This one seems to be a little hard for some to get their head around but Ol Dave does his best…
Points of note,
For all the meme reposters et al-the aged pension has NEVER been a LEGAL entitlement in Australia for all taxpayers. Since 1909 it’s been means tested but all the same, go ahead and elect politicians that support that view if that’s what you want but please consider the cost. It could be a good one but it’s your democratic right. Although I’m not keen as a taxpayer, for funding a million dollar asset owner pensioners.
And also consider the fact that all these sorts that believe they’re entitled to a pension have voted for a political scene that has pissed away all their taxpayer deposits and now believe magically that the money will reappear from, I don’t know “thafuq” where (probably from foreign borrowing like all the other money we import) that all this finance has to come from somewhere.
Holes and home loans will only go so far and then what?
The whole reaction to what DL is getting at is so asinine that I’m left wondering if we’ve (collectively) read the laws and history of this part of the planet we live on. I’m all for supporting those who have supported this nation we live in but we have to be honest about how we have set ourselves up here and this reaction to what David Leyonhjelm is talking about leaves us looking a little naive.
The answer is, I’d assume from my limited understanding, a strong economy that protects people’s investments in it, not in a government that takes and spends without proper controls.
And also considering as a part of that equation, our propensity to borrow and spend as well as part of the scenario but….there’s that rabbit hole (reference Steve Keen, Minsky, Fischer, debt deflation we’re worried about but won’t actively acknowledge, etc)
We don’t belong to the government (they’re just a collection of fallible humans like the rest of us, not idealistic Gods, which we think should be of a greater standard than all the other humans on this planet-go figure). They are not there to hand feed us. The economy belongs to the people, not the politicians and their associates.
We need to understand that mistakes have been made on all levels and it’s gonna hurt a lot of us to rectify this situation but a big part of this is going to be accepting this factor and getting on with sorting it all out. There’s probably no way out of this without writing off a lot of debt as unrecoverable.
And also private debt to GDP is now around 210%. Have fun with that not so little fuck up.
Get educated. Get angry. Get responsible.