Australian Politics Forum - Still borrowing $100 million per day?

Binary Ninja

Senior Member

Offline

Australian Politics

Posts: 460

Re: Still borrowing $100 million per day?
Reply #90 - Sep 16^th, 2010 at 10:29am

what you all seem to be forgetting is their are 2 parts to that debt .. the government part is the smaller share and the private sector is the larger ..

just because it is all under the governments name doesn't mean the private sector like banks and construction companies are not responsible for paying it back.. this was the same or worse under Howard / Costello

Back to top

Suck it up Princess's Labor are in

IP Logged

Andrei.Hicks Gold Member Offline Australian Politics Posts: 23818 Carlsbad, CA Gender:	Re: Still borrowing $100 million per day? Reply #91 - Sep 16^th, 2010 at 10:35am Is my debt bigger than your debt?? LOL Surpluses. Anyone remember those? What a fine old mess that one-term Government got us into eh?
Back to top	Anyone who lives within their means suffers from a lack of imagination - Oscar Wilde IP Logged

Bobby. Gold Member Offline Australian Politics Posts: 110454 Melbourne Gender:	Re: Still borrowing $100 million per day? Reply #92 - Sep 16^th, 2010 at 10:36am The Libbos will be back before long & they'll pay it off by cutting services - hospitals, schools, public service jobs etc.
Back to top	IP Logged

vegitamite Ex Member	Re: Still borrowing $100 million per day? Reply #93 - Sep 16^th, 2010 at 10:38am Investment or debt...hm...investment or debt...investment or debt...investment or debt...investment or debt...
Back to top	IP Logged

Andrei.Hicks

Gold Member

Offline

Australian Politics

Posts: 23818
Carlsbad, CA
Gender: male

Re: Still borrowing $100 million per day?
Reply #94 - Sep 16^th, 2010 at 10:39am

If you can't afford it, you can't have it Bobby.

The answer is never to provide things and pay for it by borrowing.

That is why Left wing Governments fail all over the world like in Greece.
Sooner or later debt needs to be repaid.

If that means services or public spending has to be cut, then so be it.

It's called budgeting.

Back to top

Anyone who lives within their means suffers from a lack of imagination - Oscar Wilde

IP Logged

Binary Ninja Senior Member Offline Australian Politics Posts: 460	Re: Still borrowing $100 million per day? Reply #95 - Sep 16^th, 2010 at 10:39am Quote: Investment or debt...hm...investment or debt...investment or debt...investment or debt...investment or debt... well seeing we are neither in a recession or a depression like some place are or heading to i say it is investment
Back to top	Suck it up Princess's Labor are in IP Logged

Deborahmac09

Gold Member

Offline

Australian Politics

Posts: 1619

Re: Still borrowing $100 million per day?
Reply #96 - Sep 16^th, 2010 at 10:44am

Andrei.Hicks wrote on Sep 16^th, 2010 at 10:35am:

Is my debt bigger than your debt??

LOL

Surpluses. Anyone remember those?

What a fine old mess that one-term Government got us into eh?

We could be in the mess the US and UK are in.

Quote:

If our budget shortfall was going to be as wide as America's, then Australia's debt would be growing by $300 million a day.

This is because the 2011 US budget deficit - as a proportion of GDP - is forecast to be three times the size of Australia's at 8.3 per cent versus 2.8 per cent.

If we were in a hole as deep as the UK we'd be borrowing $360 million a day, and for Ireland it would be $415 million a day.

The reality is,Australia has among the lowest levels of debt in the developed world. Our net government debt will peak at 6 per cent of GDP.

In Europe, most countries struggle to adhere to the EU's 60 per cent net debt cap. Japan will be above that level until 2084, according to a major report.

Importantly, Australia is likely to stop adding to its borrowing much sooner than most of the rest of the world - 2012-13, when net debt is set to peak at $94 billion.

http://www.dailytelegraph.com.au/news/libs-debt-ads-are-having-a-lend-of-us/stor...

Back to top

IP Logged

Bobby.

Gold Member

Offline

Australian Politics

Posts: 110454
Melbourne
Gender: male

Re: Still borrowing $100 million per day?
Reply #97 - Sep 16^th, 2010 at 10:45am

Andrei.Hicks wrote on Sep 16^th, 2010 at 10:39am:

If you can't afford it, you can't have it Bobby.

The answer is never to provide things and pay for it by borrowing.

That is why Left wing Governments fail all over the world like in Greece.
Sooner or later debt needs to be repaid.

If that means services or public spending has to be cut, then so be it.

It's called budgeting.

Correct - but we seem to be in an endless cycle of Labor coming to
power & putting us into debt then the Libbos replacing them
& closing the place down.
Surely a half way point would be better?

eg - The Libbos under Kennett closed Heatherton Hospital in Melbourne
many years ago.
We are really short of hospital beds now.

Back to top

IP Logged

Sir lastnail

Gold Member

Offline

Australian Politics

Posts: 30223
Gender: male

Re: Still borrowing $100 million per day?
Reply #98 - Sep 16^th, 2010 at 10:51am

Bobby. wrote on Sep 16^th, 2010 at 10:36am:

The Libbos will be back before long & they'll pay it off by
cutting services - hospitals, schools, public service jobs etc.

The libbos will just sell off what's left of the publicly owned assets. They have no brains to encourage value adding and manufacturing here.

