Icarus2001 wrote:
So overall, from a purely personal, selfish point of view, I am better off now than at the height of the boom when interest rates, petrol; and inflation were eating into my income.
Now I realise that many people are losing their jobs and those that are close to retirement will be hurting with their superannuation fund losing capital, for this I am sorry and you have my sympathy.
Except that Rudd and Swan have blown the surplus AND will borrow some 220B. That debt is spread across Australian present and future taxpayers and interest is payable.
So, Icarus2001, I have some questions for you (answers below)
(1) Where is the interest on the borrowings coming from?
(2) Where will the principal of 220BN be repaid from?
(3) If the retirees you feel sorry for end up tapping into the pension because their super funds are worthless, where will the pension payments come from?
(4) When (not if) unemployment skyrockets, where is the benefit coming from?
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(1) TAXATION, (2) TAXATION (3) TAXATION (4) TAXATION
So while you may be a true believer for now, reality will set in one day (soon).