How uselessly pathetic was that budget?

[Ausprop]

yeh Swan said they don't have the power to get thru tax cuts for business (in other words we are incapable of governing) but if it's a cash give away then the greens will be there quicker than a birkenstock clearance sale, so go for the sugar hit, may as well give it to somebody and the path of least resistance was it

 

[weg]

That was a budget designed to win back votes they'd lost, nothing more.

Some of those programs announced where not new either, but a rehash of the old - scrapping of old for new, but making it look like new money.

In the case of dental, those with chronic illness would now be worse off because money would be redirected to the general population on benefits (that scheme was a joke in itself too - ask any doctor about the bureaucratic cost there, before treatment even started).

But what I'd really like to know is WHY Labor want to put up the debt ceiling again, to 300B when this budget is in surplus .

I think we need to come back to this thread in 12 mths time.

 

[Crabnet]

But what I'd really like to know is WHY Labor want to put up the debt ceiling again, to 300B when this budget is in surplus .

I think we need to come back to this thread in 12 mths time.

Because the people who manage Government bonds have advised that it is necessary. Even if the Government projections manage to be accurate, which they never are, there will be occassions during the budget period where timing issues would cause the ceiling to be passed.

 

[marg4000]

Heard a snippet on the radio this morning that the budget increased the allowable govt borrowings by another $50 billion.

With a forecast budget surplus it seems there is something we aren't being told.
Marg

 

[Belbo]

Just something a few here might want to think about before getting too carried away -

But if we were to judge Swan purely on the neo-liberal calculus of orthodox fiscal policy aimed at maintaining economic growth, his performance is hard to fault. Australia has a AAA credit rating from all three major ratings agencies. Our government bond rates are at near all-time lows. Whatever the electorate thinks of him, the numbers say markets love Wayne Swan.

Read more

 

[weg]

Because the people who manage Government bonds have advised that it is necessary. Even if the Government projections manage to be accurate, which they never are, there will be occassions during the budget period where timing issues would cause the ceiling to be passed.

This is because they know government revenue won't come in as estimated - why this budget surplus is a joke.

The bigger this debt gets, the more we have to raise the ceiling under Labor.

 

[Aaron_C]

Heard a snippet on the radio this morning that the budget increased the allowable govt borrowings by another $50 billion.

With a forecast budget surplus it seems there is something we aren't being told.
Marg

Well that's because the 'surplus' is anything but. Let's not forget that the $12bn or so payment to the NBN is not included in the 'surplus' but it still needs to be paid - out of borrowings it would seem.

 

[Aaron Sice]

Just something a few here might want to think about before getting too carried away -

*snip*

Whatever the electorate thinks of him, the numbers say markets love Wayne Swan.

Read more

the same markets that have raped and pillaged the world of FIAT banking, cause global depression on the back of spending and bailouts and borrowing?

 

[evand]

Mostly under right wing, Liberal unregulated economies. And needing left wing socialist policies to clean up the mess.

the same markets that have raped and pillaged the world of FIAT banking, cause global depression on the back of spending and bailouts and borrowing?

With AAA ratings world wide, the lowest risk for OS investors, healthiest economy in the world, a standard of living unequalled in the world. Of course its a great budget, of course our economy is great. Its just the constant whingeing by the bogan right wingers that think it isn't.

Its the old princess and pea syndrome again.

 

[Crabnet]

This is because they know government revenue won't come in as estimated - why this budget surplus is a joke.

The bigger this debt gets, the more we have to raise the ceiling under Labor.

No, even if they do manage to create a surplus in the future year by bringing spending forward into this year, and increasing taxes next year, due to timing issues like when receipts come in, when bonds expire and new bonds are issued the ceiling is likely to be passed.
Quick what can we sell? Australia Post anyone? How about the hospital system or universities. Any takers?

 

[lizzie]

but i know if it was a Liberal one. You wouldnt have called it 'uselessly pathetic'

Contrary to the opinion of some - I am not a Liberal fanatic. In fact never voted Liberal right up until the last state election - although I am an admirer of Malcolm Turnbull (who is, in some ways, more Labor than Liberal).

It would have been equally pathetic under Liberal given the same set of circumstances.