They are just as useless as labor. 11 years of the libbos and people are still paying for and using dial up internet from the 1980's. What does that say about them Sad

Back to top

"All of the arab states have said we will have peace with Israel when there is a state of Palestine as a UN member state and properly constituted." - Jeffrey Sachs.

IP Logged

culldav

Gold Member

Offline

Australian Politics

Posts: 2020

Re: Still borrowing $100 million per day?
Reply #99 - Sep 16^th, 2010 at 10:54am

The Libs did cut services and left basic infrastructure to stagnate while they were paying off that $90 billion debt and leaving $30 billion in surplus.

Considering Rudd had the legal right under the Australian constitution to make our own money without interest to fund public projects like BER, water buy back scheme and the insulation program. Then my question is: why did he borrow 10’s of Billions from China where the Australian tax payer has to pay interest on that money instead of making his own money where the tax payer didn’t have to pay back interest?

Some will argue that creating your own currency devalues that currency and its better to borrow from foreign banks and pay interest on that money.

I will argue that building more infrastructure in the country adds additional wealth to the overall country regardless of paying or not paying interest.

To get an understanding how Australian governments have been ripping off the Australian people just follow the 4 parts on the constitution. It’s the best 36 minutes you will invest.

Back to top

IP Logged

culldav Gold Member Offline Australian Politics Posts: 2020	Re: Still borrowing $100 million per day? Reply #100 - Sep 16^th, 2010 at 10:55am http://www.youtube.com/watch?v=JihQw39hyG0&feature=related
Back to top	IP Logged

Sir lastnail

Gold Member

Offline

Australian Politics

Posts: 30223
Gender: male

Re: Still borrowing $100 million per day?
Reply #101 - Sep 16^th, 2010 at 10:56am

Andrei.Hicks wrote on Sep 16^th, 2010 at 10:39am:

If you can't afford it, you can't have it Bobby.

The answer is never to provide things and pay for it by borrowing.

That is why Left wing Governments fail all over the world like in Greece.
Sooner or later debt needs to be repaid.

If that means services or public spending has to be cut, then so be it.

It's called budgeting.

That means people shouldn't buy a house if they don't have the money to buy it which means most people !! That would stop the bubble from inflating.

Back to top

"All of the arab states have said we will have peace with Israel when there is a state of Palestine as a UN member state and properly constituted." - Jeffrey Sachs.

IP Logged

Sir lastnail

Gold Member

Offline

Australian Politics

Posts: 30223
Gender: male

Re: Still borrowing $100 million per day?
Reply #102 - Sep 16^th, 2010 at 10:58am

culldav wrote on Sep 16^th, 2010 at 10:54am:

The Libs did cut services and left basic infrastructure to stagnate while they were paying off that $90 billion debt and leaving $30 billion in surplus.

Considering Rudd had the legal right under the Australian constitution to make our own money without interest to fund public projects like BER, water buy back scheme and the insulation program. Then my question is: why did he borrow 10’s of Billions from China where the Australian tax payer has to pay interest on that money instead of making his own money where the tax payer didn’t have to pay back interest?

Some will argue that creating your own currency devalues that currency and its better to borrow from foreign banks and pay interest on that money.

I will argue that building more infrastructure in the country adds additional wealth to the overall country regardless of paying or not paying interest.

To get an understanding how Australian governments have been ripping off the Australian people just follow the 4 parts on the constitution. It’s the best 36 minutes you will invest.

But the yanks have just printed another trillion dollars and look what has happened to the value of their dollar Wink

Back to top

"All of the arab states have said we will have peace with Israel when there is a state of Palestine as a UN member state and properly constituted." - Jeffrey Sachs.

IP Logged

Sir lastnail

Gold Member

Offline

Australian Politics

Posts: 30223
Gender: male

Re: Still borrowing $100 million per day?
Reply #103 - Sep 16^th, 2010 at 11:06am

Quote:

Investment or debt...hm...investment or debt...investment or debt...investment or debt...investment or debt...

in this country, investment = debt because they go and borrow more money to buy the same old junk property that has been here since the 1920's.

They borrow money to fuel a bubble. somehow that is supposed to create net wealth Sad

Back to top

"All of the arab states have said we will have peace with Israel when there is a state of Palestine as a UN member state and properly constituted." - Jeffrey Sachs.

IP Logged

Andrei.Hicks

Gold Member

Offline

Australian Politics

Posts: 23818
Carlsbad, CA
Gender: male

Re: Still borrowing $100 million per day?
Reply #104 - Sep 16^th, 2010 at 11:36am

Deborahmac09 wrote on Sep 16^th, 2010 at 10:44am:

We could be in the mess the US and UK are in.

I pay 75c per litre for petrol, what do you pay?
I pay on average 25% less for utilities and groceries than you do.
Clothes can be up to 50% cheaper than Australia.
Cars are 25% cheaper.
I pay on average 5% less direct income tax in the US than I do in Australia.
Average sales tax in the US is around 8%.

The difference is whilst the US may higher comparitive debt levels than Australia, our cost and standard of living is higher.

Have a look at what you get for your money and then assess whether this debt is doing you any good.

In the USA it is making life easier for us.

The US doesnt hold itself back with some incessant need to have working people funding losers like Australia can.

Back to top

Anyone who lives within their means suffers from a lack of imagination - Oscar Wilde

IP Logged