Wayne Swan presses the ad hominem button

Mr Swan's recent article at the Chifley Research Centre's website sets out to attack the IPA, Tony Abbott, the CIS and anyone else in favour of freedom. Fair Go Under Fire? Maybe he should look in the mirror first and focus on that pesky thing called the budget!

Read More: http://chifley.org.au/opinion/fair-go-under-fire/

Give Me More Cash: Obama seeks $1.2 Trillion Debt limit rise

Quote

President Obama, in a one-sentence letter to House of Representatives Speaker John Boehner, the top Republican in Congress, said "further borrowing is required to meet existing commitments."

The proposed increase would push the US debt ceiling to $16.394 trillion.

 Meanwhile…

Quote

Even before the euro crisis, people were worried about Europe’s pension bomb.

State-funded pension obligations in 19 of the European Union nations were about five times higher than their combined gross debt, according to a study commissioned by the European Central Bank. The countries in the report compiled by the Research Center for Generational Contracts at Freiburg University in 2009 had almost 30 trillion euros ($39.3 trillion) of projected obligations to their existing populations.

Germany accounted for 7.6 trillion euros and France 6.7 trillion euros of the liabilities, authors Christoph Mueller, Bernd Raffelhueschen and Olaf Weddige said in the report.

And according to JP Morgan…

Quote

Australia is "vulnerable" to recession in 2012 as the global economy deals with the potential ramifications of the worsening European sovereign debt crisis.

JPMorgan chief economist Stephen Walters said the Australian economy was not as well placed now compared to the start of the downturn, given the nation's fiscal position.

There is no way Wayne Swan will get the budget back into surplus by 2012-2013.

And more bad news according to Citigroup…

Quote

China’s economy is likely to slow sharply this year as the country's recent growth has been unstable and driven by credit and property bubbles, a senior Citigroup private bank executive said yesterday.

Train wreck

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Tell Him He’s Dreaming

Chalk up another success of the Gillard government – Budget Blowouts.

Quote

The Gillard government will slash public sector funding and pare back the baby bonus in an attempt to turn a forecast $37 billion deficit this year into a $1.5 billion surplus by 2012-13.

The government's mid-year economic and fiscal outlook, released today, reveals the deficit is expected to come in well above the $22.6 billion forecast at budget time, on the back of a $20 billion revenue write-down over the forward estimates.

  

And Mr. Swan is Euromoney’s world's finance minister of the year!

From a commitment, to an objective and soon it will be all but a dream.

Train wreck

 

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Von Gillard’s Express

Train wreck

More finacnial pain to come?

A more severe crash than the one triggered by the collapse of Lehman Brothers could be on the way, according to alarm signals in the credit markets.

Insurance on the debt of several major European banks has now hit historic levels, higher even than those recorded during financial crisis caused by the US financial group's implosion nearly three years ago.

How’s that surplus looking, Swanny?

Steve Hunter is a freelance cartoonist and illustrator and lives in Buderim Queensland.

Andy Semple

Follow him on twitter @Bulmkt

I Have a Dream

Quote The Gillard government's pledge to return the budget to surplus by 2012-13 became an "objective" today, with Wayne Swan appearing to modify the commitment in the face of global financial uncertainty.

The Treasurer said international institutions wanted Australia to maintain strong fiscal discipline.

He told ABC radio in Perth that “we've been doing that and we have put in place the objective of coming back to surplus in 2012-13 because that's important to send a message to the world”.

Continue reading I have a dream

From a commitment, to an objective and soon it will be all but a dream.


 

Andy Semple

Follow him on twitter @Bulmkt

Swanomics: Wayne’s Billions

Swan hes your man

Total Commonwealth Government Securities on Issue as at 30 June 2007 – $58.2 Billion

Federal Election 24 November 2007. Kevin Rudd becomes PM and Wayne Swan Treasurer.

Total Commonwealth Government Securities on Issue as at 30 June 2008 – $26.1 Billion

Total Commonwealth Government Securities on Issue as at 30 June 2009 – $101.1 Billion

Total Commonwealth Government Securities on Issue as at 30 June 2010 – $147.1 Billion

Total Commonwealth Government Securities on Issue as at 30 June 2011 – $191.2 Billion

Total Commonwealth Government Securities on Issue as at 5 August 2011$196.9 Billion

And our Debt limit to be increased to $250 billion.

No wonder the Government wants to introduce a Mining Tax and Carbon Dioxide Tax!


