Labor front-bencher Jim Chalmers reckons Treasurer Josh Frydenberg’s admission that he draws inspiration from Margaret Thatcher and Ronald Reagan will send a “shudder down the spine” of every Australian worker.
“Josh Frydenberg thinks the solution to this job crisis is to double down on trickle-down economics and even more job security,” the shadow treasurer told reporters in Brisbane on Sunday.
The late US president was an ardent advocate of “supply side” economic theories, which came to be known as “Reaganomics” and hold that large tax cuts for the wealthy trickle down through the economy.
Former Conservative UK prime minister Margaret Thatcher also took a tough stance on trade unions, reducing the number of days lost to industrial disputes from 30 million down to two million, according to Mr Frydenberg.
He believes both leaders dealt successfully with the challenges of the 1970s and 1980s.
“Thatcher and Reagan are figures of hate for the left because they were so successful,” he told ABC television’s Insiders program on Sunday.
“One got two terms, which was the maximum that you can get in the United States. Margaret Thatcher got 11 and a half years.”
On @InsidersABC Josh Frydenberg confirms his inspiration for the economic recovery is Thatcher and Reagan which resulted in a massive increase in inequality and reduction in public services #GoodGrief
— Anthony Albanese (@AlboMP) July 25, 2020
He also draws inspiration from former Australian Liberal prime minister John Howard and his treasurer, Peter Costello.
“But the reality is that Thatcher and Reagan cut red tape and they cut taxes and delivered stronger economies.”
Opposition Leader Anthony Albanese was unimpressed.
“Josh Frydenberg confirms his inspiration for the economic recovery is Thatcher and Reagan which resulted in a massive increase in inequality and reduction in public services #GoodGrief,” he tweeted.