Working Papers

Fact Checking the WSJ

I don’t mind the WSJ running a puff piece on Australia and Prime Minister John Howard, but at least get the facts straight:

When he entered office in 1996, unemployment was 9%, interest rates hovered around 20%.

No, the unemployment rate was 7.6% and the official cash rate was 7.5%. 

Then there is this:

the debt is a puny 4 billion Aussie dollars.

True enough, but why stop with the current net debt figures.  In 2008-09, general government net debt is projected at -$56,389 million or -5.3% of GDP.  But I’m guessing that a negative net debt position would be a little too tricky for the WSJ to explain to its readers.

posted on 05 September 2005 by skirchner in Economics

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