Alan Wood is correct on this

Comments on Alan Wood “Good times will be harder to manage”, 22/10/2009, http://www.theaustralian.news.com.au/story/0,25197,26242325-5013578,00.html

I share Alan Wood's comments on Garnaut's view on Australian current account deficit and structural deficit.

I voiced my view in comments on Paul Kelly “Painful adjustment for spendthrifts”, 21/10/2009.

Australia is high immigration country and has always been in need of foreign capitals. This is largely reflected in current account deficit.

The structural deficit argument does not hold water. It is irrational to argue that people or government should be super rational and intelligent. The Treasury is also wrong on this.

If Treasury argues that Howard/Costello caused structural deficit when they repaid debts and set up the future fund, why it didn't even do anything in Rudd/Swan first and second budgets, instead they continued their high spending?

It is all so easy to blame others for one's own problems!