- Posted by Ad astra on May 8, 2009
He’s a Rhodes Scholar with a monumental brain. Yet when Malcolm Turnbull rose to speak at the National Press Club this week he seemed to have a memory lapse – he forgot the GFC. Read what he said and see if you can spot where he acknowledged it and the massive loss of revenue resulting from the downturn, a loss whoever was in Government would have suffered.
He mentioned ‘global recession’ only once, in the sentence referring to Kevin Rudd: ”They’ve cut him a lot of slack because of the global recession.” He didn’t use the word ‘crisis’ at all. So that made it easy for him to lambaste everything, I do mean everything the Government has done to ameliorate the effect of the GFC on this nation. Every action was portrayed as simply debt accumulation, deficit building and fiscal disaster for decades to come. There was no acknowledgement of the need to borrow money to cover the shortfall in revenue resulting from the GFC which is well past $100 billion, without which regular Government services could not be sustained. It was as if the revenue loss did not exist. More...