Tag: economy

Chalmers’ challenge just got a whole lot scarier

Dutton wants to focus on the Culture Wars I wonder Why?

The latest official data on Australia’s economy reveals serious structural problems making all workers poorer.

Chalmers’ challenge

The Treasurer will hand down a detailed federal budget next month which will reveal his intended strategies and expected outcomes. His priority must be to rectify wages, reform the tax system and shift the share of the nation’s booming revenues back into a fair balance.
This may take some years to accomplish fully. If he can get started in October, we will all be very “reasured”.

Source: Chalmers’ challenge just got a whole lot scarier

Dutton blasts sector-wide bargaining plan – Michael West

“(The system) is just not delivering that strong responsible sustainable wages growth that we need to see, which has been absent from our economy for the best of the decade,” he told ABC Radio on Thursday.“

We’re not naive about this issue being contentious.”

Dr Chalmers said working Australians had gone backwards under the current enterprise bargaining system while businesses were recording large profits.

Recently released Australian Bureau of Statistics data for the June quarter showed pay packets were falling behind the rising cost of living.

The business community has broadly opposed the multi-employer bargaining proposal.

Dutton blasts sector-wide bargaining plan – Michael West

Nobel prize-winning economist Joseph Stiglitz calls for windfall profits tax in Australia | Australia news | The Guardian

Nobel prize-winning economist Joseph Stiglitz

Wake Up Australia

Tax is a ‘no-brainer’ after companies’ huge profits during Covid but corporate influence makes it ‘politically difficult’, Stiglitz says

Source: Nobel prize-winning economist Joseph Stiglitz calls for windfall profits tax in Australia | Australia news | The Guardian

Australia’s food security is under attack from varroa mites that kill bees. Was it an accident or was it from illegal importation of bees? – Kangaroo Court of Australia

Most Australians at this point would not realise what damage the varroa mite can do. But in 2000 in New Zealand, a varroa mite outbreak led to 90% of bees being killed which almost destroyed the industry. And if that were to happen in Australia it would cause $billion in damage to Australia’s agriculture industry which relies on bees for pollination.

Source: Australia’s food security is under attack from varroa mites that kill bees. Was it an accident or was it from illegal importation of bees? – Kangaroo Court of Australia

British inflation puts economy on road to oblivion

The UK is grappling with soaring inflation.

Inflation is now at a 40-year high after the consumer prices index rose to 9 per cent in April, according to the latest ONS figures. That’s the sharpest jump since 1982, which, as Torsten Bell of the Resolution Foundation pointed out, means much of the country has never experienced an inflationary shock of this ferocity “in their working lives”.

Source: British inflation puts economy on road to oblivion

Why isn’t our “strong economy” benefitting workers? – » The Australian Independent Media Network

 

It’s time the workers united again to claim their share of the profits their labour produces. Companies should fulfil their part of the social contract by paying fair wages and taxation. With 12% of Australians living in poverty, it’s time we had a government that puts the welfare of its people first. It’s time.

Source: Why isn’t our “strong economy” benefitting workers? – » The Australian Independent Media Network

Political platitudes like ‘we’re in a good place’ won’t fill the cracks in Australia’s economy ahead of the election | Satyajit Das | The Guardian

People walk through the Brisbane CBD

All sides of politics, wary of becoming wedged into electorally damaging positions, avoid confronting these challenges. Emollient slogans – ‘we are in good place’ or ‘push through’ – cannot address these problems. These issues vital to Australia’s future may not even make it onto the election policy agenda.

Source: Political platitudes like ‘we’re in a good place’ won’t fill the cracks in Australia’s economy ahead of the election | Satyajit Das | The Guardian

Healthy humans drive the economy: we’re now witnessing one of the worst public policy failures in Australia’s history

Healthy humans drive the economy: we're now witnessing one of the worst public policy failures in Australia's history

Australians are getting a stark reminder about how value is actually created in an economy, and how supply chains truly work. Ask chief executives where value comes from and they will credit their own smart decisions that inflate shareholder wealth. Ask logistics experts how supply chains work and they will wax eloquent about ports, terminals and trucks. Politicians, meanwhile, highlight nebulous intangibles like “investor confidence” – enhanced, presumably, by their own steady hands on the tiller. The reality of value-added production and supply is much more human than all of this. It is people who are the driving force behind production, distribution and supply. Labour – human beings getting out of bed and going to work, using their brains and brawn to produce actual goods and services – is the only thing that adds value to the “free gifts” we harvest from nature. It’s the only thing that puts food on supermarket shelves, cares for sick people and teaches our children.

