PATTRICK SMELLIE: Watch as a country eats its own fat

Pattrick Smellie
Thu, 17 Sep 2020

Pattrick Smellie
Thu, 17 Sep 2020
The most dramatic numbers in yesterday's pre-election fiscal and economic update are those showing what happens when a government spends to fend off a crisis, the economy shrinks dramatically anyway, and tax revenues plummet accordingly.They’re contained in a single line, titled “net worth” and they amount, in accounting terms, to a starving body eating its own fat.In June 2019, the net worth of the assets and liabilities measured on the government’s balance sheet showed a positive balance of $143.3 billion. In other...

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