Economic Stimulus Plan Blocked in Australia

It is kind of interesting to see the same debate going on in Australia over there stimulus as what is going on in America with ours:

OPPOSITION Leader Malcolm Turnbull has made an address to the nation explaining why the Coalition is blocking the $42 billion economic stimulus package.

Mr Turnbull said that the Federal Government’s plan would mean borrowing $70 billion over the next four years, an act that would increase national debt to $200 billion.

“That is a $9500 debt for every Australia, a debt our children will have to pay off years into the future,” Mr Turnbull said.

Mr Turnbull said the package was too big and the debt it would incur far too high.

While he supported the need for a stimulus package, the size of the Nation Building and Jobs Plan, unveiled by the Government yesterday, was so big “it looked like panic”.

Mr Turnbull also said it was neither sensible nor prudent of Prime Minister Kevin Rudd to give the parliament only 48 hours to consider the plan.

“It is an insult to taxpayers,” Mr Turnbull said.  [News.com]

To paraphrase Albert Einstein, he once said that the definition of insanity was to keep doing the same thing over and over again and expecting a different result.  We have already seen what prior economic stimulus plans in Australia has done.  If this one passes I’m sure the gambling, sex, & booze industry will be quite estactic.