Swan pushes the big red FAIL button again.

:lol: The abandonment of the surplus promise was in the old school newspapers this morning and while having morning tea my 6 year old daughter asked what I was complaining about while I was reading it. Obviously I had to simplify the whole thing so that she could relate to it. But she got it really easily - and in her words
"Wayne Swan is spending more than his pocket money".

Using a real life example from a couple of months ago, she said: "That is okay to do if you really need $10 to buy Mum's birthday present but have only saved $8, but then you don't get pocket money for the next two weeks. You have to promise to pay it back." <She gets a dollar a week at the moment>

She asked how long has Wayne been spending more than his pocket money. And when I told her that this was going to be his sixth year but there may be more, she said "Wow, Daddy! That's as old as me. You wouldn't let me borrow for that long, silly Daddy. Is he ever going to pay it back?"

:lol: Out of the mouths of children. (Much funnier at the time as well.)
 
Going on Bordsilvers figures from post #15, government spending from the (06/07) budget to the (10/11) budget increased 77%. How does swan even have a hide to say that spending is not the problem.
 
11 years of Howard and Costello et al's efforts to undo Labors last problems and the Krudd/Lizzard mob undo that in their 1st 2 years. Continue ad nauseum.

Now we yield the compound interest of continuing Labor mismanagement.
 
AngloSaxon said:
11 years of Howard and Costello et al's efforts to undo Labors last problems .
Click to expand...



Are you for real?


Following the Labor Party's victory in the March 1983 election, Keating was appointed treasurer, a post he held until 1991. Keating succeeded John Howard as treasurer and was able to use the size of the budget deficit to attack the former treasurer, and question the economic credibility of the Liberal-National coalition. That the deficit had significantly blown out in the lead up to the election was not disclosed by the Liberal-National coalition government. The incoming Hawke Labor government only learned about the extent of the deficit when briefed by Treasury officials after the election. According to Bob Hawke, the historically large $9.6 billion budget deficit left by the Coalition 'became a stick with which we were justifiably able to beat the Liberal National Party Opposition for many years'
Click to expand...




And here's the economic champions at work in a 2010 article


In the late 1990s gold was considered by Australia's economic movers and shakers as old hat, soiled goods. We were told our sophisticated financial system had moved on.

Well we all know where the system ended up - in the GFC without a paddle. Had you invested in some shiny stuff you would be well rewarded by now. This week the price of gold jumped by more than $19. It's sitting somewhere around $US1115.00 an ounce.

In November 1997 the then Treasurer, Peter Costello, shocked some people when he announced he'd signed off on the sale of $2 billion worth of Australian bullion. On the day he announced the sale the price was around $US306.00 an ounce. At the time, according to Mr Costello, gold "no longer plays a significant role in the international financial system".

Three days after the bullion was sold Australian gold shares slumped 16 per cent. With gold languishing there were more than a few people within government and the Reserve Bank congratulating themselves on such a prescient sell off.

But no-one else seemed to be selling, certainly not the US, and Robert Champion de Crespigny at the time expressed concern about Australia's ambitious move. The then executive chairman of Normandy Mining, Australia's largest gold mining group said:

"I think the Reserve bank has handled this extremely clumsily". Gold, he said, had a future if you took a long term view.

So here it was 1997 and Australia had sold two thirds of its gold assets in a single day, and sold into a buyer's market.

While the sale helped pay down debts, the deal was to cost Australia billions of dollars in the long run. But at the time people were lining up to congratulate the Treasurer.

Bill Shields who was with the Reserve Bank and who went on to become Macquarie Bank's chief economist seemed to echo the Federal Treasurer's words. He said he thought the gold price would remain under pressure and depending on how supply responded it could fall lower.

Gold, he said "no longer has a role in the monetary system and with low inflation it is an unattractive investment relative to interest bearing securities and equities".

While that sentiment was certainly shared in the plush offices of bankers in Australia, it wasn't on the minds of China's money men and women.

Two years after Australia's Government sold off two thirds of the nation's bullion, China made a startling admission. Over six years it had quietly bought 454 tonnes of gold (presumably some of it was Australia's).
Click to expand...
 
regardless of the distractions, modern Labor are economic vandals, spending what we dont have to buy votes, plain and simple.
Education labors sweetheart, down the gurgler
Health labours sweetheart, down the gurgler
Work places labors territory - 1000's of jobs lost this past two years

LABOR, FAIL, FACT
 
Jonesy said:
Interesting to read the Wikipedia entry for Wayne Swan. No economic credentials or training whatsoever, no private sector experience at all. Talk about putting the flight attendant in the pilot seat.
Click to expand...
We should at least run the Govt as a business model and employ competant trained individuals.
Peter G as minister for education..WTF
If i want to teach in tafe the minimum i need is a 12 week 3k Training and Development course.
If i want to teach in High School i need so much more,these Dckheads get given their unfamiliar positions with a slap on the back and a She'll be right on the night Pat on the back.
Any way Jonesy this is the first time i'll disagree with you.Wayne Swan is not our Treasury spokesman,its really Penny So wrong!


