Angus Taylor resorting to Thatcher's old delusion: "The problem with socialism is that you eventually run out of other people's money."

His latest version: "when Labor runs out of money, they come after yours".

But of course Labor isn't socialist, they want to maintain house prices which are unaffordable for average wage earners.

In fact the currency-issuing government doesn't need taxpayer money; it needs to manage competition for limited resources among private sector players, to prevent inflation. 

Now that IS 'socialism'.......though not Marxism.

Professor Steve: The 2026 Debt Crisis Is About to Begin, Let Me Explain!

https://www.youtube.com/watch?v=R7CUQjPzjD8

........

Most people are taught to fear government debt.

But the real problem has been building quietly for decades, through rising private debt, asset bubbles driven by accelerating borrowing, and a mainstream economics that refuses to model the financial system honestly.

The model itself is broken: Mainstream economics violates double entry bookkeeping. Every financial asset is somebody else’s liability. The sum of all financial assets and liabilities is zero. That is a conservation law, and ignoring it makes the entire framework false.

The private debt danger is structural: Once you see the seesaw between assets and liabilities, you see that the non-bank sector is always in negative financial equity. The response is to borrow from banks, speculate on houses and shares, and hope rising prices cancel out the debt. That is how bubbles form and why they always crash.

The 19th century tells the whole story: Before government stabilisers existed, panics hit every 9 to 10 years. Rather than one global financial crisis in your lifetime, you would have experienced 10. The uncontrolled competitive economy was never a stable paradise. It was a machine for producing crises.

To summarize the many pages on this topic so far:

1. Taxes distort private sector investment.

2. Taxes pit taxpayers against taxpayers, eg,  workers against entrepreneurs - who have very different financial circumstances.

3. Governments are unable to deliver the essentials for all, if they are forced to limit spending to levels deemed 'acceptable' by self-interested tax-payers, a level determined by as little as 50%+1 of taxpayers (in adversarial-party democracies) who can look after themselves in a lower public-spending/lower taxing scenario.

Solution:

A currency-issuing government doesn't need to tax or borrow, it needs to balance supply and demand in the macro-economy, to avoid inflation.

Hence the need for central planning by the national (currency-issuing) government to maintain stable prices and full employment, achieved by changing the role of the central bank from interest-rate manipulator - an incredibly blunt and often economically damaging instrument - to measurement of the capacity of the national economy to produce desired goods and services, including essentials required to achieve common prosperity.   

Obviously the free market's days are numbered, as complex environmental, climate and equity issues demand non-market intervention by governments. 

And the desire for global hegemony by any one nation is no longer compatible with a sustainable prosperous civilization on planet earth.