Abbott and Turnbull the worst economic managers since Menzies

I read that article awhile back. Didn't realise it was the same author. Thanks for the refresh.
 
What an election campaign! Usually the government sets the agenda and the opposition counters..This time the red team is leading the way and the blue team is responding.

It is a lot easier when the mining boom was in the bubble! Now it is much harder!

The Qld government has had to raid the QIC for $6billion dollars to keep the state moving.. The Federal government be it red or blue will have nothing to raid except the Future fund if a recession occurs.

I think that who ever wins will not be able to govern in good times and will have little $$$$ to spend to keep the consumer voters happy and so they will loose the election in 2019.

Regards Errol 43








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errol43 said:
The Federal government be it red or blue will have nothing to raid except the Future fund if a recession occurs.
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They won't need a recession as an excuse to raid the future fund.
In 2009, Rudd plundered the funds to hand out big-screen TV's to every voter - he preferred to call the irresponsible act a "stimulus package".
 
The current iterations of Liberal and Labor are both ball and chains around the nation's ankles. The Greens are glass of cyanide.
 
Dogmatix said:
Richard Denniss writes some great stuff, just obviously not to your taste:

https://www.themonthly.com.au/issue/2015/july/1435672800/richard-denniss/clowns-and-treasurers
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I must have missed the "great stuff" he wrote. :rolleyes:

His "great stuff" is centred on a belief that we can justify taking the wealth of some without their consent and give it to others. His "great stuff" argues that it is possible for a select group of central planners to possess all the knowledge in the world and apply it to 6 billion people going about their daily lives making their own economic choices. His "great stuff" holds that these select groups of people know better than these 6 billion individuals, that rather then let these 6 billion people make their own decisions about what constitutes value as they seek to meet their own needs and demands, that these select groups of self-appointed central planners possess near perfect knowledge. His "great stuff" implores that it is possible to take an imperfect world, filled with 6 billion people, none of whom are identical, none of whom who are equal in their skills, wealth, knowledge and desires, and manipulate their lives in order to reduce inequality, destroy individual liberty and homogenise humanity.

Richard Denniss's "great stuff" continually criticises the right for its sense of economic responsibility. His "great stuff" argues that the provision of health services, education and other social needs should never be subject to efficiencies. That if we don't have enough money for free mammograms, colonoscopies, MRI units in every town, free doctor's visits, higher education etc rather than examine whether we can afford these luxuries, whether these services are overpriced or whether we are actually getting a return on investment - rather than actually questioning whether the programs and services that these central planners and their crony providers are actually delivering, his 'great stuff" proposes taking even more money from producers and spending even more money on even more projects for the common good.

Richard Denniss "great stuff" accuses economists of perpetutating fallacies like a religion, whilst at the same time he is quite happy to perpetuate his own fallacies, based upon his own economic theories ie:
Richard Denniss said:
The ups and downs of the Australian economy are known as the business cycle. While academic economists argue about definitions and measurement, the economy slows down around every seven or eight years.
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and:

Richard Denniss said:
The idea that a budget surplus is proof of good policy has no basis in economics.

Imagine an ice-cream shop in a small beach resort. In the summer months it does a roaring trade; in the winter months it's a nice quiet place for the staff to read. Now imagine that you are the owner of the shop. In the middle of a long and very hot summer you see an ad for the car of your dreams. With ice-cream sales at record highs, you would still be in surplus even after the enormous monthly repayments. Would you buy the car on that basis?
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There have been countless posts on this forum dispelling the notions of the theory that the business cycle naturally corrects every 7 - 8 years and there have been even countless more posts dispelling the myth that a government budget using other people's money should operate in the same way as a private business or family budget using private money.

His "great stuff" includes peddling half-truths, ignoring the data that shows that the extent of the welfare state that exists under both sides of politics: [imgz=http://forums.silverstackers.com/uploads/753_6824_net_tax_payable.png]
753_6824_net_tax_payable.png
[/imgz]

Richard Denniss said:
He (Costello) also handed out tens of billions of dollars worth of benefits to middle- and high-income earners, while arguing that the government couldn't afford to increase unemployment benefits, disability benefits or the age pension.
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I haven't seen any "great stuff" from Richard Denniss, just the ramblings of a Marxist with an insatiable desire to spread fallacies and to control the lives of everyone else.
 
Menzies, Abbott, Turnbull?

The worst?

I know that is true because politburo of the Party said so, so it must be!


OC

(The more they fear, the more they hate, and the more the attack)
 
OC...Do you think that we have wasted an opportunity to develop Australia by wasting too many $$$$ during the Mining Boom?

It is easy being the Treasurer when times are good but the wise Treasurer puts some away for a rainy day...Costello put $$$$ away for the Future Fund for Federal Public servants but gave a lot away with a policy of more children--more $$$$, tax breaks etc.Still he did warn us that the NDIS and Gonski were not affordable at the last election but alas Hockey blew it by agreeing with Swan to fund both schemes.

The TPP and the Bail In are IMO the major issues at this election but MSM don't know how to ask the right Questions and get the right answers. :)

Regards Errol 43
 
The mining boom wasted?

Yes, much of it was wasted by the socialists after the GFC. Remember though that everything a socialist gives the people, they do with BORROWED money! In 2008, a clean slate with a spare $20 BILLION in the piggy bank, and NIL net debt on the bank account. What more could a Treasurer ask for than that? Now we are drowning in red ink!

Money borrowed on the assumption that the mining pot of gold would never end. It has and probably for at least a decade. The stuff is still in the ground but nobody needs it now.

