Is the Xmas bonus good for the economy?

[cynik]

Obama had 1.1 million contributors.

So....... I figure he is for small corporations. Let's face it, although he was sponsored by more people than all the candidates in the 2000 race combined, he is still only sponsored by 0.3% of the population.

Given how much money he raised, I guess he is still the rich man's pick. Hence...... not much will change.

Now Australia is a different kettle of pork.

[Jovial Monk]

I have not made any judgement on Obama yet, plenty of time for that when he has been in the oval Office for a year or two. . .

He went through a long, gruelling campaign, primary then the election so there is some character there.

[cynik]

He said he would "change the way washington works".

How? I mean, those with money pay to advertise their favourite candidates. How to change that?

The only way I can see to change the way Washington works is to change the USA into a direct democracy. Otherwise it is just a question of who gets to pick the guys the rest get to choose from. then you have the old chesnut:

sed quis custodiet ipsos custodes? cauta est et ab illis incipit uxor.

Direct democracy is the only way.

[Jovial Monk]

Obama will turn the USA into a social democracy. Can't help it. Their health system is a shambles, companies like the car companies can't afford to pay the pensions & health care anymore. The state will have to pick them up.

[cynik]

What with?

Pick them up with what, exactly?

You are aware that the US public debt is at record levels, and that borrowing more money will cripple the middle class?

In case you weren't watching, the banks just took 700 billion out of the economy. Then there is the war.

then there is the fact that, as the major corps go broke on paper, tax revenue will plummet.

Obama is inheriting an economy under the gun. He has three armies spread from buttfuck to Habib central, and the Ruskis itching to kick europe right in the Balkans.

What can he do?

When the banks start turning the screws on him, he is going to have to choose between withdrawing from the world (higher oil prices, total mayhem in Iraq as Iran goes nuts) and putting his available cash into the status quo. If he pulls out, do you imagine the press will praise him for it as the domestic economy goes down the gurgler?

And if he doesn't withdraw, how can he fund his grand schemes?

Most left wing geniuses inherit a rich economy from their fiscally sound predecessor (Hi Kevin!), and then borrow and borrow against that collateral in order to fund the spending that keeps them popular for a term or two. Obama is inheriting an economy that has already tanked, PLUS 2 wars. (3 if you count Georgia)

Haven;t you noticed that Obama is saying almost NOTHING recently?

He is looking at the books, and wondering what the fuck he is going to do. It is a pretty good question.

[Jovial Monk]

Rodent & Tip financially sound? Hogwash! You yourself pointed out the decline of the Chinese industrial sector has a major impact here and on the dollar. $390Bn of mining boom money wasted on pork and unsustainable tax cuts.

Keating inherited an economy from Treasurer Howard in bad shape, but soon had the budget in surplus (real surplus, not a sale of assets/minerals boom fake surplus like Tip) before world recession caused a recession here which was nearly over when Howard won govt in '96.

The task facing Rudd has been made harder by the irresponsible practices of Howard which Tip supinely let him get away with.

[cynik]

I am not having a serious discussion about the economy with someone who calls a tax cut a waste of money. it just goes to show that you do not understand who owns this money called tax.

Howard paid off the public debt, which means that Australians do not work to pay tax that goes in interest payments to foreign financiers. That act alone meant that whosoever won the next election would have more cash to do with as they please.

Let us wait and see what Red Rudd gives his successor.

[Jovial Monk]

Paid some of it, by selling lots and lots of revenue producing govt entities. The farmer had a cow, sold the cow to pay a debt, all set for prosperity is he?

I said *unsustainable* tax cuts.

[Hebe]

I am not having a serious discussion about the economy with someone who calls a tax cut a waste of money. it just goes to show that you do not understand who owns this money called tax.

Howard paid off the public debt, which means that Australians do not work to pay tax that goes in interest payments to foreign financiers.

Current areas of concern to some economists include Australia's large current account deficit, Australia’s current account deficit for the 2007- 2008 financial year was up 4% to $19.49 billion (according to the Australian Bureau of Statistics), the absence of a successful export-oriented manufacturing industry, a real estate bubble, and high levels of net foreign debt owed by the private sector.

OK, it's from Wikipedia, but I've read it in the papers too. That's what we inherited from Howard. His much-vaunted economic management was based on the mining boom, not his government's expertise. In fact, Tip has been called a lazy treasurer who could and should have done much more, and better, than he did, given the astonishing resources he had.

[skippy]

I am not having a serious discussion about the economy with someone who calls a tax cut a waste of money. it just goes to show that you do not understand who owns this money called tax.

Howard paid off the public debt, which means that Australians do not work to pay tax that goes in interest payments to foreign financiers. That act alone meant that whosoever won the next election would have more cash to do with as they please.

Let us wait and see what Red Rudd gives his successor.

I love it when rightards call Rudd RED, ha ha ha ha ha , he is to the right of Menzies and the likes of cynik call him RED, ha ha ha ha ha ha ha ha ha ha .