Why everyone is so excited about elections?

Australian prime minister Kevin Rudd had a debate on health system with the opposition leader Tony Abbott on Tuesday. This is a show opener for the upcoming election.

I just watched a program on SBS called insgiht. The topic was (as you can guess) was what you think about politician's policy and who you will vote for.

Not sure if the audiences were pre-elected to put on a show or randomly selected from ordinary citizens. Anyhow, they all seemed very excited and looking forward to the election as if some amazing things are waiting to happen e.g. government will turn budget deficit into surplus, the hospital system is on its way to recovery, taxes will be cut further.

Best of all a much brighter future is await for us ahead. I guess that's what politicians are so good at in making us feel that way.

One reminder though, they hardly keep their promises or make a difference in a value-adding fashion to citizen or taxpayers.

Whatever they do or say is to serve the interest of themselves and their party in an effort to keep elected in the next round. Whether labour or liberal gets elected, the same old thing will start all over again.

One thing I would like to point out.

It is amazing to hear that many praised the government in getting the economy out of the recession or some call it the worse recession we ever had since the great depression.

Wow, if politicians can lure you to think that, I must they have done a pretty good.

Two reasons why Australian economy remained resilient from the GFC is that the banking system in Australi largely stayed away from toxic instruments and Australian economy remains heavily skewed toward exports in commodities. It was more luck than anything that got us out of recession largely unscratched.

Tell me one thing that Australian government did differently to the US, UK and the Europe during the GFC.

I certainly can't think of any except massive stimulus spending to replace private debt with puclic debt.

Oh, excuse me for forgeting to mention one thing that Australian government did manage to achieve while many other Western nations had a good go but failed to realise i.e. more household debt in the forms of mortgages.

I can't think of a better phrase for the "First Home Owner Boost" introduced by the Government other than "First Home Vendor Boost".

Thank you, Professor Keen for pointing it out loud and clear.

Unfortunately, professor the harsh reality is that politician will continue to support this ponzi scheme until the day of reckoning.