The economy
Sir, — Aghast at the deficit shown in our overseas trading figures printed in “The Press” today, I read that Mr Muldoon had expected this record imbalance, and that it was not a cause for alarm. The Prime Minister’s anticipation did little to decrease my trepidation,' so, hoping for more positive assurances I read on. “The Government will not take any specific action to lessen, the deficit,” promised the Prime Minister. Such dynamic leadership deserved to be followed. The deficit “will flatten out about this level over the next 18 months or so, so in real terms it will diminish.” Reassured, ‘ and armed with the official formula for the economic miracle, I approached my bank manager, re overdraft. I suggested that I do nothing, about it for 18 months, and in real terms it would diminish. His caustic reply was that the only way, in real terms I could diminish my overdraft was to make the figures smaller.
Yours,, etc., P. R. SIMONSEN November 22, 1982.
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Press, 25 November 1982, Page 20
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167The economy Press, 25 November 1982, Page 20
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