Kevin Rudd & Gough Whitlam. Doing the Deficit Two-Step.

http://www.abc.net.au/news/stories/2009/02/04/2481623.htm

It seems to happen with regular monotony - a Labor government gets elected, and we end up with Debt, Deficits, Unemployment and Big-Government.

No one disputes the need for governments to invest in infrastructure - especially in times of financial turmoil.

But Rudd and Swan are prooposing to put the country $100 billion in debt over 3 years. The sort of debt it took the Coalition a decade to pay off.

It's a matter of spending what you actually have rather than charging up a huge burden of foreign debt on the national credit card.

The major lesson of the financial crisis is that debt can be toxic. If you borrow too much when times are tough, you'll lose your shirt - and that is true for householders as much as governments.

Former Federal Treasurer Peter Costello slammed the competence of the Rudd Government on Lateline last night.

He pointed our the hypocricy of Julia Gillard praising the strength of Australia's financial framework at the Economic Forum in Davos at the same time that Rudd was talking it down and saying that "Capitalism needed to be saved from itself". As if there was one message that we needed to tell the world, but another message we needed to feed to the poor voters at home.

He underlined the poor quality of the $10 billion pre-christmas cash hand out, which did little more than boost the profits of Westfield, without creating any real jobs.

But most of all, he pointed out the stark contrast between the time when he was treasurer, and now, under our current incompetent, Wayne Swan. Under Costello we had budget surpluses in excess of 2% of GDP. Swan is giving us the opposite - budget deficits in excess of 2% of GDP.

As the old song goes... "Don't it always seem to go that you don't know what you've got till it's gone".