Joe Hockey - a Clown or debt-cyborg gone rogue?

[CriticalSilver]

Can one reconcile his profligate spending, raging about increasing the level of debt and his claims about conservative economic management?

Some references:
Qantas - RBA Grant - Debt Limit Increase - Path to Surplus (Live within your means)

Is anyone else watching this unfolding train wreck.

 

[nonrecourse]

Can one reconcile his profligate spending, raging about increasing the level of debt and his claims about conservative economic management?

Some references:
Qantas - RBA Grant - Debt Limit Increase - Path to Surplus (Live within your means)

Is anyone else watching this unfolding train wreck.

After the last 6 years of mismanagement and close to a 300 billion deficit that deteriorated from a Howard/Costello surplus what part of the balance sheet/profit and loss statement don't you get Gino ?

Mate the train wreck happened before this mob was handed the controls. New tracks have to be laid and a crane brought in to put the train back on the new tracks and that costs money. Like when Keating was defeated it took the conservatives 10 years to pay down the debt. Even with our good terms of trade which the previous conservative government didn't have the first 5 years in office there is a lot of heavy lifting to do.

I was present for the opening of the 44th Parliament in Canberra and what a rump of deadwood sits on the opposition benches.

Kind Regards
non recourse

 

[errol43]

Can one reconcile his profligate spending, raging about increasing the level of debt and his claims about conservative economic management?

Some references:
Qantas - RBA Grant - Debt Limit Increase - Path to Surplus (Live within your means)

Is anyone else watching this unfolding train wreck.

After the last 6 years of mismanagement and close to a 300 billion deficit that deteriorated from a Howard/Costello surplus what part of the balance sheet/profit and loss statement don't you get Gino ?

Mate the train wreck happened before this mob was handed the controls. New tracks have to be laid and a crane brought in to put the train back on the new tracks and that costs money. Like when Keating was defeated it took the conservatives 10 years to pay down the debt. Even with our good terms of trade which the previous conservative government didn't have the first 5 years in office there is a lot of heavy lifting to do.

I was present for the opening of the 44th Parliament in Canberra and what a rump of deadwood sits on the opposition benches.

Kind Regards
non recourse

It will be a lot harder this time NR...Mining revenues down...Gonski and NDIS to pay for..Higher transport cost because of falling AU $. It will take a miracle for Joe Hockey to get the worlds' best treasurer award.

Regards Errol43

 

[Clawhammer]

the worlds' best treasurer award.

Considering the luminaries that are associated with it, I would say that's an award he'd be happy to avoid

Gonski was a Gillard landmine... a purely symbolic deterrent laid by a desparate, retreating, already-spent force. No one in their right mind believed it could be funded.. not even labor.
The NDIS is just labor scorched earth policy in action, purely a tactical distraction with no strategic aim other than make life difficult for those left behind.

God she was a b!t@h

 

[nonrecourse]

It will be a lot harder this time NR...Mining revenues down...Gonski and NDIS to pay for..Higher transport cost because of falling AU $. It will take a miracle for Joe Hockey to get the worlds' best treasurer award.

Regards Errol43

Lets just forget about the media hype about best treasurer errol. From memory the clowns who awarded Wayne swan that award in 2009? earlier in 2006 awarded Lehman's the title of best commercial bank in the world :lol:

The only country that come close to Australia's position is Canada which also is a commodities driven economy. I believe that like Canada we have woken up to the European Greens push to destroy the competitive advantage of Canada, Australia, the US and the BRICKs.

The Labour and Australian Green numpties who want to tie us into the European debt death spiral will continue to scream aided and abetted by the ABC and fairfax water mellons.....Green on the outside and red through and through.

Kind Regards
non recourse

 

[CriticalSilver]

Can one reconcile his profligate spending, raging about increasing the level of debt and his claims about conservative economic management?

Some references:
Qantas - RBA Grant - Debt Limit Increase - Path to Surplus (Live within your means)

Is anyone else watching this unfolding train wreck.

