Perks and loopholes can’t endure as we run up debt
Michael is joined by Adam Creighton, Economics Editor with The Australian, who writes that the coronavirus ‘perks and loopholes’ can’t endure as Australia runs up debt.
‘The young and poor have little say in society but they are incurring the bulk of the costs from the shutdown.’
‘The $320bn the government and the Reserve Bank have allocated so far to staunch the self-imposed economic carnage will have to be paid for.’
‘The plunge in tax revenues could well be as significant as the increase in outlays, leaving a gap that will test governments’ ability to borrow. There’s already $400 trillion of debt sloshing around the world.’
‘And the bill will come long after those whom the younger generations have tried to protect have died.’