Source: Healthy humans drive the economy: we’re now witnessing one of the worst public policy failures in Australia’s history

Old Dog Thought- The sting isn’t in the tail of the scorpion it’s in its nature

Latest Government report indicates record economic mismanagement

Fighting Fake News with REAL 20/12/21; LNP history and the Economy; LNP and the PM as a man;The Election March not May; Murdoch Media and facts; What the unions have done; America America the General’s Warning

How the Reserve Bank rescued Australia from Scott and Josh – Michael West Media

RBA, Josh Frydenberg

Extraordinary details have emerged of how the Reserve Bank intervened to stop Treasurer Josh Frydenberg crashing the economy as the pandemic took grip, how, contrary to their fable of “superior economic management”, the Morrison Coalition pursued political gain over good government, and how they have been borrowing its billions almost for free. Investigation by Michael West and @13foot7.

Source: How the Reserve Bank rescued Australia from Scott and Josh – Michael West Media

IMF says Australia to emerge from pandemic in fastest-growing region

Image

Morrison and Frydenberg paint themselves as being the world’s “greatest” survivors? When we are running 8th out of the pacific nations this year and predicted to be 7th in 2022 according to the IMF. That’s last out of actual Pacific nations in 21 and second last in 22. Why don’t we see these statistical hard facts on the front pages of our main stream media? Why are we treated like mushrooms?

Despite successfully containing COVID-19 in 2020, some economies in the region, including Australia, faced setbacks from an initially slow vaccination rollout, the IMF says in its regional economic outlook.

Source: IMF says Australia to emerge from pandemic in fastest-growing region

The Week Ahead: Everything Hangs in the Balance | The Smirking Chimp

In many ways, Biden’s plan will improve the lives of the bottom 90 percent of Americans – people who don’t have much wealth and own almost no shares of stock. This is something the corporate backers of Republicans and conservative Democrats don’t seem to care about, but they should. What do you think?

Source: The Week Ahead: Everything Hangs in the Balance | The Smirking Chimp

Morrison Government sets more ‘worst ever’ economic records

Virtually every new data release confirms Australia’s economic demise under Prime Minister Morrison and Treasurer Frydenberg. Alan Austin updates the tally of disastrous outcomes.

INFRASTRUCTURE INVESTMENT IS at an all-time low. As is Australia’s net worth and its global ranking on economic growth. Tax-free corporate profits are at an all-time high.

 

Source: Morrison Government sets more ‘worst ever’ economic records

Old Dog Thought- Doesn’t individual acceptance of a Social Contract come with Family, Community, and Society? Whistleblowers aren’t just “dobbers” Tony

Fighting Fake News with REAL 13/9/21; LNP “Worst Ever” Economics; Singapore Swept under the Carpet; Abbott and the Social Contract; Nth Fitzroy Sydney;

Workers Need Organization, Not Technocratic Fixes

To strengthen workers’ collective bargaining rights, the Biden administration looks poised to recommend a host of modest reforms to existing programs and policies. But the working class will remain disempowered unless it organizes itself on a mass scale.

Source: Workers Need Organization, Not Technocratic Fixes

Economy will be weak and in need of support after pandemic, say top economists in 2021-22 survey

Australia’s economy will limp along after recovering from the pandemic, failing to regain the growth it had either in the years leading up to the crisis or the much higher growth in the decades before.

Source: Economy will be weak and in need of support after pandemic, say top economists in 2021-22 survey

ABC News economics department shows incompetence with false information

The ABC’s economics reporting is becoming as bad as in Rupert Murdoch’s tawdry tabloids and Fairfax/Nine pro-Coalition pamphlets. Alan Austin reports.

Source: ABC News economics department shows incompetence with false information

Covid-19: sacrificing lives does not mean saving the economy – Michael West

A study of 45 countries shows those who have contained the virus also tend to have less severe economic impacts than those that haven’t. Saving the economy does not mean sacrificing lives, writes Michael Smithson. Containing Covid versus saving the economy is a false dichotomy.

