Saw kruddy on the box last night pitching labor's campaign directly to the stupid and uneducated. He said Australia's federal governments enormous, and rapidly rising, debt is nothing to worry about because other countries had higher debt than us! We're good because others are worse!!! Unfortunately most of the brain dead leftards will probably fall for this one. "It was Kevin Rudd as PM who gave us cumulative deficits of $130 billion in just 3 years, including the biggest deficit in recent history. Kevin Rudd and Labor have increased Australias debt limit from $75 billion, to $200 billion, to $250 billion and now to $300 billion. The Treasury has told us that debt will hit $290 billion by Christmas, just $10 billion shy of the current legislated limit. Labors debt will cost $12.5 billion in gross interest this year and that is before even one dollar is repaid. This money could fund 10 world class teaching hospitals or entirely fund the NDIS without a levy each and every year". Only a fool would vote for these incompetent idiots.
We've been through this before and like a true leftard you keep spruking the same old line despite the fact it has been shot down in flames over and over again.
Simple question. Do you mean govt debt relative to GDP? I would think you do because any other reference is essentially meaningless. Govt debt to GDP gives an indication of how well a government can manage its debt. In the UK it's 90%, in the US about 101%, in Australia 20%. Our lower government debt to GDP looks pretty good.
Here we go again.... no, I mean government debt, presently around $140 BILLION. $140 BILLION is $140 BILLION and come Christmas $290 BILLION will be $290 BILLION and it will all have to be paid back PLUS INTEREST. A $290 BILLION debt looks pretty good!!!! You are suffering from the same suspension of logic that Kruddy Clown is suffering from. The fact that others are worse does not make us good, just less bad, our situation is still bad, just not as bad as some others. Don't forget when these fools took office the government had NO DEBT and around $40 billion in the bank. You think handing $12 BILLION to overseas bankers every year is good? You would rather do that than build 10 hospitals or fund the NDIS?
FAAAAAAAAAAAARRRRRRRRRRRRRRRRRRKKKKKKKKKKKK!!!!!!!!!!!!! How can anyone fail to see that growing our debt to this level is dangerously stupid? The GDP spin is ridiculous. At the rate our Resources sector is slowing down, we will see our GDP shrink alarmingly. This is pathetically weak fiscal management.
The GDP spin really does seem to trick the foolish. Perhaps, one should look at all foreign debt and tell us what level of GDP is and compared to other nations? Maybe they can explain how simple 7% drop in dollar value means great increase in Government debt to GDP? Maybe while they are at it they could explain how the NZ dollar is trading far above Australia which has pushed a great deal of overseas investment advice to withdraw from Australia and invest in NZ? Maybe they could explain how all this will not make any difference to A) Government debt B) National foreign debt
The level of debt is tiny. It's be like me owing a buck fifty. Why to right wingers always need to pretend the (*)(*)(*)(*)ing sky is falling?
It`s hard to believe that anyone could fail to see these obvious facts. People who don`t experience responsibility, never grow up.
Govt debt to GDP gives an indication of how well a government can manage its debt ? Clearly this govt cant manage its debt if our debt continues to increase.
- us debt 17,000,000,000,000 trillion - 56,000 per capita - uk debt 2,000,000,000,000 trillion - 33,000 per capita - aus debt 240,000,000,000 billion - 10,000 per capita - fran debt 1,800,000,000,000 trillion - 30,000 per capita - ger debt. 2,300,000,000,000 trillion - 28,000 per capita
Wow, you can type crap out, but you still have not explained how these figures mean anything to the actual state of debt to the economy... Can you??? No??? I don't think so. Fact is I am sure you actually have no idea what those figures demonstrate. You only know what the ALP tells you to know.
The figures speak for themselves, much like the Abbott lies that you wanted to stick your head in the sand over!
A figure is meaningless without context. If I owed $290 billion I couldn't pay the debt. The government obviously can. So, how large is the debt compared to the government's ability to pay, that is the contextual question and without it your figure is just a bunch of meaningless numbers. The comparisons I made were based on debt to GDP which are valid comparisons. As for the Howard government, given the boom they could have done much better, instead they pissed the money away on buying votes - http://www.smh.com.au/federal-polit...f-the-loose-purse-strings-20130110-2cj32.html
So, in other words, you need time for the ALP minders to tell you what to say then? As these are the points you need to discuss, I would assume it is you who is sticking their head in the sand and there is no way you will pull it out until somebody tells you how...
