One of the few government institutions that actually works in the United States is the Congressional Budget Office. In Australia, it’s a different story and Australian Herald-Sun columnist Terry McCrann has been on a tirade against the latest report all week arguing that budget deficits will be larger.
Treasury has demonstrated that it is institutionally incompetent. To put it bluntly, the supposedly brightest economic analytical brains in the room, aren’t worth a hill of beans… Less charitably, Treasury has produced a document which is just plain crap. But a document which is also actively misleading — painting a totally false, seemingly easy path back to budget surplus.