OT: Current Affairs and Politics

[crocodile]

Boomers hitting retirement age en masse is what's different this time around. There's no going back to a pre-deficit world. Not in our lifetimes anyway.

I hope you're right. I can't think of a single good reason why the government budget should not always be in deficit.

 

[crocodile]

So what. It was 125% of GDP just after WW2 and completely retired by the early 70s without a single surplus anywhere.

 

[Bandwagon]

Nah. Push your finger up your fundament and poke it out.

Mmmmm, I'll leave that one to you mate.

 

[crocodile]

Mmmmm, I'll leave that one to you mate.

I won't be sticking any of my fingers anywhere near his date.

 

[Bandwagon]

Boomers hitting retirement age en masse is what's different this time around. There's no going back to a pre-deficit world. Not in our lifetimes anyway.

Boomers started hitting pension age 10 years ago mate, it aint new.

 

[Poupou Escobar]

How long ago did national debt start to ramp up?

 

[crocodile]

How long ago did national debt start to ramp up?

We've always had gross debt.

 

[Twizzle]

Boomers hitting retirement age en masse is what's different this time around

nice one Poo

why do Boomers get older faster than any other group ?

 

[crocodile]

nice one Poo

why do Boomers get older faster than any other group ?

Dunno about you but I'm sue that as my lads have aged, I've aged faster.

 

[Gronk]

Dunno about you but I'm sue that as my lads have aged, I've aged faster.

Oi Croc, how is reducing receipts a means to reducing debt ? Assume we need to boost confidence ?

 

[Poupou Escobar]

We've always had gross debt.

So the Libs haven't borrowed at an increasing rate?

 

[Poupou Escobar]

nice one Poo

why do Boomers get older faster than any other group ?

They don't, It's just that there's so many of them. No other generation has been such a drain on taxpayers. Sixty years ago it was probably fair to say there had never been such a youth bubble in the West, and now they're all hitting retirement age.

 

[TheRam]

Ha ha.

Alex f**king Jones.

The guy's about as loose as they come.

Good one nong-head. So what about the story, that isn't Alex Jones's, he is just reposting it. You morons always just play the man, never the actual topic.

You know the corruption that is being exposed here? Alex Jones isn't the story, but that's what you do. Get everyone arguing and talking about everything but what is actually meaningful and going on.

What about the reporting son, what about the reporting?

 

[TheRam]

We should do as the British government did at the start of WWI and create our very own Bradbury pounds, dollars of course for us, until the bankers got the sh*ts of course and put a stop to it quick smart and then the British government went back to borrowing from banks again and by the end of the war Briton was in so much debt that they didn't pay it off till 1956.

Don't bother looking up Wikipedia, that's not where you will learn the true significance of the power of the Bradbury Pound and why the bankers put a quick stop to it. You will need to do a little more digging then that.

 

[Twizzle]

Dunno about you but I'm sue that as my lads have aged, I've aged faster.

yeah I can relate

 

[crocodile]

So the Libs haven't borrowed at an increasing rate?

Firstly, comparing absolute debt over time is nonsense. It should be compared to the size of the economy. Take a look through our national history and you will find that the ratio of debt to GDP fluctuates quite a lot. The highest was just after the end of WWII when it reached 125%.

 

[crocodile]

They don't, It's just that there's so many of them. No other generation has been such a drain on taxpayers. Sixty years ago it was probably fair to say there had never been such a youth bubble in the West, and now they're all hitting retirement age.

The aging population conundrum. Not an easy problem to solve. It's been moderated over time by increasing immigration but that too must have an end point sometime. We're stuck with it until the parlous state of total factor productivity improves. Don't hold your breath.

 

[crocodile]

Oi Croc, how is reducing receipts a means to reducing debt ? Assume we need to boost confidence ?

Lets start by saying that a budget in surplus is not necessary to retire debt. Not very intuitive but nonetheless true. Public sector debt just after WWII peaked at a whopping 125% of GDP. The entire debt was retired by the early '70s without a single surplus anywhere in site. How do you think that was possible. Solve the puzzle and you'll have your answer.

 

[crocodile]

yeah I can relate

Now I know why my ol' man drank.

 

[Gronk]

Lets start by saying that a budget in surplus is not necessary to retire debt. Not very intuitive but nonetheless true. Public sector debt just after WWII peaked at a whopping 125% of GDP. The entire debt was retired by the early '70s without a single surplus anywhere in site. How do you think that was possible. Solve the puzzle and you'll have your answer.

I'm not sure you addressed my question. Why are they looking at tax cuts ?