Archive for December 2nd, 2011

Friday Night Party Music


Stop pulling on my headphone cord, kitteh!

Entrée:

UPDATE

Ah, goody good. Found one.

When you spend more than you earn…


…Eventually it catches up with you.

We are seeing this unfold in the EU.

And it’s sure catching up to Australia as well.

Thanks to some good leg work done by blogger Barnaby was Right, our treasurer, Wayne Swan, is essentially predicting a 57% blowout in net debt this year.

57%!

What was supposed to be around $105-odd billion (remember this is net debt not gross debt which is close to double) is now predicted to be a little over $130 billion.

  • End 2011: almost $85 billion
  • First end 2012 estimate: about $105 billion (about a 25% increase in just one year)
  • Revised estimate: a little over $130 billion (a whopping 57% increase!)

And the thing is, it’s not as if revenue has changed all that significantly. In fact, if anything, it’s gone up.

Some numbers sent in by Bolt reader John Comnenus posted on Andrew Bolt’s blog re-entered into a table:

Professor Sinclair Davidson over at Catallaxy has some slightly different numbers but the general trend is still the same (the way they calculate budgets is a bit different since the ALP took government).

Whichever way you look at it, we’ve gone from about a $20b budget surplus, to (and I’ll use Davidson’s figures) to a $55b deficit, followed by a $35b deficit, followed by a $20b deficit, followed by a $35b deficit.

That’s $55b + $35b + $20b + $35b = $145 billion!

Barnaby is Right had the latest blowout of 57% (from $84.5b to $130-odd billion) so at $145-odd billion, maybe that 57% could even be revised up to a whopping – give or take – 71%.

Eek!

But no worries, that $130b or $145b is only our net debt.

Our real debt (gross debt) stands at around $220b and climbing by about $2b a week.

Now, to be sure, that’s lucky if it’s even a mere 20% of our GDP considering you have countries like America at around 101% of GDP.

But with America not yet out of the woodworks, and Europe teetering on the abyss, when basically no-one has any money (China might buy us but they won’t save us, and even they might not be doing as well as everyone imagines), is now really the time to be living a champagne lifestyle on a beer budget?

H/T s_dog

Too many


Via Andrew Bolt, we see that in November we had 920 illegal boat arrivals – a record.

At that pace, that would be around 11,000 per year.

Considering Australia has set a target total of a little under 14,000 humanitarian visas, this doesn’t leave much room for anyone else who needs a humanitarian visa and who is trying to do the right thing.

The do-gooders have to realise that for every boat arrival, some other poor soul somewhere else misses out on their chance to make a new start in Australia.

And fer cryin’ out loud, people have (presumably) come to Australia to escape their old, worse life. So why on earth would they and/or should they want their own courts?

It smacks of not really wanting to live in Australia but rather change Australia into something analogous to what they left.

Institutions such as the established Koori courts and the proposed Koranic courts along with other special treatments for some only serve to divide our diverse nation.

I don’t know who said it, but it was something along the lines of great civilisations often aren’t killed by external forces.

Rather, they suicide.

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