Business
Billionaire investor predicts ‘day of reckoning’ over government spending – Sydney Morning Herald
Magellan’s Hamish Douglass has said politicians might as well believe in the tooth fairy if they think government debt is consequence-free.
Magellan chief investment officer Hamish Douglass says politicians might as well believe in the tooth fairy if they think high levels of government debt is sustainable, and predicted a day of reckoning for future generations saddled with paying it off.
Mr Douglass told investors tuned into the company’s markets update on Tuesday that governments acting on short-term interests were misguided as heavy debt had long-term ramifications.
“If you believe debt is free and debt has no consequences, yo…
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