IMNHO, all the $TRILLIONS of Bonds in the market will NEVER be paid back with real money, just inflated paper to buy a Big Mac if you are lucky.

I am certain all Treasurers know that.

OC
 
Old Codger said:
The mining boom wasted?

Yes, much of it was wasted by the socialists after the GFC. Remember though that everything a socialist gives the people, they do with BORROWED money! In 2008, a clean slate with a spare $20 BILLION in the piggy bank, and NIL net debt on the bank account. What more could a Treasurer ask for than that? Now we are drowning in red ink!

Money borrowed on the assumption that the mining pot of gold would never end. It has and probably for at least a decade. The stuff is still in the ground but nobody needs it now.

IMNHO, all the $TRILLIONS of Bonds in the market will NEVER be paid back with real money, just inflated paper to buy a Big Mac if you are lucky.

I am certain all Treasurers know that.

OC
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To get in the black, we had to sell Telstra, airports etc. Sell the silverware..Remember OC the reds didn't get in to 2007 and by then the GFC was in full swing...Oh those great financial leaders in the USA. The mining boom was prior to 2007...Remember Costello said $5000 to have a child..Why not have 3, one for mum, one for dad and one for the country. Come on fellows, Capitalism is dead replaced by the Corporate 200 and all their shareholders.

Regartds Errol 43
 
I couldn't get past this point before laughing and commenting

The current government has also seen the largest expansion of private household debt, beating that observed under the Howard government.
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Wait what? Private debt? Yep it's definitely all the governments fault because people are getting loans for homes they will never pay off.
 
Private debt, as opposed to Government debt is in a nutshell, Credit Cards, Mortgages, and BANK & Public Company borrowings.

Credit Cards and Mortgages are the individuals responsibility.

Bank and other corporate borrowings, usually by way of Corporate bonds are the sole responsibility of the Company, and in due course the shareholders up to the value of their shares.

OC
 
Old Codger said:
Menzies, Abbott, Turnbull?

The worst?

I know that is true because politburo of the Party said so, so it must be!


OC

(The more they fear, the more they hate, and the more the attack)
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Bizarre isn't it?

We had no public debt after Howard paid off the Keating government's debts, even though it meant selling off our assets and bleeding us with marginal tax rates.

I was happy with that. Unfortunately, the next so called "Labor" government proved itself to be a servant of the big unnamed international banks, thoroughly indebting us with corrupt boondoggles in the name of education, the earth, being nice to poor people, creating a national surveillance, I mean broadband network, etc.

But always at great cost to the taxpayer and in debt to international banks, which we are not allowed to know, thanks to the inking out of their names in "Appendix G" of The Treasury Report, under the "Greatest Treasurer", Wayne Swan. Even reference to this is now algo-extinguished.

Anyone with an eye to it knows something of search engine behaviour when it comes to leftist taftics.

But we are in debt and it will continue.

Julie can lump U-Turnbull with Tony A but the former is a leftist and populist, weak and malleable, the latter hated by the left for sticking to principles, for they have none.

What we have now is a joke. No right minded person can vote for Turnbull. But clearly, voting for Shorten is a vote for open borders communism again, in keeping with the international banker objectives of globalism and the Greens even more so.

Best case, Turnbull is booted from Wentworth and Liberals win with a majority in the lower house and minority in Senate with ALA holding the balance.

Unlikely, but so much is at stake, I hope Aussies truly understand what is happening and how the media is an instrument of globalist influence against their interests.
 
"Julie can lump U-Turnbull with Tony A but the former is a leftist and populist, weak and malleable, the latter hated by the left for sticking to principles, for they have none."


There is no bunch that hates better than a socialist. Abbotts great and unforgivable sin is that he beat komrade kevin and his motley crew. For that he must be revenged, and that means ground down and have a wooden stake driven through his heart.

They will hound him, insult him, attack him, unto the end.

On the others side of the coin is the arch socialists such as we see every so often on TV like that pathetic old lecher and bullshit artist komrade bob hawke.


OC
 
PS,

I am sure that Julie will understand that the WORST insult a socialist/communist can hurl at an enemy is the word "fascist'. I heard it often from my now dead brother, and his marxist widow.

The word was flung around by both of them with the bile only a communist can generate.

Special venom was reserved for Howard and Abbott of course.

Not sure just how they will react to komrade malcolm yet. I suggest hanging, drawing, and quartering! SLOWLY!

OC
 
Socialists and collectivists are weak and cowardly people who hide in groups to make themselves feel strong, who do their bullying from a safe distance and who project their own inner disappointment with themselves as self righteous hatred of people who have more courage than they themselves ever will.
 
@Rnt,

I find that it is the low achievers that target the high achievers in our society to find excuses for their failures. You find very few of them that have actually DONE anything but risen through the ranks of the Trade Unions, all the way to 'organiser'.

Very few 'men of industry' or commerce do you find. Teachers (of course) lawyers and so on. All looking for that $200,000 a year, and a BIG indexed pension. Very few have ever been personally responsible for a BUDGET and its results!

JMNHO


OC
 
My take on an old classic:

If you are demanding that your capitalist country take a seat at the socialist card table and you don't know who the sucker that will be living on turnip soup and stale bread will be - it's you.
 
Results not typical said:
Socialists and collectivists are weak and cowardly people who hide in groups to make themselves feel strong, who do their bullying from a safe distance and who project their own inner disappointment with themselves as self righteous hatred of people who have more courage than they themselves ever will.
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The anti-capitalistic mentality
 
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