Understanding Money
Government budgets are not like household budgets. They do not work in the same way. Nations like Australia with a sovereign currency, like the Australian dollar, cannot run out of money. Therefore, all this tut tutting about government deficits and spending is misdirection. If you print your own currency you can always print more. Yes, there are other economic constraints like inflation, but worrying about going bankrupt is not one of them. Governments are better off running deficits than being in surplus. In a national economy the role of government is to spend to further the wealth and wellbeing of its citizenry when required. Understanding money is not the same for the state and its citizens.
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