​Ex-Treasurer warns of global economic disaster as debt rises - 'It will end in TEARS!'

Former Treasurer Joe Hockey has warned of a "global economic disaster" as Andy Burnham is set to cost taxpayers "hundreds of billions".

Speaking to GB News, Mr Hockey told host Will Kingston: "If we got elected into Government from making promises that we couldn't pay for, it worked. So we were elected in 2013. Shortly afterwards, and we started significant cutbacks in welfare and health and a range of other areas.

"It was unpopular. We got a large amount of it through the parliament, but we lost our jobs because we were unpopular. And at the same time, I chaired the G20 and all the finance ministers and central bank governors were saying the same thing.

"We've got to this is following the GFC. Hang on, we've got to stop spending so much money. But they didn't do it. And in fact, with Covid it accelerated.

"So governments then ended up spending more, but even couldn't pull back on all the expenditure of Covid. And so it will end in tears. I think people individually need to live within their means and just prepare themselves for what will be a pretty wild time on global financial markets."

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