Disclaimer

Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. But I can't by law give you advice, and I do make mistakes. Remember: the unexpected sometimes happens. Oddly enough, the expected does too, but all too often it takes longer than you thought it would, or on the other hand happens more quickly than you expected. The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.

BTW, clicking on most charts will produce the original-sized, i.e., bigger version.

Sunday, July 13, 2014

What budget emergency?

The Abbott government argues that its swingeing budget cuts are necessary because of a "budget emergency".  As my mate Saul Eslake comments:

Saul Eslake of Bank of America Merrill Lynch said the incoming Conservative government in Britain had faced a "budget crisis" and a "debt emergency" in 2010. The projected deficit was 10 per cent of gross domestic product, and net public debt was in excess of 60 per cent of GDP.

To apply similar terms to Australia with a prospective deficit of 2 per cent of GDP and net public debt of 15 per cent of GDP was "to abuse the English language".

Indeed.


But even if it was a budget emergency, why is the burden being born by the poor alone?  Because the so-called "libs" are hostile to the poor.  The budget emergency is confected, not real.  And they're using it to rush through cuts to welfare dear to the hearts of the rabid right.



No comments:

Post a Comment