After the last 6 years of mismanagement and close to a 300 billion deficit that deteriorated from a Howard/Costello surplus what part of the balance sheet/profit and loss statement don't you get Gino ?

Mate the train wreck happened before this mob was handed the controls. New tracks have to be laid and a crane brought in to put the train back on the new tracks and that costs money. Like when Keating was defeated it took the conservatives 10 years to pay down the debt. Even with our good terms of trade which the previous conservative government didn't have the first 5 years in office there is a lot of heavy lifting to do.

I was present for the opening of the 44th Parliament in Canberra and what a rump of deadwood sits on the opposition benches.

Kind Regards
non recourse

I don't think Joe Hockey needs to increase the national debt by giving the RBA $8.5B and buying 10% of Qantas because Rudd/Gillard/Swan couldn't manage an economy. In fact, I'm pretty sure that going into more debt on declining revenues is not a good idea, regardless of how deadbeat the opposition are or how bad the last crew were.

Hockey went to Washington with Glenn Stevens to attend the IMF/G20/Wold Bank talk fest. Had his picture taken with a bunch of central bankers, came home a central bank lover (or had a debt-chip implant) and gave the RBA $8.5B he didn't have, then lays down plans to spend another $150B he doesn't have by raising the debt ceiling.

Then this week he's talking about spending more money he doesn't have on buying a stake in Qantas!

That's not really the way to pull in the deficit is it?

Sounds like he's developing his own form of stimulus spending to me. I can't wait to see him talk tough with Holden and Toyota. He's obviously a lean, mean, free market machine! :lol:

 

[TheEnd]

Bloody Hell Hockey AND Stevens went together hey.....Wonder what they are really planning?

 

[SilverSanchez]

Increasing a debt facility does not automatically mean increased spending. Wait and see - thats my possition.

 

[TheEnd]

Hockey had no choice.....Labor are the ones that created the mess....... I just wish Hockey borrowed 100B first and see how that goes instead of going straight for 200B. As said above it is going to take 5 hard yeasrs to recover from the mess.

 

[Greenman]

Stop blaming the coalition for the problems Labor created.

 

[Maxwell]

Or no debt ceiling whatsoever ?

http://www.skynews.com.au/politics/article.aspx?id=929611

A solution to the looming debt ceiling breach remains up in the air with Prime Minister Tony Abbott refusing to say whether he will strike a deal with the Australian Greens.

Australia's present ceiling of $300 billion is expected to be reached on December 12 and Treasurer Joe Hockey hopes to arrive at a plan on raising the ceiling by then.

Labor has supported raising the limit to $400 billion while the coalition wants it at $500 billion.

But a deal could be reached between the coalition and the Greens on abolishing the debt ceiling altogether.

Asked whether he had considered the option, Mr Abbott would not be drawn on which way the government would go.

'The problem that we have inherited is Labor's debt that was skyrocketing to way beyond $400 billion,' he said.

'Now the $300 billion debt limit on treasury's own figures is going to be breached in December.

'So we have got to deal with this, and the government will.'

Opposition leader Bill Shorten said, if the Abbott Government needed to 'nearly double the taxpayer debt nationally', they needed to open the books so it could be seen if it was worthwhile.

'Before the election the Abbott government said that you don't fix a debt problem by increasing debt,' he told reporters in Brisbane on Saturday.

'This is another broken promise.'

A solution to the looming debt ceiling breach remains up in the air with Prime Minister Tony Abbott refusing to say whether he will strike a deal with the Australian Greens.

Australia's present ceiling of $300 billion is expected to be reached on December 12 and Treasurer Joe Hockey hopes to arrive at a plan on raising the ceiling by then.

Labor has supported raising the limit to $400 billion while the coalition wants it at $500 billion.

But a deal could be reached between the coalition and the Greens on abolishing the debt ceiling altogether.

Asked whether he had considered the option, Mr Abbott would not be drawn on which way the government would go.

'The problem that we have inherited is Labor's debt that was skyrocketing to way beyond $400 billion,' he said.

