himself if faced with the decision. Unsurprisingly, Christopher Pyne disagrees.
Thankfully Tony knows what’s going on. He’s on top of everything. Yes, there was a GFC – at least he knows that – and yes, he would have gone into a deficit to battle with it while Barnaby wouldn’t have. Oh wait, Tony has changed his mind: the debt was now a bad thing.
Is it just me or do the LNP have teamwork issues? Not only don’t they know anything but they can’t agree on what they don’t know. What a rabble.
And OMG, if there’s another GFC most voters would rather trust the LNP to handle it.
God help us if they get the chance.