Colin Pearce's Blog

Treasurer Wayne Swan tries to reassure the Auatralian markets.

There's a lot of that going on all over the place and I suppose we had better get used to it.

The way of the world and the USA in particular  has met itself coming around the corner from the opposite direction.

How does the old saying go? If you're out-go exceeds your income, then your upkeep will be your downfall. It's the same for every government and every household and every family in the entire world. 

We shouldn't overextend ourselves.
We should live within our means and keep something for a rainy day.

My mother kept herself and me on a widow's pension, with money left over for small investments, little holidays, a regular tithe for church,  warm clothes and all the food we could eat.  She paid her bills on the day they fell due and never clocked up credit with the grocer, the butcher or the gas company. 

How come countries can't do that?