REDBACK
 
A real Prime minister would have stood beside her treasurer when this news was delivered. Of course this Prime Minister acted exactly as you would expect - She hid. She threw her treasurer under the bus and went into hiding.
 
Silverthorn said:
I don't have a problem with the dole, basic education and health care. These things help society. A reasonably healthy and educated workforce is a boon. Once you go beyond that I start to have issues.
Click to expand...


You obviously don't pay enough tax. I do have a problem paying mentally and physically fit individuals the dole full stop. My wife and I also as a choice self funded our education and health needs and those of our children. Other than defense, infrastructure, mental health and a few others I see no sense in allowing these fiscally still born numbnuts euphemistically called our (sic) elected representatives to continue.

My pet hate in order is....; big government, big buisness, and unions :mad:

Kind Regards
non recourse
 
Nugget said:
AngloSaxon said:
11 years of Howard and Costello et al's efforts to undo Labors last problems .
Click to expand...

Are you for real?
Click to expand...

Following the Labor Party's victory in the March 1983 election, Keating was appointed treasurer, a post he held until 1991. Keating succeeded John Howard as treasurer and was able to use the size of the budget deficit to attack the former treasurer, and question the economic credibility of the Liberal-National coalition. That the deficit had significantly blown out in the lead up to the election was not disclosed by the Liberal-National coalition government. The incoming Hawke Labor government only learned about the extent of the deficit when briefed by Treasury officials after the election. According to Bob Hawke, the historically large $9.6 billion budget deficit left by the Coalition 'became a stick with which we were justifiably able to beat the Liberal National Party Opposition for many years'
Click to expand...

Mind telling us where that quote is from?

Of course I'm for real. The Hawke/Keating era followed from the Fraser government, which was a capable administrator but did not do enough to undo the damage of the Whitlam government. Some in my family say Whitlam was "the best PM ever", I argue the exact opposite. Note this following quote is useful and reflects my own views/understanding of history, it did not help form my views. From the Wikipedia entry on Malcolm Fraser:

Although his so-called "Razor Gang"[7] implemented stringent budget cuts across many areas of the Commonwealth Public Sector, including the ABC, the Fraser government did not carry out the radically conservative program that his political enemies had predicted, and that some of his followers wanted. Fraser's relatively moderate policies disappointed his Treasurer, John Howard, and other pro-Thatcherite ministers, who were strong adherents of free market economics. Fraser's economic record was marred by rising unemployment, which reached record levels under his administration, caused in part by the ongoing effects of the 1973 oil crisis
Click to expand...

Emphasis is my own. Care to explain how Hawke/Keating were not still dealing with the negative consequences of Whitlams policies. And for that matter, the global implications of the worldwide oil shock?

And you can scream 'Costello' all you like re: the gold sell off. But its' well established that it was a Reserve Bank decision. Aim 95% of your derision at them, please.

Cause and effect is a process longer than one government. Take the long view.
 
The reserve bank needed Costello to sign off on it and he did. The blame lay with him.

I also had a chuckle at the comment about Howard being a "strong adherent of free market economics". What a complete joke that is.
 
Lovey80 said:
The reserve bank needed Costello to sign off on it and he did. The blame lay with him.

I also had a chuckle at the comment about Howard being a "strong adherent of free market economics". What a complete joke that is.
Click to expand...
Don't quote me, but I believe the sign off with Costello was to do with the capital gains tax. Costello agreed to waive the tax so that the full proceeds of the sale would stay in the bank (or something to that effect). Personally I don't see the RBA selling the gold without the Govt of the day's involvement/agreement.

+1 On Howard not being a strong adherent. He was a stronger adherent compared to other politicians but was still a politician through and through and (if you can believe Costello) wanted to spend hand over fist on various pork barrelling projects (or even more than he did anyway).
 
nonrecourse said:
Silverthorn said:
I don't have a problem with the dole, basic education and health care. These things help society. A reasonably healthy and educated workforce is a boon. Once you go beyond that I start to have issues.
Click to expand...


You obviously don't pay enough tax. I do have a problem paying mentally and physically fit individuals the dole full stop. My wife and I also as a choice self funded our education and health needs and those of our children. Other than defense, infrastructure, mental health and a few others I see no sense in allowing these fiscally still born numbnuts euphemistically called our (sic) elected representatives to continue.

My pet hate in order is....; big government, big buisness, and unions :mad:

Kind Regards
non recourse
Click to expand...

Thank you for mentioning mental health. It is so frequently overlooked.
 
This is how Swan gets his surplus

<iframe width="560" height="315" src="http://www.youtube.com/embed/r7I2-0q_yQE" frameborder="0" allowfullscreen></iframe>
 
The actual press conference.
[youtube]http://www.youtube.com/watch?v=tEIk3q9Hkrs[/youtube]

He certainly seems to be saying things are bad and getting worse. Yet his goverment are global heros of sound fiscal management. So full of contradictions, lies and excuses!

Ah, here's something with better clarity.
[youtube]http://www.youtube.com/watch?v=KLBfyRjETYw[/youtube]
 
Same vid as Gino's 2nd blocked vid above, don't know where the first frame came from.

[youtube]http://www.youtube.com/watch?v=VGtjDZg4hvg[/youtube]
 
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