'Now the $300 billion debt limit on treasury's own figures is going to be breached in December.

'So we have got to deal with this, and the government will.'

Opposition leader Bill Shorten said, if the Abbott Government needed to 'nearly double the taxpayer debt nationally', they needed to open the books so it could be seen if it was worthwhile.

'Before the election the Abbott government said that you don't fix a debt problem by increasing debt,' he told reporters in Brisbane on Saturday.

'This is another broken promise.'

A solution to the looming debt ceiling breach remains up in the air with Prime Minister Tony Abbott refusing to say whether he will strike a deal with the Australian Greens.

Australia's present ceiling of $300 billion is expected to be reached on December 12 and Treasurer Joe Hockey hopes to arrive at a plan on raising the ceiling by then.

Labor has supported raising the limit to $400 billion while the coalition wants it at $500 billion.

But a deal could be reached between the coalition and the Greens on abolishing the debt ceiling altogether.

Asked whether he had considered the option, Mr Abbott would not be drawn on which way the government would go.

'The problem that we have inherited is Labor's debt that was skyrocketing to way beyond $400 billion,' he said.

'Now the $300 billion debt limit on treasury's own figures is going to be breached in December.

'So we have got to deal with this, and the government will.'

Opposition leader Bill Shorten said, if the Abbott Government needed to 'nearly double the taxpayer debt nationally', they needed to open the books so it could be seen if it was worthwhile.

'Before the election the Abbott government said that you don't fix a debt problem by increasing debt,' he told reporters in Brisbane on Saturday.

'This is another broken promise.'

I detest both parties with all my heart, it's a bit rich for labour to whine about broken promises, and it's a bit rich for Liberals to claim to eb fiscally responsible?

I didn't see this one coming, looks like we'll be in the same boat as the US sooner rather than later

 

[Big A.D.]

After the last 6 years of mismanagement and close to a 300 billion deficit that deteriorated from a Howard/Costello surplus what part of the balance sheet/profit and loss statement don't you get Gino ?

Which part of "there was a world-wide economic crisis in the middle of that" don't you get?

Standing back, letting the market reset itself "naturally" i.e. hard and fast and you end up with tanking tax revenues and a resultant deficit anyway.

I'd give Joe Hockey more credit if he wasn't tainted by such hypocrisy on debt and deficits.

 

[SilverSanchez]

Mass firings of non-essential public servants... then blame it on the greens and anyone else who didnt want to rise the debt limit.....

win both ways for the libs

 

[nonrecourse]

After the last 6 years of mismanagement and close to a 300 billion deficit that deteriorated from a Howard/Costello surplus what part of the balance sheet/profit and loss statement don't you get Gino ?

Which part of "there was a world-wide economic crisis in the middle of that" don't you get?

Standing back, letting the market reset itself "naturally" i.e. hard and fast and you end up with tanking tax revenues and a resultant deficit anyway.

I'd give Joe Hockey more credit if he wasn't tainted by such hypocrisy on debt and deficits.

In 1998 the liberals managed the economy through the Asian Financial Crisis. No $900 cash hand outs that ended up being p!$$ed up against a wall when the fiscal pygmies purchased flat screen TV's. No pink batts debacles, no useless school hall jerry builds, and no taking the labour costs through the roof that has crippled small business for six years.

Instead the liberal continued to support business practices that put more money in working peoples pockets and that is why they were in office for 11 years.

I agree tax revenues would have decreased but with prudent financial management we would not be spending the next 20 years paying down yet again another labor black hole.

If you want to talk about hypocrisy lets talk about Eddy Obeid, Michael Williams and that upstanding member for Dobell Craig Thompson. Here in Victoria of course we have the CFMEU and their mate Mr Andrews another upstanding labor brown bag man.

Kind Regards
non recourse

 

[errol43]

Re post 14...I seem to recall Pensioners getting $1500 single and over $2200 double. surely it wouldn't be John and Peter giving out taxpayer money, would it?. It must have been Kevin and Wayne.

