bigdog
Retired many years ago
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Re: Rudd Best PM Since Howard
Rudd has been the only PM since Howard!!!
Rudd has been the only PM since Howard!!!
Rudd has been the only PM since Howard!!!
An economist (I missed his name) from the RMIT on AM this morning said that under the $42B stimulus package every job created or saved cost $1.5M.
He based this figure on what the unemployment rate was prior to the recession compared to what it probably would have risen to without the stimulus.
If I had my druthers, I'd druther have $1.5M in my hand than a job pumping insulation into house ceilings.
An economist (I missed his name) from the RMIT on AM this morning said that under the $42B stimulus package every job created or saved cost $1.5M.
He based this figure on what the unemployment rate was prior to the recession compared to what it probably would have risen to without the stimulus.
If I had my druthers, I'd druther have $1.5M in my hand than a job pumping insulation into house ceilings.
An economist (I missed his name) from the RMIT on AM this morning said that under the $42B stimulus package every job created or saved cost $1.5M.
He based this figure on what the unemployment rate was prior to the recession compared to what it probably would have risen to without the stimulus.
If I had my druthers, I'd druther have $1.5M in my hand than a job pumping insulation into house ceilings.
We have the government, and in particular Mr Rudd on the world stage in New York right now, touting the magnificence of his governments' fantastic stimulus package being the sole reason that Australia is the only developed country not in recession (just you wait, Mr Rudd, until it all wears off, huh!).
He conveniently forgets to mention the considerable input the RBA has had in the form of savagely reduced interest rates which would represent for most Australian households a greater financial benefit via cheaper mortgage than any of the stimulus payments.
But so good is the spin of this government, and so silent are the RBA and the Opposition, I reckon Joe Public believes the government made interest rates drop also, or at the very least had some of those quiet back room chats with the Reserve Board members.
The Opposition should also be pointing out how much the ETS is going to cost the average Australian. Silence on this as well.
What on earth is the matter with Turnbull & Co? Or is all the media so in love with the government that they're just not reporting the valiant efforts of the opposition to inform the people? I doubt it, somehow.
Well we will have to see about what happens when the stimulus "wears off". I think you are mis-understanding the nature of fiscal stimulus and how/why it works. As long as global growth has started again to some extent when fiscal stimulus "wears off" then it is not needed anymore and the AU economy will continue to grow just fine as well from there.
* Interest rate cuts in Australia were and still are reported widely and are a well know factor in softening the blow from the GFC
* Of course lowered rates have a large "stimulus" impact - it's called loser monetary policy, and a standard ammo pack for every central bank on the planet in times of economic downturn. Usually fired along with the other standard ammo pack for governments, fiscal stimulus. Absolutely no surprises there. The big difference in AU is that all this actually worked, and the reason is we avoided the systemic financial collapse that afflicted other economies, meaning our banks remained solvent, continued to lend fairly well and pass on the lower interest rates to customers. Certainly more so than in the US/UK and so on.
* Despite the big interest rate cuts we have had, we still have higher rates than nearly every other country in the G-20. Plus there has been no need for "quantitative easing" here as in the US and UK.
* Anyway, I was told by Mr Howard and the Liberal Party many many times that "interest rates would always be lower under a Liberal government" - so how exactly would he have achieved that? Leaned on the RBA? Ignored the concept of fiscal stimulus in order to ensure economic meltdown, collapsed banks etc like in the US/UK etc so we to could have zero % interest rates and QE here??? Maybe they were actually full of bullsh!t and interest rates are actually set according to economic indicators independently of the government by the RBA board? Tell me it isn't so?????
For a start, you better read the Liberals own policy - they support the introduction of an ETS, and they went to the last election with that policy. Turnbull himself was one of the great proponents of this in the cabinet room. Turnbulls problem right now is that his own party (and the coalition) is split on the whole issue, that's why they are flapping around like a discarded carp on the pier..... There is no "valiant effort to inform the people", as the coalition can't decide what they wish to inform the people about!!!
