is this true

[faulked]

higuys imjust wondering how much truth there is to this as being a redneck gardner i have no friggin idea all i can do is hope its not

jason

Quoted by : Ross Greenwood of Money News.

Right now the Federal Government is at pains to tell everyone

- including us the mug-punters and the International Monetary

Fund that it will not exceed its own, self-imposed, borrowing

limits.

How much? $200 billion, and here's a worry.

If you work in a bank's money market operation; or if you are a

politician;

the millions turn into billions and it rolls off the tip of the tongue a

bit too easily.

But every dollar that is borrowed, some time, has to be repaid.

By you, by me and by the rest of the country.

Just after 5 o'clock tonight I did a bit of maths for Jason Morrison,

but it's so staggering its worth repeating now.

First though; here's what Chairman Rudd has been saying about - what he

calls - these temporary borrowings.

Remember Those Words : Temporary Deficit, but the total Government debt

could end up around $200 billion. So here's a very basic calculation ..

I used a home loan calculator to work it out ... it's that simple.

$200 billion is $200,000 million.

The current 10 year Government bond rate is 4.67 per cent.

I worked the loan out over a period of 20 years. Now here's where it

gets scary ... really scary.

The repayments on $200 billion come to more than one and a quarter

billion dollars - every month - for 20 years. It works out we - as taxpayers -

will be repaying $154 billion in interest and principal every year ... $733

for every man woman and child - every year.

The total interest bill over the 20 years is - get this - $108 billion.

Remember, this is a Government that just 18 months ago had NO debt .

NO debt. In fact it had enough money to create the Future Fund to pay

the future liabilities of public servants' superannuation ... and it had

enough to stick $20 billion into the Building Australia Fund last year ..

Money News Presenter, Ross Greenwood.

Who were the dick-heads who voted these spin-doctoring bozo's into

office?

Alan Jones' Comment - this is frightening: Hmmmmm??

.. a note that was sent to me which explains that the six leading

members of the Government from Mr. Rudd down, the top six have a

collective work experience of 181 years, but only 13 in the private

sector.

If you take out of those 13 years the number that were spent as trade

union lawyers, that total 11, of the 181 years only two years were spent in

the private sector.

So the people who will rack up a net Federal debt of a minimum of $188

billion, the highest in our history, have virtually no experience in

business.

So out of those 181 years:

- no years spent running their own business

- no years spent starting their own business

- no years spent as a director of a family business or a company

- no years as a director of a public company

- no years in a senior position in a public company

- no years in a senior position in a private company

- no years working in corporate finance

- no years in corporate or business restructuring

- no years working in or with a bank

- no years of experience in the capital markets

- no years in a stock-broking firm

- no years in negotiating debt facilities with banks

- no years running a small business

- no years at the World Bank or IMF or OECD

- no years in Treasury or Finance.

But these people have plunged Australia into unprecedented debt, and now

threaten to torpedo employee share schemes which they plainly don't

understand. Well, in a way you can't blame them. It's clear the

electorate

did not do their homework, because the Government is there by right.

[faulked]

AMERICA has Barak Obama, Johnny Cash, Bob Hope and Stevie Wonder.

...............QUEENSLAND has Anna Bligh, no Cash, no Hope, and no Bloody Wonder!

[faulked]

Kevin Rudd called Julia Gillard into his office one day and said, 'Julia, I have a great

idea !!!

'We are going to go all out to win the country voters.'

'Good idea Leader, how will we go about it?' said Julia.

'Well,' said Rudd, 'we'll get ourselves one of those Driza Bone coats, some

RM Williams boots, a stick and an Akubra hat.

Oh, and a blue cattle dog. Then we'll really look the part.

We'll go to a typical old outback country pub, we'll show we really enjoy the

bush.'

'Right.' Said Julia.

Days later, all kitted out and with the requisite blue heeler, they set off from Canberra in

a westerly direction.

Eventually they arrived at just the place they were looking for and found a typical outback

pub.

They walked in with the dog and up to the bar.

'G'day mate,' said Rudd to the bartender, 'two middies of your best

beer.'

'Good afternoon Leader,' said the bartender, 'two middies of our best coming

up.'

