Why not raise taxes to slow inflation?

[nut]

kranky al proposed the idea of increasing superannuation to control inflation. I can support that.

What do you think?

It’s a good idea …. But what about the national debt?

 

[Big Papa Ted]

Is that merely an opinion or an educated opinion?

I'd consider it an educated opinion.

I thought money printing during covid was common knowledge. Do you disagree?

I disagree that it's the primary cause for current inflationary pressures.

Did I stutter?

Just a misinterpretation then, all good.

 

[evolved2]

Shouldn’t the government be prudent?

The government reflects the voters. What does that say about us?

 

[nut]

Is that merely an opinion or an educated opinion?

I thought money printing during covid was common knowledge. Do you disagree?

Did I stutter?

So your answer to the pandemic is another episode of Hunger Games?

My suggestion is far from being selfish … I don’t have a big mortgage….. I just hate the banks and the current banking system.
Banks win…

What about those who have made massive profits off the back of the stimulus from the pandemic….

 

[nut]

The government reflects the voters. What does that say about us?

Well you laughed at my suggestion of l
Paying down debt!!!! Isn’t that what you did? You are now debt free….
Why are we paying the banks extra money instead of paying that money to decrease debt???? And why are 1/3 of people doing the heavy lifting?

Are you enjoying seeing people struggle?

You sound pretty selfish to me.

 

[evolved2]

So your answer to the pandemic is another episode of Hunger Games?

Personal responsibility. Kids go to school, healthy adults go to work, and those who are at risk protect themselves with government support. That's how covid should have been dealt with.

My suggestion is far from being selfish … I don’t have a big mortgage….. I just hate the banks and the current banking system.
Banks win…

You have a mortgage, yes?

What about those who have made massive profits off the back of the stimulus from the pandemic….

Home owners made a killing over the pandemic. **** them and me!

 

[nut]

Wouldn't the more appropriate way of looking at it be that Nut wants everyone in our society to share the burden equally? Rather than just those with a homeloan? That seems selfless rather than selfish.

What policies are you referring to that caused runaway inflation? And once you've explained them, can you outline how you think only those with a mortgage contributed to/supported them?

I think my main point is, why are the banks benefiting from the increase in mortgage repayments?
I’d be more happy if my extra repayments Went to pay down debt instead of bonuses to bankers …

 

[nut]

Personal responsibility. Kids go to school, healthy adults go to work, and those who are at risk protect themselves with government support. That's how covid should have been dealt with.

You have a mortgage, yes?

Home owners made a killing over the pandemic. * them and me!

Shouldn’t those you benefited the most pay down the most debt?

 

[Crankyhawk]

Personal responsibility. Kids go to school, healthy adults go to work, and those who are at risk protect themselves with government support. That's how covid should have been dealt with.

You have a mortgage, yes?

Home owners made a killing over the pandemic. * them and me!

re the first, it is unknown how that would have played out, though we did see some trend from what happened in the UK - overwhelmed health system, large abseenteeism - insufficient workers left to actually work - and they ended up locking down anyway. And the "at risk population" by definition was more than 50% of the population (in that overweight/ obese is a risk factor)

Add in the initial reports of a 10% hospital case fatality rate (from the initial Chinese reports) - essentially fears of the death rate of SARS + transmissibility of common cold...

 

[evolved2]

re the first, it is unknown how that would have played out, though we did see some trend from what happened in the UK - overwhelmed health system, large abseenteeism - insufficient workers left to actually work - and they ended up locking down anyway.

Do you think that provides justification for 2 years of Melbourne lockdown?

And the "at risk population" by definition was more than 50% of the population (in that overweight/ obese is a risk factor)

That's a very loose definition you're running with.

Add in the initial reports of a 10% hospital case fatality rate (from the initial Chinese reports) - essentially fears of the death rate of SARS + transmissibility of common cold...

That had the smell of obvious bullshit to me.

 

[evolved2]

Shouldn’t those you benefited the most pay down the most debt?

My preference is to see the most over-leveraged people pay for their arrogance.

 

[Crankyhawk]

Do you think that provides justification for 2 years of Melbourne lockdown?

That's a very loose definition you're running with.

That had the smell of obvious bullshit to me.

much of the lockdown extension was forced by the other states arseing their way to covid zero, so we had to get to zero to be able to reopen borders with other states.
that "loose definition" like it or not is the true definition of the people who are at risk. I'm fairly sure you don't have a medical background. So I don't know how you could tell that it was "obvious bullshit" - particularly when those are the only available figures, and government would be cursed for inaction (at federal and state levels)
could it have been better - undoubtedly
but could they have made a better choice with the information available and the potential consequences of being wrong - I don't think they could have

 

[evolved2]

much of the lockdown extension was forced by the other states arseing their way to covid zero, so we had to get to zero to be able to reopen borders with other states.

NSW used a different approach, with success for the most part.

that "loose definition" like it or not is the true definition of the people who are at risk.

At risk doesn't mean much when the level of risk is low.

I'm fairly sure you don't have a medical background.