Cheers,
Beej
Please note I have no animosity against Unions per say
Simply put - they are just not good at running a country
KK
AND - something else, Rudd's way ahead as preferred PM but the ALP is not far ahead of the Libs, 45% to 55%. after all the stimulus and handouts too.
If the Libs had the right leader the ALP would be toast.
Just look at the line up of ministers, quite a few have come up the ranks of a union
Please note I have no animosity against Unions per say
Simply put - they are just not good at running a country
Neither are small-time suburban lawyers (John Howard), small business people (fish and chip shop owners etc). But surely they, and the unions, all deserve representation in the political system somewhere?? For the unions it's the Labor party.
PS: How many people know that Kim Beasley and Bob Hawke were both Rhodes Scolars at Oxford?? Both became union lawyers at various career stages as well. Malcom Turnbull was also a Rhodes Scholar - he became a big end of town lawyer and investment banker - they are all cut from the same mould mate....
Cheers,
Beej
The essential phrase here is "as long as global growth has started again..."Well we will have to see about what happens when the stimulus "wears off". I think you are mis-understanding the nature of fiscal stimulus and how/why it works. As long as global growth has started again to some extent when fiscal stimulus "wears off" then it is not needed anymore and the AU economy will continue to grow just fine as well from there.
I'm quite aware of all that. My point was to do with Mr Rudd's grandstanding on the global stage, suggesting that the predominant reason Australia has been such an outstanding success (so far) is his fantastic stimulus package. I have not heard him in the same speeches even mention interest rates.* Interest rate cuts in Australia were and still are reported widely and are a well know factor in softening the blow from the GFC
* Of course lowered rates have a large "stimulus" impact - it's called loser monetary policy, and a standard ammo pack for every central bank on the planet in times of economic downturn. Usually fired along with the other standard ammo pack for governments, fiscal stimulus. Absolutely no surprises there. The big difference in AU is that all this actually worked, and the reason is we avoided the systemic financial collapse that afflicted other economies, meaning our banks remained solvent, continued to lend fairly well and pass on the lower interest rates to customers. Certainly more so than in the US/UK and so on.
* Despite the big interest rate cuts we have had, we still have higher rates than nearly every other country in the G-20. Plus there has been no need for "quantitative easing" here as in the US and UK.
I have no idea. I'm not responsible for anything Mr Howard may or may not have said. I am not a dyed in the wool Liberal voter. I simply despise the level of spin in which Mr Rudd is currently indulging.* Anyway, I was told by Mr Howard and the Liberal Party many many times that "interest rates would always be lower under a Liberal government" - so how exactly would he have achieved that? Leaned on the RBA? Ignored the concept of fiscal stimulus in order to ensure economic meltdown, collapsed banks etc like in the US/UK etc so we to could have zero % interest rates and QE here??? Maybe they were actually full of bullsh!t and interest rates are actually set according to economic indicators independently of the government by the RBA board? Tell me it isn't so?????
I entirely agree about your last point and have been saying the same thing.For a start, you better read the Liberals own policy - they support the introduction of an ETS, and they went to the last election with that policy. Turnbull himself was one of the great proponents of this in the cabinet room. Turnbulls problem right now is that his own party (and the coalition) is split on the whole issue, that's why they are flapping around like a discarded carp on the pier..... There is no "valiant effort to inform the people", as the coalition can't decide what they wish to inform the people about!!!
That's true. For all Malcolm Turnbull's experience in business, he lacks the political nous so amply demonstrated by Rudd.He's not rat cunning like Heir Rudd.
"He told me he really didn't know much about America; like most Australian politicians who know more about America than they know about Australia, that's what he told me Sunday when we were talking," Mr Clinton said.
"He then proceeded to describe in excruciating detail George Washington's strategy to hold New York in the revolutionary War"
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