Something to ponder

We have the highest unemployment for four years and the lowest new car sales for six years.

That means four years ago we had higher unemployment than now despite the fact that we are now in a global financial crisis. And new car sales were worse in 2003 despite the fact the economy was better.

I’m going to use Andrew Bolt-logic here to conclude that this can only mean the Howard Government’s strong economic record was a load of cat shit.

Did Rudd’s stimulus package work or not?

The Federal Opposition have come out and called the Rudd Government December stimulus package a failure, claiming that most people saved the money rather than spent it. They then said it had no impact on the negative growth in GDP for the December quarter – despite the fact Australia has travelled a hell of a lot better than the rest of the world’s leading economies and that the full impact of the stimulus won’t be known until we see the figures for the current March quarter.

And what about the following media reports that say the package was found to have a positive impact on spending and the GDP?

Stimulus, rates behind sales boost – The Australian, March 3 2009

Shoppers embark on January spending spree – WA Today, March 3, 2009

Kevin Rudd’s $10b stimulus package stokes retail sales record – The Australian, March 3 2009

Australia retail sales suprise to the upside – ForexPros.com, March 2, 2009

Gross domestic product would have been worse without stimulus ACCI  - The Australian, March 4, 2009

So why then are there also headlines like:

Rudd squandered economy: Turnbull – Brisbane Times (Fairfax Digital), March 4 2009

Households shun PM’s retail therapy – Business Day, Brisbane Times (Fairfax Digital), March 4 2009,

Stimulus packages have failed: Turnbull – Sydney Morning Herald, March 4, 2009

So one hand the stimulus package worked, but it didn’t work enough. Australia’s prosperity in recent years has been driven by the mining boom so it should come as no surprise that a drop in mineral production and exports, particularly to China, will have a huge impact on Australia’s economy. To say Australia’s GDP has dropped purely because Australians are saving their money is too simplistic and according to some of the above reports wrong in any case.

Face it, we’re in recession, but to criticise the Rudd Government for managing the global financial crisis’ impact on Australia, rather than stopping it, is like blaming the CFA for not stopping Victoria’s disastrous bushfires.

Let’s scrub some stubborn Howard-loving skidmarks

Warning – the following post is rated MA. It contains course language, adult themes and adoration of John Howard.

The International Monetary Fund has given Australia’s economic fundamentals the thumbs along with a big tick to the Rudd Government’s first budget.

But of course this isn’t enough for the fucktards who still pine for the Howard years when their shares went through the roof and people with dark skin went through hell.

So it’s not surprising that to them the IMF’s confidence in the Australian economy has nothing to do with Kevin Rudd and Wayne Swan, but John Howard and Peter Costello. What better place to show their love for Duo of Cunt than the Herald Sun comments section.

“yeah but for how long under labor and emperor krudd and his cronies”
Posted by: scott forbes of melbourne 12:56pm today

Did you read the story fuckwit? The IMF says the economy is going good under Rudd and said the budget was good too. That’s good.
While you’ll blame every negative on Rudd you’ll maintain that all the positives are due to Peter Costello. You’re one of those stupid bastards who would have commented on this web site during the election with your profecies of doom and gloom under a Labor government, and I bet you’re actually disappointed it hasn’t happened because you’re nothing more than a vindictive sack of shit with about as many endearing qualities as tertiary syphaliss you fuck!
How about you just shut the fuck up and invest in a Caps Lock – cunt!

I think it would be nice if Swann and Krudd sent Costello a thank you card. Goodness knows where we would be if Labour had not inherited such a healthy national economy.
Posted by: Grant Kelly of Canberra 12:57pm today

We’d be where we left off you fucking idiot. Is rising inflation and spiralling inflation good for the economy? And tell me, what is actually wrong with the Australian ecomomy at the moment? I hate you and every other dickhead who seems to have their first and surnames round the wrong way. Please stop breathing.

We might have an opinionated tick of approval for our economy, but a thumbs down for the lack of initiative by the Rudd government for not doing what they said they would do…
Posted by: Mark of Malvern East 1:10pm today

What did they say they’d do? Ratify Kyoto? I think they did that, but you’d be one of those Bolt loving cunts who hates the idea. Say sorry to the Stolen Generation? He did that too, though I bet you were one of those racist pieces of shit who complained about your taxes being waisted on the compensation floogates which, in case you haven’t noticed, have not created a wave of compo claims fuckwit!
I wonder how you’d feel about your tax dollars bailing out businesses whose directors ran them to the ground – me thinks you’d be in favour of that you right-wing hypocrite bell end.
And remember that a lot of the things that Rudd said he’d do hinge on budget measures that have been blocked in the Senate by the Liberals and that snivelling little smart-arse cunt from Family First, whom I’d bet is a dead ringer for you. Honestly Mark get fucked, I mean it.

