Yes. Howard era policies - the gifts that just keep on giving and giving - giving us another kick in the face.We need to cancel that FTA! Another fuckup from Howard
We have had the seven years of the fat kine, the minerals boom, but nothing saved from them, the plenty squandered. Now we have the GFC, the seven years of the lean kine, to weather with no plenty left to draw on.Genesis 41:1 And it came to pass at the end of two full years, that Pharaoh dreamed: and, behold, he stood by the river. 41:2 And, behold, there came up out of the river seven well favoured kine and fatfleshed; and they fed in a meadow. 41:3 And, behold, seven other kine came up after them out of the river, ill favoured and leanfleshed; and stood by the [other] kine upon the brink of the river. 41:4 And the ill favoured and leanfleshed kine did eat up the seven well favoured and fat kine. So Pharaoh awoke. 41:5 And he slept and dreamed the second time: and, behold, seven ears of corn came up upon one stalk, rank and good. 41:6 And, behold, seven thin ears and blasted with the east wind sprung up after them. 41:7 And the seven thin ears devoured the seven rank and full ears. And Pharaoh awoke, and, behold, [it was] a dream. 41:8 And it came to pass in the morning that his spirit was troubled; and he sent and called for all the magicians of Egypt, and all the wise men thereof: and Pharaoh told them his dream; but [there was] none that could interpret them unto Pharaoh. 41:9 Then spake the chief butler unto Pharaoh, saying, I do remember my faults this day: 41:10 Pharaoh was wroth with his servants, and put me in ward in the captain of the guard's house, [both] me and the chief baker: 41:11 And we dreamed a dream in one night, I and he; we dreamed each man according to the interpretation of his dream. 41:12 And [there was] there with us a young man, an Hebrew, servant to the captain of the guard; and we told him, and he interpreted to us our dreams; to each man according to his dream he did interpret. 41:13 And it came to pass, as he interpreted to us, so it was; me he restored unto mine office, and him he hanged. 41:14 Then Pharaoh sent and called Joseph, and they brought him hastily out of the dungeon: and he shaved [himself], and changed his raiment, and came in unto Pharaoh. 41:15 And Pharaoh said unto Joseph, I have dreamed a dream, and [there is] none that can interpret it: and I have heard say of thee, [that] thou canst understand a dream to interpret it. 41:16 And Joseph answered Pharaoh, saying, [It is] not in me: God shall give Pharaoh an answer of peace. 41:17 And Pharaoh said unto Joseph, In my dream, behold, I stood upon the bank of the river: 41:18 And, behold, there came up out of the river seven kine, fatfleshed and well favoured; and they fed in a meadow: 41:19 And, behold, seven other kine came up after them, poor and very ill favoured and leanfleshed, such as I never saw in all the land of Egypt for badness: 41:20 And the lean and the ill favoured kine did eat up the first seven fat kine: 41:21 And when they had eaten them up, it could not be known that they had eaten them; but they [were] still ill favoured, as at the beginning. So I awoke. 41:22 And I saw in my dream, and, behold, seven ears came up in one stalk, full and good: 41:23 And, behold, seven ears, withered, thin, [and] blasted with the east wind, sprung up after them: 41:24 And the thin ears devoured the seven good ears: and I told [this] unto the magicians; but [there was] none that could declare [it] to me. 41:25 And Joseph said unto Pharaoh, The dream of Pharaoh [is] one: God hath shewed Pharaoh what he [is] about to do. 41:26 The seven good kine [are] seven years; and the seven good ears [are] seven years: the dream [is] one. 41:27 And the seven thin and ill favoured kine that came up after them [are] seven years; and the seven empty ears blasted with the east wind shall be seven years of famine. 41:28 This [is] the thing which I have spoken unto Pharaoh: What God [is] about to do he sheweth unto Pharaoh. 41:29 Behold, there come seven years of great plenty throughout all the land of Egypt: 41:30 And there shall arise after them seven years of famine; and all the plenty shall be forgotten in the land of Egypt; and the famine shall consume the land; 41:31 And the plenty shall not be known in the land by reason of that famine following; for it [shall be] very grievous. 41:32 And for that the dream was doubled unto Pharaoh twice; [it is] because the thing [is] established by God, and God will shortly bring it to pass.
More starkly, the Treasury reported that from the 2004-05 budget to the 2007 election, the China boom and a robust economy had added $334 billion in windfall gains to the budget surplus.
Of this, the Howard government spent, or gave away in tax cuts, $314 billion, or 94 per cent. Again, for perspective, this is the size of the entire annual economic output of South Africa or Denmark. Effectively, the extra revenue from the commodity boom has been spent or provided as tax cuts, summarised the Treasury in its summer 2008 Economic Roundup. The study compared Howard's fiscal policy with that of that touchstone of recklessness, prime minister Gough Whitlam.
Recent Howard budgets resembled "Christmas night at the pirate cave", in the phrase of a former budget analyst with the Treasury and Department of Finance, Stephen Anthony, of the consultancy Macroeconomics.com.au. . . .More starkly, the Treasury reported that from the 2004-05 budget to the 2007 election, the China boom and a robust economy had added $334 billion in windfall gains to the budget surplus.
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