Gillard and Rudd stood leaning on the bar drinking their beer and chatting, nodding now and

again to whoever came into the bar for a drink. The dog lay quietly at their feet.

All of a sudden, the door from the adjacent bar opened and in came a grizzled old stockman,

complete with stockwhip.

He walked up to the cattle dog, lifted its tail with the whip and looked underneath,

shrugged his shoulders and walked back to the other bar.

A few moments later, in came another old stockman with his whip.

He walked up to the dog and lifted its tail, looked underneath, scratched his head and went

back to the other bar.

Over the course of the next hour or so another four or five stockmen came in and lifted the

dog's tail and went away looking puzzled.

Eventually, Rudd and Gillard could stand it no longer and called the barman over.

'Tell me,' said Rudd, 'why did all those old stockmen come in and look under the

dog's tail like that? Is it an old outback custom?'

'Strewth no!' said the barman.

'Someone told 'em there was a cattle dog in the bar with two arseholes!'

[ellicat]

faulked wrote:

higuys imjust wondering how much truth there is to this as being a redneck gardner i have no friggin idea all i can do is hope its not

jason

Quoted by : Ross Greenwood of Money News.

Right now the Federal Government is at pains to tell everyone

- including us the mug-punters ......

The total interest bill over the 20 years is - get this - $108 billion.

....

Assuming they borrowed the money at 4.67% and it stays at that for 20 years and P&I repayments are made monthly then this interest cost is correct (rounded).

However, the int rate, repayment, term etc are not necessarily correct/set in stone.

[Death Ray]

After careful and detailed analysis of the above comments, coupled with lenghty treasury modelling using a variety of statistic frameworks, my colleagues and I have taken the responsible position of declaring the issues above to be bumkin.....K Rudd.

WORST PRIME MINISTER EVER.

HERE HERE

COMMETH VOTING TIME..............................

[Gad]

faulked..is it true? don`t know.

1

Fact..while they have our heads are in the sand,I know what their doing to whats pointing up in the air

2

I agree with the stockmen

..how does this relate to fishing...with that much debt, government money grabbing

will reach new lows. more taxation = dearer boats,outboards,rods,reels fishing tackle etc

[Do$tylz]

take into consideration the US has a debt of approx $15 trillion AUD..... hear that this morning on the news.... ours is only $200 million.

Don't forget that our government not only taxes us as workers, but businesses as well... so its not quite the $755pp... thats sorta out of context.

Look... as much as everyone can bag on the government for our debts... we didn't go into recession.... look at every other major player (except for China etc) ... they've all gone down the gurgler or are heading that way due to their governments mismanagement.

Maybe our government could have made better decisions during the GFC... but hindsight is 20/20.... when you're at the crux of the problem... decisions need to be made... hard decisions but I'm gonna make the guess that they made a decision based on as much info as they had.

maybe I'm just underinformed.... but I'd rather not believe that the government is out there just to take my money .... govy workers don't earn that much money.

[ellicat]

Death Ray almost got it right....just "government" needs to be added or imposed over "prime minister" lol

Henry, the govt borrowed big bucks to inject into the economy....that was not necessarily a bad thing. However the programs they borrowed the money for did not (and still have not) receive/d all the funding, so the avoidance of recession cannot be based solely on what they did......in fact it seems they are now winding back and/or canning these programs. The Building Education Revolution still has a bout 5 billion + to get into the system.

I think all governments have what they consider to be the best vision for Australia. Some just get it wrong and are way less than competent.

[Death Ray]

Also higher health, education, finance, transport, utility and food cost, which all reduce the amount we have to spend on fishing, transport and leisure costs. All the while additional employment opportunities reduce.

WORST PRIME MINISTER and Government EVER.

PS. And I have seen a few, and what I want most of all is my country back. It used to be great and full of opportunity and promise.

[Gad]

Death Ray wrote:

Also higher health, education, finance, transport, utility and food cost, which all reduce the amount we have to spend on fishing, transport and leisure costs. All the while additional employment opportunities reduce.

WORST PRIME MINISTER and Government EVER.

One always has to remember that,even though one is the head clown,there is a circus full of elected and appointed clowns,that have a big say in circus acts on the night.