No, but I do have a BS and over 20 years experience in scientific fields.

So I don't know how you could tell that it was "obvious bullshit" - particularly when those are the only available figures, and government would be cursed for inaction (at federal and state levels)

Life experience.

could it have been better - undoubtedly
but could they have made a better choice with the information available and the potential consequences of being wrong - I don't think they could have

Disagree.

 

[Crankyhawk]

NSW used a different approach, with success for the most part.

At risk doesn't mean much when the level of risk is low.

No, but I do have a BS and over 20 years experience in scientific fields.

Life experience.

Disagree.

NSW also arsed their way to covid zero. All states went into lockdowns from March to approx May/ June 2020. THe other states got to zero. We did not. So they were all able to remove restrictions. Then they mocked us and closed borders to us (victorians) as we posed unacceptable risks. So we had a choice - stay as our own internal "country" or try to achieve covid zero to rejoin the country. Those were our options at the time.

 

[Madas]

It’s a good idea …. But what about the national debt?

Are you referring to how it’s paid down ?
If so the forced savings model would technically give people a sense that they are becoming wealthier instead of poorer when every bit of their savings is going to a greedy bank with no return benefits .

Therefore their perception of self worth improves which in turn increases consumer confidence which in turn results in more business investment and spending

Isn’t that how the mouse wheel is supposed to turn ?
Like I said hard to fault the logic

I think it was a Milton Keynes theory from many years ago if I heard correctly .

I don’t really buy the “ I’d rather be taxed “ argument. Maybe I’m not financially savvy enough , but I do know that out of every $1 I pay in tax I reckon 30-40% of it is wasted on government inefficiency.

Plus I think we are taxed more than enough in this country when all the hidden taxes ( GST , fuel levies , Stamp Duties , Liquor excises etc. etc) are taken into account on top of personal income tax

 

[Seeds]

The Covid stimulus is regarded as the main driver of inflation. Our national debt increased by 300 million.
The answer at the moment is simply to increase interest rates to combat inflation and push unemployment up… . banks are licking their lips.

Why?

Why punish a third of the population who have mortgages? Why punish Business and cause job losses?

Why not spread the burden and increase taxes on those that can afford it? Those that are benefiting the most from inflation…

Rising inflation creates bracket creep. When you have rising inflation you lower income taxes not increase them to remove the impacts of bracket Creep.

house prices are too high. We need higher interest rates to bring them down. Rich housing barons want interest rates to stay low. Real Interest rates are currently negative. I.e the interest rate is lower then the inflation rate. They are way to low. The Rba has been too slow to increase rates because its protecting the housing barons. This must stop.

 

[Seeds]

Shouldn’t the government be prudent?

You have been told previously that government debt doesnt actually exist. Its made up. left wingers know this. Its only right wingers who want to pretend that government debt is a real thing.

 

[Gough]

You have been told previously that government debt doesnt actually exist. Its made up. left wingers know this. Its only right wingers who want to pretend that government debt is a real thing.

Debt is only important to right wingers when they aren't in government.

 

[Seeds]

The forced savings model proposed whereby the workforce population is forced to increase their superannuation to combat inflation instead of making workers who can’t afford the rate hikes suffer and making the banks richer , intrigued me .
I’m sure there are pros and cons but hard to fault the logic .

The current system is so broken , archaic and corrupt

Workers who cant afford the interest rate should never have invested. No one forced them to borrow. Nominal rates arent even high by historical standards. They are still quite low. And real rates are negative.

 

[Seeds]

Debt is only important to right wingers when they aren't in government.

Very True. Government debt is irrelevant on its own.

 

[Gough]

Workers who cant afford the interest rate should never have invested. No one forced them to borrow. Nominal rates arent even high by historical standards. They are still quite low. And real rates are negative.

They took the advice of the head of the RBA who said we wouldn't see interest rate rises until 2024 and planned accordingly.

 

[royale with cheese]

Oh, this is another right wing are less intelligent threads is it?

Well played nut you got them responding without even making the thread title controversial.

But It would be great if we had more than one lever to pull for inflation. Be interesting what happens if the new RBA structure goes through.
.

Increasing interest rates immediately reduces the supply of money and the velocity of money. Raising taxes does neither, unless the government uses it pay down debt, which as we all know, they won’t.

 

[royale with cheese]

They took the advice of the head of the RBA who said we wouldn't see interest rate rises until 2024 and planned accordingly.

Anyone who did that was a moron. I took that as a signal to fix my interest rates for four years in 2021, because i know the RBA’s ability to forecast is a joke.

 

[royale with cheese]

Look at these jokers. A bunch of overpaid public servants who shouldn’t have a job

 

[FIGJAM]

Debt is only important to right wingers when they aren't in government.

You can mount the alternate argument for left-leaners when they are in government.

Albo and Chalmers banged on every question time in 2021 about retaining the COVID-level of JobSeeker, then when they're in government, they can't find a brass razoo for an uplift off the pre-COVID base despite 7% inflation.

Debt being "unimportant" for governments is something that gets trotted out a lot, but is clearly complete and utter bullshit.