EYE-BALL’s – “On the Hustings” – The Campaign Trail – Day 4
– EYE-BALL’s “On the Hustings” –
– The Campaign Trail – Day 4 –
| Author: No-Way José |8th Aug 2013 |
|Policy Issue Debate: [Information on Policy issues you won’t hear during the current Election Campaign.]Previous Policy Issues: [Use links provided to read story in a new window and see relative polling data …]
Day 4 Policy Issue: Government Limit on Borrowings – i.e. Debt to GDP ratio …[EYE-BALL Guru] … [click on Debt/GDP chart image to enlarge in a new window.]
it will be about the economic record under Howard, and the economic record under Rudd/Gillard Governments. If any one did research on economic management from the Government’s perspective it is all after the fact.
On Taxation: [Revenues]
On Expenditires: [Spending]
The Constitution places all expenditure and revenue to be provided for under legislative process – meaning that all current and new expenditure is subject to existing and new laws under the Government of the day.
In other words if the Government can pass legislation through the HOR and the Senate, then there is no restrictiveness on any Government spending initiatives, nor taxation revenue collect at its own will.
The policy debate wanted is whether these rules should still apply given they were written at a time where Politicians had to get themselves elected, were deemed to be ‘of the people’ and ‘for the people’, and acted frugally when it came to the public purse. Since then society had changed in many ways, the advent of television and the ease in which the politician can reach the masses, and the modern method of the ‘candy store’ giveaways during election campaigns to get elected..
Since the GFC, all we know is that the world is in a debt spiral where new debt is doubling the old debt every four – five years. Obama inherited a 2008 Bush debt of US$7 trillion – five years later the debt is above US$16 trillion. Rudd inherited zero debt, and now we have almost $300 billion of debt, and under Bowen’s new forecasts, likely to be $4-500 billion in the near future.
Europe is a basket case where many Nations have worse debt proportions than others and the P.I.I.G.S. have GDP/Debt rations from which they cannot recover if they remain in the EuroZone. Debt is the evil curse the Government’s have embraced to prop up ailing economies. In fact it has been irresponsible economic management and placed future generations in the position none of us want tem to be.
Surely the prudent thing to do would be to place restrictions on the Government of the day’s borrowing capacity – force the Government to act responsibly and cut spending via Constitutional change linked to say – the Debt to GDP ratio.
What we do know and as it stands now is this:
In a world where the struggle of life is ever increasing through debt explosion, and the Bank’s providing limitless lending to people already in financial trouble, the obvious answer to the question: ‘where will it all end’ … is relatively obvious – ‘badly’.
Should not Government’s impose limitations on themselves and run budgets according to economic conditions?
The problem is that ‘economic conditions’ is a subjective argument not often agreed to by opposing political party’s.
Elections are won and lost on the basis of policies promised and the balancing of the costings for those policies left to balance once in Government. Surely we must know that this is ridiculous and makes us all look pretty stupid in accepting the ‘candy’ handouts with our vote.
In a perfect world the onus of responsible ‘economic management’ would come from the Government – but when re-election is on the agenda, or a new Government wants to take control, responsible ‘economic management’ becomes about ‘tagging’ the other guy whilst not getting ‘tagged’ yourself on economic management.
In that scenario who do we believe, the $70 billion hole in the Coalition policies promoted by the Government, or the confessed $50 billion hole by the Government?
In either case the taxpayers and the electorate are bound to get screwed either way as they have done across the globe for the last 40 odd years.
Should the people have a say in how much the Government can borrow during at term of office?
How would an economic stimulus package as Rudd instigated in the face of the GFC work if there were limits on borrowings in place?
Should a change of strategy against election policies render a Government out-of-order, and be forced to go back to the people to get approval and seek a mandate?
One thing is true – Governments have to be made accountable for the mistakes they make in relation to managing the finances of the Nation.
The referee who makes the decision of whether the Government has overstepped their boundaries has to be the GG under our current Constitution. Therefore when a GG is selected, are they canvassed on the matter as to whether they would be prepared to out the Government over poor economic Management, and who would they receive advice from if such a decision had to be made?
It’s all too hard one might say.
But easily fixed if it was legislated that all Government borrowings were restricted as a ratio of GDP. Meaning that if GDP growth stalled, then no new borrowings can be assumed. If GDP growth fell, borrowings would need to be reduced. If GDP growth grew, then the Government has opportunity to enact new expenditure policy.
The goal being that the Government is responsible for economic growth and it has to find ways to stimulate that growth away from new Government debt spending.
For far too long Government spending has underpinned GDP growth and as a result the World has become a toxic debt explosion waiting to happen – the GFC was a tremor compared to what is still to come.
This has been coming for many decades and it is a global problem. Debt got us into the GFC problem, and the only solution Western Governments have been able to come up with in the last five years it to increase their debt exponentially.
All with a consequence of future taxpayers being responsible for the repayment of that debt, and the resulting reduced living standards that will ensure.
Please take a minute to register your opinion in the Poll below: [EYE-BALL Guru] …
Harry Growl’s Water Cooler Gossip: … [Harry Growl] …
… [Harry Growl] …
General Links to Election data and Information:
AEC’s Enrollment Drive: Linked here.
Today is Day 1 of the 34 day campaign and the immediate focus of the ALP and the Greens is to get as many un-enrolled electors enrolled … the deadline is seven (7) days and the AEC link to find more information about whether you are enrolled can be found here. [EYE-BALL.]
ABC’s Vote Compass: Linked here.
A brilliant on-line survey presented by the ABC’s Anthony Green will prove to be an election barometer never seen before. His 30 question survey has gone ballistic this morning with 170,000 people logging on to give their responses. His questions will decide the election issues seen as most important and the major party’s will be keenly seeking Green’s data to help them plan their election strategies. [EYE-BALL]
Anthony Green’s Election Blog: Linked here.
Party Policy links:
Link to the ABC’s 2013 Election coverage:
Final Comments from EYE-BALL:
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