Better Economic Managers Myth

It is often said that if you repeat a lie often enough, people will believe it, and you will even come to believe it yourself. (Joseph Goebbels?)

Such is the case with the LNP and their reputation as the better economic managers. No matter what Labor has achieved over the years, the LNP will always be considered the better economic managers by the media and therefore the public.

That reputation is beginning to take a hit now. This week the reserve bank became more vocal (must be getting worried) and reduced interest rates to 1.25% – an all-time low and a level not even considered during the Great Depression! Economists are predicting that this is just the first of several cuts to come. This is not a vote of confidence in the economy and, by implication, the economic credentials of the current government. As that great economist Joe Hockey once said (when in opposition)  “If the Reserve Bank does cut interest rates, it is not because the economy is doing well, it is because the economy is under-performing” adding “We’re now at 2.75, today it might go to 2.5. The simple fact is Labor has lost control of the economy,

He also told the ABC’s Lyndal Curtis “On average, under the Coalition interest rates have been lower than, on average, under Labor.”  Go figure.

There is now open talk of recession, even from ex-LNP leader John Hewson.

Here’s some useful comparisons between the LNP and Labor:

As Alan Austin says at Michael West: “THE LATEST data dumps confirm the current administration is not only the worst economic manager in Australia’s post war history, if not all its history, but one of the two or three worst in the developed world“. It’s an excellent article, read it here.

More reading:

The government has run the economy into the ground https://www.theguardian.com/business/grogonomics/2019/jun/06/the-government-has-run-the-economy-into-the-ground

The Australian economy at its lowest ebb in 27 years https://thenewdaily.com.au/money/finance-news/2019/06/05/australian-economy-worst-since-1992/

Good article from John Menadue here: https://johnmenadue.com/john-menadue-the-myth-that-the-liberals-are-better-economic-managers

And from The AIMN here: https://theaimn.com/better-economic-managers-you-gotta-be-shitting-me

Update April 2020 – There’s a great thread from @SuxHypocrisy on this subject and it’s well worth a read: https://twitter.com/SuxHypocrisy/status/1245333209610473472 . It goes into far more detail than I could and provides all the evidence you’ll ever need to refute the claim that the LNP are better economic managers.

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