Death Ray wrote:

PS. And I have seen a few, and what I want most of all is my country back. It used to be great and full of opportunity and promise.

unfortunately it`s like the Brisbane River and the Bay,improvement needs to happen,and to some extent is happening, but unfortunately things never get back to what once was.

[Travis]

I didnt vote for the KNOB HEADS...

[Davo_Dinkum]

we had beers after work so i will read this tomorrow.

its all just jibberish to me now.

but i did not vote for him .i know that.

true that ellicat we only work for the $,other wise we all be fishing .

[billythakid]

an old lady went to church and prayed .........

Dear Lord ,

You have taken my favorite actor ... Patrick Swayze

You have taken my favorite actress .... Farah Fawcett

You have taken my favorite singer .... Micheal Jackson

P.S lord , my favorite politicion is .......Kevin Rudd

[Old Scaley]

Davo_Dinkum wrote:

we had beers after work so i will read this tomorrow.

its all just jibberish to me now.

but i did not vote for him .i know that.

true that ellicat we only work for the $,other wise we all be fishing .

No offence to any of the contributors, but I wouldn't count on it making any more sense when you are sober, Davo :silly:

[uglyfish]

Hahaha love them jokes fellas, pissed me self....

[ellicat]

Off-topic comments removed.

Behave fellas

[Death Ray]

Crikey.

[Terry H]

Do$tylz wrote:

take into consideration the US has a debt of approx $15 trillion AUD..... hear that this morning on the news.... ours is only $200 million.

Don't forget that our government not only taxes us as workers, but businesses as well... so its not quite the $755pp... thats sorta out of context.

Look... as much as everyone can bag on the government for our debts... we didn't go into recession.... look at every other major player (except for China etc) ... they've all gone down the gurgler or are heading that way due to their governments mismanagement.

Maybe our government could have made better decisions during the GFC... but hindsight is 20/20.... when you're at the crux of the problem... decisions need to be made... hard decisions but I'm gonna make the guess that they made a decision based on as much info as they had.

maybe I'm just underinformed.... but I'd rather not believe that the government is out there just to take my money .... govy workers don't earn that much money.

Henry raised a very valid point. The whole scare-tactic of the opening post was that we as individuals bear the burden of this debt. Which is not true at all. Businesses are taxed at 30% of profits (to keep it simple).

How much is this?

Well Looking at BHP financial statements, you will see in 2009 financial year they paid $3,158 MILLION USD. Yes. over 3 billion American for Australian Taxes. Granted, I have picked a rather large Australian company for an illustration, but that's just one company. There are a lot more companies out there. Rio Tinto, another large company - is about the $2 Billion American mark for Aus Taxes.

2 of our biggest companies, $5 billion american in 2009 for Aus Taxes.

Shall we now add up the all the other countless thousands of businesses in Australia that pay taxes? Without lokoing at a graph of where all the taxes come from, I would suspect that what we as individuals pay for income tax is just a small part of the tax pie.

As for what the govt actually did with all the money to help keep us out of recession... Well, its a done and dusted. No point arguing what it should have been spent on.

[big al]

bring back johnny and send all the mexicans and cockroaches back across the border..and our premier with them :laugh: :laugh: :laugh: :laugh:

[dannyism]

Yeah im with Do$tylz and Terry H,

things could be worse eh, looking at the big picture I wasn't aware there are any countries that werent spending more than they were earning durin the gfc (which in my opinion is far from over). Pretty sure the pigs are broke (portugal, italy, greece and spain) california and some others are broke.

Life goes on yeah?

Also keep in mind the recesion wouldve hit no matter what government was in power. 'Handed a sinking ship' is a good metaphore.

Don't think too hard about matters out of your control, sit back with a nice fatty and a rod in the other hand...

[Death Ray]

Do$tylz wrote:

Maybe our government could have made better decisions during the GFC... but hindsight is 20/20.... when you're at the crux of the problem... decisions need to be made... hard decisions but I'm gonna make the guess that they made a decision based on as much info as they had.

