Julia
In Memoriam
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Economist Chris Richardson - from Deloitte Access Economics - dismisses the need for a debt ceiling at all and accuses both sides of playing political games with it.
CHRIS RICHARDSON: I don't think we need a debt ceiling, full stop. Remember this is a fairly new invention in Australia and it's a dumb one. Parliament already looks closely at every budget. You can ask Gough Whitlam and Malcolm Fraser just how closely we look at budgets.
We have Parliament passing in effect the expenditure and revenue decisions in the budget. That means they've directly or indirectly already made decisions about debt. If you have another layer of decision, that's dumb. It's asking for trouble as the US has recently proved.
We'd be much better off having no debt limit. If we've got to have one, let's have a massive increase so that it does not prove to be a problem.
LOUISE YAXLEY: Do you think then that this is just a political game?
CHRIS RICHARDSON: Both sides have played political games with debts and deficits in Australia. No side has covered itself with glory in this debate. Either before or after the election.
For reasons of good governance in Australia, we have already, year in, year out, taken careful decisions around budget spending and revenue. We should not let grandstanding opportunities arise. The US is a good example of the trouble a nation can get into around grandstanding.
Again, neither side of politics has its hands clean here. Of the available options, yes I would prefer the increase to $500 billion. But only because the sensible option, you know, take the debt ceiling out the back and shoot it.
ELEANOR HALL: That's economist Chris Richardson ending that report from Louise Yaxley in Canberra.
Whiskers, how amusing.
What makes you think I give a flying f### what you think?
As far as I am concerned extreme argumentum verbosium here is nothing more than visual pollution and a criminal waste of bandwidth. I only bothered to read the one where you quoted me, the rest I scroll over for possibly interesting content from other members.
Just on the bolds the retail sector took us through the GFC the sector didn't shed jobs unlike mining (19%).
If they (retail) had fired 19% of the work force like mining then we would look more like the US regardless of our debt free situation.
Ken Henry acted ahead of the curve "go retail go early" gets little credit for saving Australia from deep recession.
Basilio,
Unsurprisingly, you have missed the point altogether. It is not treasury data at issue, it is, which I repeat for your benefit, the argumentum verbosium and the poisonous,biased subjectivity contained therein..... and the delusion that it counts as any form of valid analysis.
The farcical fallacy of your post highlights the scientific validity of the canonical wayneL's Law, vis a vis a total absence of objective thought; as is your ability to recognize it as in self evidence in your komrade's ridiculous subjectivity.
Just get rid of this stupid debt ceiling nonsense. This isn't America, and no one is going to block supply anyway, so what's the point of wasting time and money debating it. And Hockey is a moron for talking up the possibility of shutting down the public service.
1) Labor went along with most of the Coalition's tax cuts as part of the 2007 election campaign simply to get elected.
Little doubt the carbon tax is a big drain on our economy... although you might surprised how many business leaders believe in global warming and the need for some sort of control.5) The carbon tax and associated measures. This very policy is designed to slow economic growth and hence revenues.
It's fair to say the Howard government in its latter years shares some of the blame for the present situation, but they at least were fiscally sound in the early years of their government which is much more than can be said for Labor's 6-years in office.
The question now is how the new Coalition government responds
Chris Richardson's view on the debt ceiling from "The World Today":
This is all just the usual political theatrics on both sides. Labor have nowhere to go on this. They have tacitly admitted this by asking for justification of the $500billion by Treasury. Martin Parkinson will be duly wheeled out, will say all the right words, and the whole silly argument will be history.
Good to see you absorbing the data dr,........
WayneL, you know Basilio (and others) and I have have a few significant differences of opinion, BUT we have always maintained a reasonable degree of decorum (behaviour in keeping with good taste and propriety),
Ok, So...Whiskers,
The summary view I expressed on the Howard government's fiscal record today in this thread and its comparison with Labor is broadly consistent with the views I've expressed in past discussions on that matter.
One example: Do really regard your Argumentum Hitlerium on an earlier post as showing either good taste, propriety or decorum?
I'll reserve my own verbosity for more mercantile pursuits and consign the remainder of your points to the BS bin.
What worries me more than anything is the use of the tablet under the covers after bedtime.Does you Mum know you are on the computer again Whiskers?:
After an interminable period of this, he abruptly and decisively disappeared.
Perhaps he suddenly found greener pastures, or perhaps the common sentiment prevailed and he was banned.
What worries me more than anything is the use of the tablet under the covers after bedtime.
Sentiment: A thought, view, or attitude, especially one based mainly on emotion instead of reason.
http://www.thefreedictionary.com/sentiment
So... correct me if I'm wrong, but (but in the current context) you seem to be implying that Aussie Stock Forums is pro Lib and would bann robust critique from opponents.
Are you also implying Aussie Stock Forums enforces mob rule?
I thought we were all better than that!
But since you raise it... that is the underlying philosophy that I object to with our politicians.
Are you characterising the posts from WayneL, Trainspotter and even drsmith above as "genuine discussion"?
I'd also add that I have no memory of a "bullmarket" and my comment above is not an endorsement or otherwise of him.
No Whiskers ... what WE are telling you is that you are an overbearing prat. Some of your posts are logical and structured whilst others are just ....... well, you get the idea. No problem with your "opinion" ... it is the condescending, bordering on narcissism, approach you bring to the room that pisses people off. Good for you if you are right sometimes .... bad for us to have to read it ... all the time.
It's like being in a room of people wishing to have a discussion but one person shouts loudly and continuously making it so unpleasant that most people end up leaving.
Sigh... ignore seems to be the only option.
It's good advice.I just say "No" to others who tell you to "go to bed".
Read more: http://www.smh.com.au/federal-polit...e-smuggling-20131116-2xnhf.html#ixzz2ktg9yeokMr Abbott told reporters in Colombo on Friday that Australia had "good and close co-operation" with the Sri Lankan government and navy.
"I'll be thanking the Sri Lankans for the co-operation which they have extended to us on this important issue and I will have more to say about this in the next day or so," Mr Abbott said.
We've given them two retired patrol boats.Mean while back on the thread topic Abbott sucks up to the Sri Lanka government ignoring President Mahinda Rajapaksa tyrant government and human rights abuses.
All over the politics of boat people.
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