overseas debt

Your In-tray is piled high.

Dear Bill,

I recall when you first entered Parliament 26 years ago, it was widely thought you were prime-ministerial material. You’ve made it. Congratulations.

A major preoccupation of the budget was preparing for the next major financial crisis. To do so it is reducing government spending relative to GDP. Where do tax cuts fit in? 

Our politics reminds me those weekly serial movies where each week the heroine ends in an impossible situation but next week she miraculously escapes and the action moves on to the next impossible situation.