Covid-19 and economyCovid-19: sacrificing lives does not mean saving the economy – Michael West

#9 TOP STORY OF 2020: World’s largest economy in free fall

#9 TOP STORY OF 2020: World’s largest economy in free fall
China is predicted to take over America by 2028

ECONOMISTS WORLDWIDE are watching the extraordinary collapse of what was until recently a seemingly indestructible economy. The United States still has the world’s largest economy measured by gross domestic product (GDP). But among developed nations, it is now at or close to the bottom on most rankings of economic health.

#9 TOP STORY OF 2020: World’s largest economy in free fall

Daniel Andrews is now Scott Morrison’s biggest threat

Andrews and Morrison could be crossing paths for years to come.
He spent $600,000 creating a job. giving the money to Corporations

The Victorian Premier has become the biggest challenger to Morrison’s agenda in a national debate over the pandemic. While Andrews puts a priority on shutdowns in the name of saving lives, Morrison puts a premium on opening up the economy.

Daniel Andrews is now Scott Morrison’s biggest threat

Budget 2020 to reveal first negative migration since 1946

Net migration to Australia will be negative for the first time since 1946.

Australia will suffer its first reversal in net migration in more than seven decades in a hit to growth to be revealed in next week’s federal budget, as the pandemic also cuts the nation’s birth rate. With thousands of people leaving the country and fewer returning, the net result will be negative for the first time since 1946 and the country is at risk of a population slump not seen since the Great Depression.

Budget 2020 to reveal first negative migration since 1946

We need truth and facts – not lies and spin – » The Australian Independent Media Network

Despite the slagging off at Labor by the Coalition, simply because of debts accrued to maintain the economy through an unexpected crisis – namely the GFC – the Coalition now finds itself in the same situation through COVID-19, and has to go down a similar path. Have they done as well as Labor did? NO! Why not?

We need truth and facts – not lies and spin – » The Australian Independent Media Network

Coalition plans on track — corporate slice of the nation’s pie hits all-time high

The process of shifting wealth and income from the poor and middle to the rich continues apace. Alan Austin examines the latest national accounts. FOR THE FIRST TIME since 1959, when Australia first published detailed national accounts, the share of all income going to corporations has risen above 30%. Simultaneously, the share for employees has fallen below 50% for the first time ever.

Coalition plans on track — corporate slice of the nation’s pie hits all-time high

Turning a blind eye: Trump missed the chance to make the economy great

Donald Trump's economic record is not as stellar as he would have you believe.

a familiar talking point for Trump, who returns often to the theme of how much he juiced “the greatest economy that we’ve had in our history, the best.” Donald Trump’s economic record is not as stellar as he would have you believe. Donald Trump’s economic record is not as stellar as he would have you believe.Credit:AP None of those historical claims are true. In his first three years, he wrought slightly less employment growth than his predecessor did, the same gross domestic product growth, slightly better stockmarket growth and the same wage growth. Before the pandemic, Trump’s economic record was unremarkable for a 21st-century president, even though he was able to enact a large amount of the agenda he ran on in 2016, and even though he enjoyed what by one measure was more supportive policy from Congress and the Federal Reserve than any president in a generation.

Turning a blind eye: Trump missed the chance to make the economy great

A Hurricane, a Pandemic, and Trump: The Triple Crisis Is Barreling Down on Florida – Mother Jones

Jonah is at home on the SS Florida the Whale is waitng in antcipation (ODT)

Florida accounts for 10 percent of the country’s COVID-19 cases, with almost half a million cases and already 7,021 deaths. Fifty-one hospitals have run out of ICU beds as the state still is adding another 9,725 new cases on average a day. The hurricane has only contributed more chaos to the equation. State-run coronavirus testing sites have closed on Florida’s eastern coast in anticipation of the storm (originally, the state considered consider closing all of its testing sites before Isaias changed tracks). And hospitals also must plan for the worst. Florida Governor Ron De Santis said he doesn’t “anticipate hospitals needing to evacuate patients.” But one small hospital in Brevard County, which is in the anticipated path of the storm, already has moved its COVID-19 patients. The state has had to stockpile supplies in preparation, including 20 million masks, 22 million gloves, 10 million gowns, 1.6 million face shields, 270,000 coveralls and 20,000 thermometers, while ensuring there are generators for nursing facilities should the power go out.