 

[Belbo]

the same markets that have raped and pillaged the world of FIAT banking, cause global depression on the back of spending and bailouts and borrowing?

Aaron,

Are you a capitalist or a communist? I ask because you seem to flip from one to the other with every new post.

 

[Belbo]

Contrary to the opinion of some - I am not a Liberal fanatic. In fact never voted Liberal right up until the last state election - although I am an admirer of Malcolm Turnbull (who is, in some ways, more Labor than Liberal).

It would have been equally pathetic under Liberal given the same set of circumstances.

Then this obsrvation from the same artcle I quoted above may not come as a surprise to you -

It’s tempting to consider how history might have judged Wayne Swan and Peter Costello if their places had been reversed. If Wayne Swan was a Liberal treasurer, he may well be hailed now as a kind of economic genius, a man who faced down the demons of global crisis, and reduced the size of government in a way not seen for two decades. If Peter Costello’s record was that of a Labor treasurer, his profligate spending in the mid-2000s would likely have been decried as an unsustainable run-up in the long-term structural deficit: a spend-thrift light-weight who wasted the fruits of the long boom.

Read more

 

[Aaron Sice]

Mostly under right wing, Liberal unregulated economies. And needing left wing socialist policies to clean up the mess.



With AAA ratings world wide, the lowest risk for OS investors, healthiest economy in the world, a standard of living unequalled in the world. Of course its a great budget, of course our economy is great. Its just the constant whingeing by the bogan right wingers that think it isn't.

Its the old princess and pea syndrome again.

most people have 7 stages of recovery - you seem to be stuck in the "denial" phase.

 

[Aaron Sice]

Aaron,

Are you a capitalist or a communist? I ask because you seem to flip from one to the other with every new post.

sorry - does one need to be a communist if one does not believe the FIAT system is a good one?

 

[Belbo]

sorry - does one need to be a communist if one does not believe the FIAT system is a good one?

Are, so you're a radical libertarian of the Mises type (aka barkin' loonie economics). M'kay.

 

[evand]

Can you address the post rather than the poster? Your personal statements only reinforce the fact that you rarely have constructive come backs relevant to the thread topic.

My point being that its the same unregulated right wing, economic rationalist politics you advocate that caused the destruction of the economy, raped and pillaged the world of FIAT banking, cause global depression on the back of spending and bailouts and borrowing?

You cant have it both ways.

You always leave your blind side open Aaron. Like a good snooker player, you need to think 2 shots ahead.

most people have 7 stages of recovery - you seem to be stuck in the "denial" phase.

 

[Aaron Sice]

Can you address the post rather than the poster? Your personal statements only reinforce the fact that you rarely have constructive come backs relevant to the thread topic.

i do - constantly - they just get ignored, misquoted or taken out of context to dumbify a point.

My point being that its the same unregulated right wing, economic rationalist politics you advocate that caused the destruction of the economy, raped and pillaged the world of FIAT banking, cause global depression on the back of spending and bailouts and borrowing?

my point was that our AAA credit ratring comes form the same source....hence the denial comment

You cant have it both ways.

of course not.

You always leave your blind side open Aaron. Like a good snooker player, you need to think 2 shots ahead.

maybe some people should take their own advice and THINK 2 step ahead from my point of argument.

Are, so you're a radical libertarian of the Mises type (aka barkin' loonie economics). M'kay.

of course, if i'm not one, i simply must be the other, right? i mean, you said so yourself.

FWIW - that "barkin' loonie economics" says "there's more to money than just money" - but hey, Google's success must be "barkin' loonie" luck too.

 

[MangoMadness]

I just read the whole thread and I found this a little confusing

Can you address the post rather than the poster? Your personal statements only reinforce the fact that you rarely have constructive come backs relevant to the thread topic.

So in light of this comment can you explain the following comment?

And no, you didnt say anything about it being a Labor budget, but i know if it was a Liberal one. You wouldnt have called it 'uselessly pathetic'

That seems to suggest that your comments about the OP were addressing the poster rather than their post.

 

[Sunfish]

Bluddy 'ell Mango! Let's not ask for consistency from political animals.