Feb 10, 2012

Nostalgianomics and the ongoing rewriting of economic history

The Coalition's rewriting of economic history continues apace as part of its obsession with the Howard years.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

I suggested the other week that the Coalition had embarked on a course of nostalgianomics, an economic policy based on a magic reversion to the “golden age of reform and prosperity” under John Howard.

Yesterday Joe Hockey, responding to Wayne Swan’s statement on the economy, elaborated on the theme.

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386 thoughts on “Nostalgianomics and the ongoing rewriting of economic history

  1. Matthew of Canberra

    John Howard wouldn’t have let wivenhoe flood.

  2. Suzanne Blake

    Bernard, but Swan has wasted the largest amount of money in Australia’s history. Nothing else comes close?

  3. Billy Blogs

    They are not saying that the Asian collapse was bigger than the GFC, but we continued to pay off debt right through 11 years of history to a point where we had billions of cash in the bank. Rudd came to power and took those billions of savings and turned them into hundreds of billions of debt in record breaking time.

    You can argue how serious the threat was, but to spend billions on insulation that have now been burnt in Swannies back yard is hardly value for money. Schools that have a $1m building that cost them $2m is hardly good value.

    Now we have a second and potentially more dangerous round of the GFC coming and we are up to our eyeballs in debt with nowhere to go. China didn’t so-much as sneeze during GFC1 – don’t be so sure we’ll be this lucky again.

  4. guytaur

    The Coalition thinks it can still bask in the economic failure of the Whitlam Government proving them to be the credible economic managers.

    Some news for them. They re talking about a period that is essentially pre computer. To most voters the age of the Dinosaur. See Life on Mars” for an idea.

    In today’s world the Coalition have no Whitlam Figleaf to cover their economic shortcoming’s.

  5. Jimmy

    One week in and Gillards strategy of making 2012 about the economy is paying big dividends, Hockey has been terrible all week, Abbott keeps changing his tune & Robb just seems to say the opposite of Hockey.

    I will again challenge anyone to defend the various economic policies of the coalition but I assume that I will get the usual guff that they are only “aspirations” and we should just vote them in and trust everything will be fine because they always manage the economy better!

    I will also say that I think the Libs seem to think we are all idiots who can’t see the difference between pre GFC & Post, it may work for a short time but sooner or later the public is bound to see through the charade, especially if the policies and messages are so confused.

  6. Jimmy

    Billy blogs – Don’t worry about facts there Billy, just keep up the Jones like rant.

    Up to our eyeballs, yeah if you keep your eyeballs in your sock.

    “Schools that have a $1m building that cost them $2m is hardly good value.” The schools, parents and independent report seem to disagree there Billy.

  7. jeebus

    Wasted, Suzanne? I thought conservatives like having their money handed back to them? Or does that only count if it’s conservative governments handing back the money?

    Wayne Swan and Kevin Rudd wrote 8 million Australians cheques for $900! How can you call that wasted money?

    Sure, it added a small amount to the public debt, but we avoided the global recession as a result, and during a time of global economic devastation it injected a much needed boost of demand and confidence into our economy.

    Labor needs to sell its record more effectively.

  8. Filth Dimension

    S.B that old cd is skipping. Don’t you have another one?

  9. merlot64

    I think Abbott’s comment the other week that the coalition would “do less” is highly telling. The only reason that the Howard “government” managed to build a surplus is that they did nothing. The coalition let infrastructure and services wither. AND, for the record, introduced the biggest Great Big New Tax – the GST.

  10. Suzanne Blake

    @ Filth Dimension

    Its a big issue, we will be paying back Swans waste for a long time. Its not trivial.

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