via A Hurricane, a Pandemic, and Trump: The Triple Crisis Is Barreling Down on Florida – Mother Jones

How Trump broke America: Economy plummets historic 33%, Covid Deaths at 1500/ day, and 40 mn could lose Homes

Trump declares this a historic rebound by the best President ever and he’s your’s America. (ODT)

via How Trump broke America: Economy plummets historic 33%, Covid Deaths at 1500/ day, and 40 mn could lose Homes

Old Dog Thoughts- Ch9 took over Fairfax the heat is really on to get rid of the ABC and blinker Australia.

Fighting Fake News with REAL,22/6/20 ; The unrelenting attacks on the ABC ar intended to Blinker Australia; What you won’t find ina Murdochian World; You don’t grow an Economy without Spending $$ but on what is important;

The secret behind the booming stock market in the face of the coronavirus crisis – ABC News

Australian currency is seen next to a wages graph

American Economy is in Intensive Care (ODT)

But with rates now at zero, money printing — or quantitative easing as it is called in polite circles — is all they have left.

It’s cash that’s being created out of thin air.

And a huge portion of it is being poured straight into stock markets regardless of what is happening out there in the real world.

The graph above tells the story. In the past few months, America’s central bank has bought more than $US3 trillion ($4.37 trillion) worth of “assets”.

These include US government debt, mortgage debt and other debt securities, using cash it has generated out of thin air, simultaneously driving interest rates down and flooding the economy with cash.

It has spent more than double the amount outlaid at the height of the global financial crisis. And, it appears, we’ve only just begun.

The biggest side effect, however, is that wealth becomes more concentrated among the already wealthy.

If you own a house or stocks or bonds, you’ve become rich without even trying.

 

via The secret behind the booming stock market in the face of the coronavirus crisis – ABC News

Sweden Is Not The Model, by Paul Craig Roberts – The Unz Review

What is Herd Immunity and How Can We Achieve It With COVID-19 ...

Others tauting the “open” Swedish model ignore that according to the Swedish Riksbank de facto the Swedish economy is closed. Sweden has experienced a sharper drop in first quarter GDP than the US, with the Swedish economy down 11%. The Riksbank’s estimates are a 70 percent decline in restaurants and cafes, a 90% decline in cinema, sports, and other crowd events. a 40% decline in car sales, a 23% fall in exports, a 30% decline in shoes and clothes purchases, a 75% drop in Swedish recreational travel.

The “open” Swedish model is a bet on herd immunity which at our present state of knowledge is merely an assumption.

President Trump and the neoconservatives are determined to blame China for manufacturing the virus in the Wuhan laboratory despite the fact that the US knew about the research and contributed to its financing, which was approved by Dr. Fauci himself. So when Trump and the warmonger neocons point at China the finger also points at the US.

Sweden Is Not The Model, by Paul Craig Roberts – The Unz Review

Old Dog Thoughts- We need to save the News. We need the ABC. Restore the Cuts & revive Aunty so she can breathe

www.gstatic.com/tv/thumb/persons/86836/86836_v9...

Fighting Fake News with REAL 21/4/20; What over half Australia thinks; People vs the “Economy”; You can have both an Economy for people; COVID & The News; Miriam’s Trump;

Sweden Is Right. The economy should be left open, by Mike Whitney – The Unz Review

Democratic Socialism practices trust in Individuals (ODT)

What the Swedish experiment demonstrates, is that there’s a way to navigate these unprecedented public health challenges without recklessly imposing police state policies and without doing irreparable harm to the economy. And, yes, the results of this experiment are not yet known, but what we do know is that most nations cannot simply print-up trillions of dollars to counter the knock-on effects of bringing the economy to a screeching halt. These countries must dip into their reserves or take out loans from the IMF in order to recover from the lack of production and activity. That means they’re going to face years of slow growth and high unemployment to dig out from the mess their leaders created for them.

via Sweden Is Right. The economy should be left open, by Mike Whitney – The Unz Review