So now the long-lasting economic expansion is thanks to the current government? When did that happen?Posted by: Confused of Melbourne 1:17pm today

About the same time you Liberal cunts blamed it for the economic downturn you cock smoking fool!

Thank you Mr Howard and Mr. Costello for having put in so much effort over the last 11 years by retiring our national debt, and putting in regulatory procedures and policies, so the current economic conditions exist, as Mr.Swan and the IMF stated. Labor inherited financial advantages that have given Australia a great deal of insulation from the global financial implosion. I trust these conditions will be maintained over the next three years, when Mr Turnbull retakes government. Some how I don”t think they will.
Posted by: Paul of Mornington 2:39pm today

Honestly Paul why don’t you just kneel down in front of Howard and Costello and gag on their mutually wanked-off dripping cocks so you can fluff them back to life and become their skat bitch, you filthy Liberal slut.

The economy – we’re never happy

Why is it we’re suffering through higher interest rates because the Reserve Bank things we’re spending too much and leading to higher inflation – yet when we stop spending and retail spending goes down thus stemming the inflationary tide, everyone starts shitting themselves?

Surely the fact that Harvey Normal is suffering a downturn was the fucking point of the interest rate hike, so why then is everyone blaming Kevin Rudd and coming out with scenarious of gloom and fucking doom?

Fuck economists, fuck business journalists and fuck Harvey Norman.

Everywhere is feeling the pinch

Here is an edited excerpt from a newspaper article about rising petrol prices and household expenses. It says nothing new but is interesting for reasons outlined below.

Tough times ahead
The increase in the retail price of petrol will result in a “period of anguish” for households, an economist said on Wednesday.
Absa economist Chris Hart said the increase would cause food prices to rise and lead to fuel inflation. Hart said the country was expecting a hike in electricity prices as well as an increase in the rate of taxes in the coming months.
“We will see a period of anguish. A significant number of households will lose their houses and cars because of the pressure of the high prices,” Hart said.
Household income would not keep up with the pricing pressure.
The Chemical, Pulp and Paper, Printing, Wood and Allied Workers Union (Ceppwawu) said the effect of the petrol increase on food prices was enormous.
“Although the department of minerals and energy say they do not have control of petrol prices, we are not happy with this increase and would like to discuss the repercussions with them and other government departments,” spokesperson Keith Jacobs.
Economist Mike Schussler said there was a possibility of a high interest rate hike next month.
He said the petrol increase could lead to the Reserve Bank Governor calling for an emergency monetary policy committee meeting.
A Reserve Bank spokesperson declined to comment.
“We do not comment on petrol prices,” she said.
She would not be drawn to comment on the effect it would have on interest rates.

While it’s a familiar story, what’s interesting about is it’s from the South African Star newspaper which shows that fuel price increases, high inflation, rising interest rates are not specific to Australia – the only difference with this story as opposed to one that would appear in an Australian newspaper is the ommission of the words “working families”.

What this shows is that pinning hopes on the Rudd Government’s first Budget to contain things is naive to say the least. Regardless of what we were told during the election campaign it’s global forces that influence our economy not the government fiscal policy. All the government can do is avoid the moving obstacles rather than steer us through them.

P.S. It’s worth noting that in South Africa, inflation is running at higher than 10 per cent. In Australia it is 4.1 per cent.

The baby bonus is an expensive indulgence

 

I don’t understand why, with the need to slash and burn the budget to bring inflation down, the Rudd Government has guaranteed the baby bonus at the bribe levels introduced by the Howard Government.

What started as a $3000 non-means tested bribe is now set to rise to $5000 for every child born, while at the same time charity organisations like Bonnie Babes, carers and pensioners are bracing themselves to see what the razor gang will take away from them.

While Rudd has said carers will be no worse off he hasn’t ruled out taking away the $1600 bonus they receive and channeling that money into their minuscule monthly payments. Yet everyone gets a few grand in their skyrocket just for having a baby.

After describing the baby bonus as an expensive flop in 2004 Labor are thinking politically, ahead of wisely, by retaining it at a cost of $1.16 billion a year and rising.

I think there should be some sort of payment made to new parents to help with out-of-pocket medical expenses and even to help buy baby things. But surely it should be means tested and reduced to $1500. The government could also give the mother a Healthcare Card regardless of her partner’s income and put money into more child care services.

This would see the money going where its needed and save hundreds of millions of dollars, avoiding the need to slash the few real social welfare services that the Howard Government didn’t destroy.

Mr Rudd described the baby bonus today as important in helping nudge the country’s birthrate - which is important in an increasingly ageing population. But why it is given to people who don’t need it, while people are missing out on other important welfare services and benefits, because their shitty part-time job puts them over a tax threshold that was low in 1995, is an absolutely fucked up state of affairs.

Finally, anyone who won’t have children because the government isn’t paying them to doesn’t deserve to be a parent.