 

The 50 ACTS OF FOLLY AND GROSS INCOMPETENCE BY AN ALP GOVERNMENT 

1. Carbon Tax – An act of betrayal on the Australian public, not over yet

2. NBN – $50 billion but no cost-benefit analysis – already running into problems

3. Building Education Revolution – The school halls fiasco of waste and corruption

4. Home Insulation Plan (Pink Batts) – Disastrous mismanagement – abandoned

5. Citizens Assembly – Dumped

6.. Cash for Clunkers – Dumped

7. Hospital Reform – A hotch-potch scheme trying to be worked out with the States

8. Digital Set-Top Boxes – Ill-considered – cheaper at electrical outlets

9. Emissions Trading Scheme – Abandoned

10. Mining Tax – Ill-considered, plus continuing uncertainty for many miners

11. Livestock Export Ban to Indonesia – Incomprehensible over-reaction to a TV doc.

12. Detention Centres – Mismanagement leading to riots & cost blow-outs

13. East Timor ‘solution’ – Announced before agreed – since abandoned

14. Malaysia ‘solution’ – Recently agreed, but serious trouble ahead

15. Manus Island ‘solution’ – PNG not favourably disposed to it

16. Computers in Schools – $1.4 billion blow out; less than half delivered

17. Cutting Red Tape – 12,835 new regulations, only 58 repealed

18. Asia Pacific Community – Another expensive Rudd frolic, but going nowhere

19. Green Loans Program – Abandoned with only 3.5% of promised loans delivered

20. Solar Homes & Communities Plan – Abandoned after $534 million blow out

21. Green Car Innovation Fund – Abandoned

22. Solar Credits Scheme – Scaled back significantly

23. Green Start Program – Scrapped as unworkable

24. Retooling for Climate Change Program – Abolished

25. Childcare Centres – Abandoned. 260 promised, only 38 delivered

26. Public Service Staff Reductions – 24,000 additional public servants hired

27. Murray Darling Basin Plan – Back to the drawing board- more incompetence

28. 2020 Summit – Meaningless talkfest

29. Tax Summit – Deferred and downgraded

30. Population Policy – Sets no targets as can’t agree on number

31. Fuel Watch – Abandoned

32. Grocery Choice – Abandoned

33. Stimulus Cheques – $900 cheques sent to dead people and overseas residents

34. Foreign Policy – In turmoil with a hostile Rudd running rampant

35. National Schools Solar Program – Closing two years early

36. Solar Hot Water Rebate – Abandoned

37. Oceanic Viking – Caved in

38. GP Super Clinics – 64 promised, only 11 operational

39. Defence Family Healthcare Clinics – 12 promised, none delivered

40. Trade Training Centres – 2,650 promised, 70 operational

41. Bid for UN Security Council Seat – An expensive Rudd frolic that will likely fail

42. MySchool Website – Revamped but problems continue

43. National Curriculum – States in uproar

44. Small Business Superannuation Clearing House – 99% of small businesses reject it

45. Indigenous Housing Program – Way behind schedule

46. Rudd Bank – Went nowhere (thankfully)

47. Using cheap Chinese fabrics for Defence uniforms – Abandoned

48. Innovation Ambassadors Program – Abandoned

49. Six Submarines – None operational

50. Debt limit to be increased to $250 billion – To pay for all of this and much more

 

If anyone knows the author of the 50 Acts of Folly, please advise so I can acknowledge.

 

Andy Semple

Follow him on twitter @Bulmkt

Swan Puts Congestion Tax on Agenda for Tax Summit

Not completely satisfied crippling us all with a Carbon Dioxide Tax, the Gillard government has placed congestion taxes back on the agenda, putting them up for discussion at October's tax summit, along with the possibility of other environmentally linked taxes.

Quote It has emphasised the need to spread the tax burden fairly, placing appropriate burden on those with "the capacity to pay".

In his forward to the discussion paper, Treasurer Wayne Swan said there was more work to be done on tax reform to improve the system's efficiency and create a fairer and more prosperous society.

"As we all know, tax reform is not easy and we will need to focus on the national interest and not just sectional interests," he said.

The Treasurer said his biggest priorities were rewarding hard work and making businesses more competitive.

What’s the point of the summit? A mining and carbon dioxide tax have already been decreed and they now want to screw with us some more? Congestion Tax for god's sake! Just put up a sign and tell the rest of the world we’re closed for business why don't you?


  

And this man is in charge of the Australian economy. I bet his wife doesn't let him anywhere near the household budget!

Update 1:

Retailers 'better off' after carbon tax, says Swan.

Quote Forget the economic modelling, ignore what economists, policy advocates and politicians say. Trust the government instead: carbon tax will be good for small business.

Retailers will be paying more rent, higher energy costs and stock will cost more as overheads are passed down the supply chain. But you'll be better off.

That's the bizarre line from Treasurer Wayne Swan who will almost certainly have antagonised retailers and small business owners with an address overnight asserting they will be winners when the planned carbon tax is introduced on July 1, 2012.

Seriously, Wayne Swan shouldn’t be allowed within 500 metres of a kids piggy bank let alone our national treasury.

 

Andy Semple

Follow him on twitter @Bulmkt