I can't remember who it was but both the reds and the blues seem to be handing money around since 2000.

I hope that no more stimulus is needed to prop up the economy now that mining investment is starting to wind back.

We ride on the Pandas back, if China goes down so too do we.

Regards Errol 43

 

[Earthjade]

Give it a few years and we'll be at near zero interest rates as well.
The economy will start tanking and hopefully, the real estate market will fall on its arse.
Debt will climb up regardless of who is in power.

I have to shake my head at the people in this thread arguing so passionately for the Liberal party as if they were different to Labor.

 

[TheEnd]

Give it a few years and we'll be at near zero interest rates as well.
The economy will start tanking and hopefully, the real estate market will fall on its arse.
Debt will climb up regardless of who is in power.

I have to shake my head at the people in this thread arguing so passionately for the Liberal party as if they were different to Labor.

Ye its definitely going to be a slow and painful death but ever so slowly......The RBA just WILL NOT say straight out that things are shit because then everyone will freak out and the whole house of cards will fall............And ye Libs have done NOTHING since they got in......

 

[CriticalSilver]

So, after giving away $8.5B of new debt obligation to the RBA, now he wants to cut ...

Hockey lays ground for cuts
...
Mr Hockey said he would not be -distracted by short-term volatility that has roiled financial markets, as he frames a budget aimed at tackling structural challenges facing the economy such as the -ageing population.

"We can't be sidetracked by the volatility of equities markets, the volatility of bond markets or currency,'' he said. "They'll find their natural market point."

Read more: http://www.afr.com/p/national/hockey_lays_ground_for_cuts_KF85IKpfopp7oyN79jDn5H

Say, what! Oh, then the RBA doesn't need that $8.5B and you can reduce the national debt burden instead? ....

Hockey defends Fed taper putting US economy first
...
Treasurer Joe Hockey says the Group of 20 must be prepared to -"collectively assist'' emerging market economies hit by the fallout from cuts to the United States Federal Reserve's monetary stimulus, but is defending the US's right to put its own economy first.

Asked to clarify what he meant by ''collectively assist", Mr Hockey said that assistance "could be on a bilateral or multilateral basis".

...

Asked if he believed developing economies needed to fix their own problems, Mr Hockey said many emerging economies "have undertaken reform and it hasn't been easy.

"Our enemy is complacency and as the global economy starts to improve, albeit gradually, there is a danger that complacency creeps in with a number of economies," he said.

"We are very mindful that there are contentious elections in a number of these countries that are potentially most exposed to the impact of tapering and I think we have got to stand ready to collectively assist those economies if the waters get extremely rough during the course of tapering."

...

Mr Hockey commented favourably on an article on Tuesday by US -economist Nouriel Roubini, who argued the Fed's taper had prompted "capital that flowed to emerging -markets in the years of high liquidity and low yields in advanced economies, is now fleeing many countries where easy money caused fiscal, monetary and credit policies to become lax".

Read more: http://www.afr.com/Page/Uuid/71dc8b98-8d52-11e3-be4e-703628281368

So, we can't be distracted by short-term volatility and markets will find their natural balance, but the FED can manipulate international markets to the cows come home, upsetting any balance and creating all sorts of volatility, and that's OK. Furthermore, Australia has to focus on that volatility created by the FED and be prepared to "assist" affected countries, while ignoring our own short-term issues?

What? Why? What did he say? :lol:

I think he is erring on the side of clownish now, rather than debt-cyborg that is. However, he could just be a debt-cyborg-clown, all rolled into one. You know, created by the central banks to promote reliance on debt based currencies and the prerogatives of the central banks that print them, while at the same time, providing comic relief to the punters with confusing and contradictory statements while spruiking his message of hope and change via austerity policies.

 

[hiho]

its all campbell newman's fault

 

[Old Codger]

The last 6 years of rampant socialism will take AT LEAST a decade to fix or even turn around.

Any suggestion otherwise is simply dishonest.

OC