Marks for Malcolm but no votes


Once again Malcolm Turnbull gets full marks for reading the economic situation correctly but yet again it is Kevin Rudd who will get the votes.
First as the Shadow Treasurer and more recently as Leader of the Opposition, the former merchant banker has understood that the fall out from the American banking crisis would be more serious than most people thought.
While Prime Minister Rudd was preaching the need to restrain spending to fight inflation, Turnbull was calling the likelihood of a world wide recession as a far greater danger than rising prices. He wanted a reduction in the size of the government's budget surplus rather than an increase.
It took until yesterday for the Labor Government to agree with him and announce a $A10.4 billion spending package to stimulate the economy.
Alas there are no votes for the Liberals in being right. The credit in politics goes to those who do rather than those who talk. When pensioners get their pre-Christmas handouts it will be Labor that gets the thank yous.

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