So what you mean really is you don't know what your talking about so your regurgitating the drivel your spewed out last time
Particularly considering that thus far, we have largely escaped the impact of the GFC, thanks to an extraordinary set of circumstances. Firstly, the Howard Government had built up a healthy cash reserve, furthermore, the resources boom coincided with the GFC. However, these two factors have failed to idiot proof our economy. Particularly considering the precarious nature of the Global Financial Position, it wouldn`t take much for us to find ourselves in real trouble, especially with an L Plater, like Killer at the helm. The GDP pitch, is obviously pitched at the more simple minded among the population. Adults among us can easily see that our debt is spiraling out of control. The ALP has eroded our National Economy on two fronts. They have remained faithful to their agenda of destroying Australian industry, the way they mishandled the Live Cattle Industry, is one example. The damage they have done to our country, and our people, is criminal. Farmers have been sent broke, many even pushed to suicide. Cattle and wildlife are suffering excruciating torture, due to the combination of overstocking, caused by our own Government`s attack on exports, and drought conditions.
Well I will explain it for the dummies... listen carefully .... we .. Australia,have a lower debt than the US, than the UK than France, and than Germany. Now any half brained year 10 student can tell you that we should have a lower debt than those countries ... we have less people .. so just looking at what our debt is means jack all. It's our debt per person
So it has nothing to do with the size of the economy??? It all has to do with populations??? SO you propose that while Australia has far less people the debt is OK as long as you can tax the crap out of them to repay that debt??? Fact is, you are unable to answer the questions. Yes you want to sound like the intellectual one, but your demonstration of exactly what this debt is, clearly defines your inability to actually understand the fiscal position Australia is in and the problems imposed by such debt. You know the stupid part about this entire issue… I have already explained to TV what this actually means and he along with many are unable to understand the real problem and what is needed to addressed.
The resources boom predated the GFC, but what really helped us during that time is the fact that our banking system is far better regulated than that of the US. This debt question falls into two categories. 1. It's Coalition propaganda being put about here or 2. You don't know what you're talking about. Debt is an instrument of economic management, it is not evil. Without debt capitalism couldn't function. The ability to manage debt is important and that's what being overlooked in the general public debate, if I can all it that, in the nutter right wing media in Australia. Crumbs even Mr Micawber could understand the meaning of debt to GDP.
No, small disagreement, It was a combination of many things. resources boom, money in the bank, banking and business regulations. NOW we are getting close to the points. but the truth in the debt is being pushed aside by Coalition propaganda making the focus on debt that is government proportioned. The only debt people consider to be a problem (which is a small one) that the government can specifically change. OR should I say will change. Which is the general reasoning at this time. Yes and they would also understand that the meaning of debt to GDP is not of any consequence to anything but to attempt to justify having a large debt. After all what is the capcity to repay debt got to do with having choked an economy to the point of nothing but repaying debt...
But the economy isn't choked by government debt garry. Individual companies may go under because they accrued too much debt but that's poor management. Government debt is functional, it's not borrowing for the sake of it or borrowing for speculative purposes such as people who borrow money to play the stock market. And the ability of government to pay its debt is important and that's why debt to GDP is relevant and the single amount of debt is just a number.
Not at present, but the size at present is considerable which grows with fluctuations of other non-related or indirect causes that if ignored in consideration to debt will make the debt crippling. The fact that many overseas investment advisors look now to New Zealand for future investment and are advising to withdraw from the Australian market is making the debt more of a problem. At this very moment it is not a great issue, and the fact that government debt is only portion of foreign debt the real issue of this problem is being ignored. Any debt used to produce nothing is a problem. Debt of any kind has to produce a return. Your stock market analogy is good example, while it does produce results, as you clearly point out it is speculative so when things turn bad, crash happens because it produces nothing. The reason that capacity to repay is not great indicator is because there are many other issues that affect that very concept. A simple drop in dollar value increases the debt far greater than the original drop. Look to the NBN, Government has not accounted for the cost of NBN in future building past next year or two so the actual cost of completion is not accounted for. Sure the Coalition is laying larger claim then ALP, but the truth is we just do not know what the real cost will be, AT THIS TIME. This also is major problem with any government debt even the foreign debt.
Speculative pedanticism is simply and foolishly about making the simple sound complex in an attempt to "patronise" others! Our debt is "substantially low compared to every other developed economy! We are the only country with a AAA rating on the planet with a "stable" outlook from the 3 major world ratings agencies! China's major ratings agency also gives Australia a AAA rating with a stable outlook! You don't get this from massive economy destroying debt! Silly attempts to talk down our economy are simply verbatim responses from fony Abbott and his bumbling baffoon of a shadow treasurer who are making every attempt to grasp power at "any cost", yep, at any cost to australians for their own selfish aims! I wish people would simply think for themselves rather than base their argument on shallow commentary from lying, deceptive fools like fony Abbott!
