Of all the people talking about the proposed Abbott budget, Clive Palmer makes some of the most sense. Steve Keen makes this observation in his weekly column:

Speaking in the face of quite hostile questioning on ABC AM, he observed that Australia’s government debt level of 12 per cent of GDP was far below the OECD average of 73 per cent, rejected the hysteria that Australia’s anticipated deficits would lead to a debt ratio of 70 per cent, defended running deficits if they were needed to stimulate the economy or provide infrastructure or social benefits, and noted that our current government debt level is far below the personal debt level that most Australians currently carry.

“Our debt at the moment is probably around about $300 billion so that’s… about two months of our activity. Is your personal debt less than two months of your activity? That’s what we are as a nation. You know, we’ve got debts which are less than one year of our total activity. I mean that’s not difficult.” (“Budget based on a con: Clive Palmer”)

Spot on, Clive. Most of his points were made equally well by Penny Wong for the ALP in the Guardian, but this observation — that Australia’s private debts are far greater than our public –was unique to Palmer.

I recommend listening to the full radio interview of Clive Palmer linked in the quoted text. For a guy as outrageous as he is large, Palmer makes some good points. Not only should Liberal’s listen to him, but Labour should as well.