As a side note, speaking of 20/20 hindsight, what happened with the 20/20 summit we had to have???? What ever came out of this shindig? As far as I can see, lots of grandstanding and funds spent on catering and staffing. Not trying to be offensive or anything, but even the gov't don't mention the summits successes!

[ellicat]

Terry H wrote:

Henry raised a very valid point. The whole scare-tactic of the opening post was that we as individuals bear the burden of this debt. Which is not true at all. Businesses are taxed at 30% of profits (to keep it simple).

How much is this?

Well Looking at BHP financial statements, you will see in 2009 financial year they paid $3,158 MILLION USD. Yes. over 3 billion American for Australian Taxes. Granted, I have picked a rather large Australian company for an illustration, but that's just one company. There are a lot more companies out there. Rio Tinto, another large company - is about the $2 Billion American mark for Aus Taxes.

2 of our biggest companies, $5 billion american in 2009 for Aus Taxes.

Shall we now add up the all the other countless thousands of businesses in Australia that pay taxes? Without lokoing at a graph of where all the taxes come from, I would suspect that what we as individuals pay for income tax is just a small part of the tax pie.

As for what the govt actually did with all the money to help keep us out of recession... Well, its a done and dusted. No point arguing what it should have been spent on.

You're suspecting wrong there. 10 years ago it used to be about 60% from memory. It's dropped as a percentage but is still over half especially when it is primarily individuals that wear the GST collections.

i.e. More tax is raised from individuals than companies.

2006 FY -

Net Tax Collections - $232 billion

from

Company $40 billion

PAYG Withholdings (Employees) $ 97 billion

Individuals (Other - self emp etc) $ 23 billion

Other net tax collections

(super funds, GST, PRRT, FBT etc etc) $72 billion

The point I think you're missing Terry is that you can't use all the tax collections to repay debt. The ATO alone costs about 2.5 billion to run - i.e. sponsored by Rio Tinto.

Add onto this that the GFC will see the contribution from companies erode at the same time the "sick, weak, welfare minded, and artyfarties etc will demand more growth in government and government spending you will find there is even less left over to fund interest and debt reduction.

dannyism, the last government to be handed a sinking ship was the coalition in 1996.

[Terry H]

Brian, I realise that there are considerably more things to pay for with our taxes than just debt repayments. Afterall, we need to collect more tax than just our debt repayments, or we wont have any spending on infrastructure.

My comment was made without any consideration of indirect taxes. I was thinking of the direct income taxes, which I would gander is your PAYG and Company taxes.

[Angus]

Relegion and politics.

Two things I like to avoid on a fishing forum

Angus

[ellicat]

Terry H wrote:

Brian, I realise that there are considerably more things to pay for with our taxes than just debt repayments. Afterall, we need to collect more tax than just our debt repayments, or we wont have any spending on infrastructure.

what spending on infrastructure ? :laugh: :laugh:

My comment was made without any consideration of indirect taxes. I was thinking of the direct income taxes, which I would gander is your PAYG and Company taxes.

Yes mate - the first three mentioned that total $160B - of which companies contribute 25%.

[Death Ray]

Ellicat's stats are spot one, and destined to increase due to ATO benchmark audits, and the ongoing withdrawal of small business support mechanism by the current government.

Lets remember that most small business' operate as either sole traders or through a trust structure, meaning that the income and corresponding tax liability flows back to individual taxpayers. These tax payers have little recourse or media power to demand a better deal, unlike the mining industry (but, even they are getting jack from Krudd & Co at present).

If you want more of the same, reselect the current government, and you will get it. And if you think as an employee of a small business your future is bright, sorry it's not. I am being pretty direct here, but seeing small business being run over daily is not pretty, nor is dealing with govérnment agencies screwing them to the wall and enforcing legal action at will for sometimes minor or current debts due to the economic state of play, without a care for the employees who go done with the business'.

[HookedOnTackle]

out of porky pig and tintin, this is the absolute worst selection i can remember for an election. again i will be going with the fishing party.

alan jones tried blocking his autobiography. hides his homosexuality. was done for the cash for comments scam. he's also a known liberal supporter (cos he's rich). i'd take whatever his sensationalist radio announcements are with a grain of salt the size of an iceberg.