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Tuesday, February 12, 2013

Economic treason and generational selfishness

"It is clear now that the Government has effectively cut the income tax rate and paid for it by borrowing money overseas, in large part from China. It is an act of economic treason and generational selfishness when a government has decided an already-wealthy part of the population deserves higher incomes paid for by loading foreign debt on future generations of taxpayers."


Paranormal said...

And Hickey has been thrown out of the VRWC for his complete failure to understand how economics works.

More to the point the government should be castigated for continuing to borrow offshore to support Liarbours subsidising low paying employers through Welfare for families.

robertguyton said...

Hickey has broken ranks and is telling the truth.
Hurts, eh!

paulinem said...

Paranormal I understand economics ..I have studied economics ..I have papers I have passed on economics ...Bernard Hickey is right on the button..our present Govt is out of control and will end up economically crippling this country for generations unless it is stopped next year.
We desperately need a Govt that is prepared to turn its back on the insane lunatic neoliberalism economy Keys/English is following. We need a return for this country to a neokeynesian economic directio. This would bring in a common sense command economy and thus save this country for some kind of better future.

robertguyton said...

Right-on, Pauline!

Paranormal said...

It may shock you but I agree with you Paulinem. This government is running the country into the ground.

I suspect where we differ is the approach needed to right the ship of state.

The government needs to stop spending more than we earn and incentivising poor behaviour/life choices. We also need to reduce the state share of the economy. In your economics study what did you learn about levels of taxation and growth/productivity?

And RG to quote "You can't handle the truth".

paulinem said...

I have learnt as people have more money in their pockets to pay for essential needs they also in thier own contributed to helping the economy to prosper they also helped by paying taxes as they spent. They also assisted by spending money to cause a demand for more employment which asssured even more taxes to be paid, and so the country's economy goes around. Under Keynesian we had near zero unemployment, most worked a 40hr week and we had virtually none of our present social melt down we are experienced under our present neoliberalism economy.

YES I accept under Keynesian it wasn't all laddyda perfect, NO economic system is perfect, just as we don't live in a utopia society. What I do emphasise is lets learn from the past especialy learn from the mistakes of the past ..and try/do not make the same mistakes in the future.

This is why I say neoKeyensian ... I suggest we should look at Social credit economics it has some interesting possibilities and could be called a form of neoKeynesian.

Paranormal said...

Thought so. And therein lies the structural problems that face the western world. If we could spend our way out of recession it would have worked by now. What is missing is growth and productivity. When the government spends there is no accompanying growth, or checks and balances for that matter.

No wonder we need to sell assets to keep up with the sopending.

Shane Pleasance said...

So Pauline, you are advocating a return to the pre-collapse bubble?
(With a little more redistribution thrown in.)

(which is of course what we are doing)