Let me be clear here. I am not an economist.
Reading some of these replies here is amusing, although the subject certainly isn't.
How many here actually have a real grasp of macro and micro economics? Really, how many? Any practising economists here? Come on, you can own up now
I certainly don't have a grasp of it......and I have actually studied it, as units in management studies.
It is bewildering, which is why the world is in such a 'financial hand-basket to hell'! I am fairly sure few would be brave enough to deny that. A country cannot keep accumulating debt indefinitely.....it is a house of cards, which will eventually topple. You simply cannot have infinite growth, it can't be done. Something eventually has to give.
The highest debt to GDP ratio in the world, according to the World Bank include Zimbawe at approximately 218% GDP and Japan, which tops the list, at 220% GDP, whilst Australia is around 23% GDP, with the US at 73% GDP. The least amount of debt to GDP being North Korea at 0.4% GDP, which isn't surprising, as who the hell would want to lend them money? Japan's interest rate, like many countries is sitting at 0. Not much room to stimulate the economy, hey?
The bottom line is Governments, of all persuasion, spend money, usually money they don't have, nor which the poor old taxpayer can afford, to further their own desires or agendas, all the while, trying to keep disparate groups happy. Not an easy task.
It doesn't matter what they spend it on, whether it is wasted or not, as it keeps money circulating, which constantly percolates throughout the community. If Governments stop spending, money stops circulating, and thus stimulation of the economy draws down. Not a good place to be if you happen to be the one that loses your job, as I did during the GFC, and, if some had their way, no social security to fall back on.
It is mostly only those well off, or in secure employment who may advocate the eradication of social security. That's right, lets kill benefits and make a high number of people poor; that'll really help the country. Just remember, not everyone is as smart or clever as you and these people will always languish behind and will probably never be able to survive on their own. Oh well, survival of the fittest then. But remember, as there will always be someone on top, there will always be those on the bottom, its immutable. All we can hope for, at least I do, is to end up somewhere in the middle. Perhaps we should just 'euthanase' the poor, as the burdens that some seem to believe they are. Radical thought? No, it isn't a new idea, as the old sci-fi movie Logan's Run visited that concept.
Oh listen, I can hear howls of derision! I have been to poor countries and I am so very thankful that I am Australian and live in such a wonderful country, where I can make comments like these, without fear for my very life. Having seen what it is to be poor, I can certainly understand why so many make desperate attempts to get here. We are so very lucky living in Australia, even if you think otherwise.
But, back onto topic, it doesn't make any difference who you vote for....absolutely none, as you will still end up with a politician, usually someone who is ill equipped to run a $1.5 trillion economy. Then you multiply that by the number of seats and what do you get?
Well, I am reminded by the quote "What is a camel?" ....... A horse designed by a committee
For those that think times are grim, no they are not and if you think that statement is stupid, go read the Desiderata. I used to have it on the back of my loo door and contemplated it frequently.
Times are great! Why? Because I wake up every day still sucking in air. In fact, it is my motto. Any day you wake up still sucking in air is a great day indeed. Now the alternative, well that really is grim. Yeah, the grim reaper grim!
We live in difficult times and good times. Hmm, I seem to remember Charles Dickens start one of his novels that way, Yes, "It was the best of times and it was the worst of times", A Tale of Two Cities. First published in 1859....... So nothing really changes then?
Enjoy each and ever day.
Cheers Peter