Tag Archives: $250bn

Labor Dodges Scrutiny To Lift Debt To $250 Billion

12 Jun

We covered this topic a month ago ( “Swan Raises Govt Borrowing Limit By Another $50Bn – And Don’t Ask Questions” ) – immediately after the budget, in fact.  But still, it’s nice to see the Liberal Party formally commenting on it:

The Gillard Government is pressing ahead with its plan to ramp up the Commonwealth debt limit to $250 billion while avoiding proper parliamentary scrutiny.

“Today Labor arrogantly opposed an amendment I moved to give the parliament the opportunity to consider separately and vote on the proposed increase in the borrowing limit,” Shadow Minister for Finance Andrew Robb said.

“Just two years ago the government raised the debt limit from $75 billion to $200 billion citing ‘special circumstances’ post GFC. They did this through a standalone proposal which was rightly considered by the parliament.

“This time they want to lift the debt ceiling to $250 billion and have buried the proposal – which includes the repeal of the ‘special circumstances’ clause – under the primary budget bill in a secondary Appropriation Bill.

“This tricky move denies the parliament the opportunity to debate the proposal in detail, to amend it, support it or oppose it,” Mr Robb said.

“The Gillard government should be embarrassed, that despite all their talk about fiscal consolidation, they clearly have no control over the nation’s finances hence the need to borrow yet another $50 billion.

“They are trying to slip this through on the sly to fund their extraordinary $135 million-day-borrowing habit. The budget papers show that the face value of government debt is expected to be $192 billion at 30 June, so they are on the verge of running out of money under the current limit.

“When the Rudd-Gillard government came to office it inherited a budget which was not only debt free, but had $70 billion in reserves. To go from this situation to approaching $250 billion in debt in less than four years is simply extraordinary and highlights the true extent of Labor’s reckless and wasteful spending.

“Considering the vulnerability of the economy, to external shocks, as demonstrated by the first quarter of negative growth in more than two years, I would urge the government to split its budget bills before a final vote and allow proper scrutiny of its plan to saddle taxpayers with yet another $50 billion in debt,” Mr Robb said.

Barnaby was on to this – in a very public op-ed article – the day after the budget in which it was (quietly, sneakily) announced.

And that was also when he pointed out the emperor’s clothes once again.

To wit, the fact that Labor’s ever-rising debt means that our government will, like the rest of the West, in the end, steal our super to pay down debt.

He’s proven himself to be the only one who is truly on the ball.

Advertisements

Our New Treasury Secretary Is America’s Mini-Me

5 Jun

America’s Treasury Secretary, Tim Geithner – the former IMF bankster who Paul Keating rightly called a “gigantic fool” – now  has his very own Mini-me right here in Australia.

New Treasury Secretary Martin Parkinson. Former student of money-printing madman, US Federal Reserve Governor “Helicopter Ben” Bernanke.

What do Tim and Martin share in common?

An insistence on raising our respective nations’ debt ceilings.

The only difference between these two #JAFA lunatics, and the public (taxpayer) debt levels over which they preside … is one of scale.

Consider.

Recently we have seen the USA run into its $14.3 Trillion debt ceiling. And giga-fool Geithner has been loudly proclaiming the dire consequences if the US Congress refuses to raise it even higher.  In another ominous warning of where Australia too is heading, Geithner has started stealing federal employees pensions to keep the government running until August 2, when America will default on its current massive debt unless the #JAFA’s in their Treasury department can get “permission” to borrow-and-spend the American people even deeper into oblivion.

And in Australia?

On Wednesday in Senate Estimates, our Mini-me Martin Parkinson was challenged by Senator Barnaby Joyce over this utterly incompetent and reckless Labor/Green government’s decision, just before the Budget, to sneak in new legislation to raise our debt ceiling too.  By $50 Billion – a 25% increase. To a new all-time record debt level of $250 Billion.

Just like America. The only difference is the scale.

And what did Mini-me Parkinson have to say?

Nationals senator Barnaby Joyce wanted to know what would happen if the government was prevented from lifting its gross debt ceiling by a further $50 billion to $250 billion, as proposed in the budget.

“I couldn’t imagine that parliament would be so foolish,” Parkinson replied.

It would have “serious ramifications” for the operation of government.

It gets worse.

According to Mini-me Parkinson, he is simply not concerned about our ever-rising, all-time record high national debt. And, it seems he would only begin to view our national finances from a position of “concern”, if our national debt level was the highest in the world:

During a budget estimates hearing, Nationals Senate Leader Barnaby Joyce asked the Treasury secretary if increasing government debt concerns him.

But Dr Martin Parkinson says it does not.

“If you were to say to me that Australia had the highest level of public debt in the world… if you were to say that to me, then I would start from a position of much greater concern,” he said.

Brilliant.

Our nation is held hostage to the “genius” of yet another ivory-towered, disconnected-from-reality,”theory”-obsessed, white-collared, smarmy idiot.

A #JAFA.

This former head of the Department of Climate Change, no less, is now the new “Sir Frank Gordon” responsible for advising the Goose, Wayne Swan, about how to (mis)use the billions of dollars that this Government is borrowing every week from China, et al:

Given the abundantly clear evidence that America is rapidly swirling its way down the financial toilet bowl, the last thing we need is a Mini-me of Timmy, and a former student of money-printing madman, “Helicopter Ben”.

Another useless #JAFA – just like Senator Joyce’s previous nemesis at the Treasury department, the green cargo-cult member, Ken Henry – one whose towering, commonsenseless intellect insists that the government be permitted to keep borrowing-and-spending our nation into oblivion too.

Martin Mini-me Parkinson.

Remember the name.

So you know who (else) to blame, when we all get flushed down the green-tinted economic toilet bowl.

%d bloggers like this: