Australian Politics Forum - A wealth Tax Should Be Introduced In Australia

thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #270 - Feb 11^th, 2022 at 2:01pm

Lisa Jones wrote on Feb 11^th, 2022 at 1:46pm:

So you are predicting that Australia will have 350 million homeless people in 10 years time then.

No I'm saying there will be no relative poverty in China in 2030, whereas the poverty rate in Oz will still be > c 10%, as at present.

https://www.smh.com.au/national/we-don-t-really-have-a-plan-warning-as-australia...

"We don’t really have a plan’: Warning as Australia fails to hit poverty goals.

Quote:

That's how many are homeless in China right now.

https://en.wikipedia.org/wiki/List_of_countries_by_homeless_

Australia has 2.5 times as many homeless as China per 10,000 population. 49.1 v. 18.

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Karnal

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Re: A wealth Tax Should Be Introduced In Australia
Reply #271 - Feb 11^th, 2022 at 4:56pm

thegreatdivide wrote on Feb 11^th, 2022 at 1:48pm:

Karnal wrote on Feb 11^th, 2022 at 10:08am:

A GST taxes everyone the same, a wealth tax spreads wealth around. That's the economic fundamental: a progressive taxation system. Tax those who can afford it.

Valkie's a 'survival of the fittest' RW nut-job, no need to spread the wealth around.

Valkie's one of the least fittest survival-of-the-fittest types around, Laugh. He's an invalid pensioner undergoing forced "retirement".

Valkie's keen to spread the wealth around, as long as it doesn't go to any lazy Boongs, Muzzos, Jigaboos or Groggy socks.

You?

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #272 - Feb 11^th, 2022 at 5:52pm

Karnal wrote on Feb 11^th, 2022 at 4:56pm:

You?

I'm an MMTer.

Unfortunately covid didn't keep the economy locked down long enough to reveal the CB can simply type some numbers into the bank accounts of citizens so they can pay for the essentials while the non-essential part of the economy was locked down.

So we are back to square one, with mainstream New Keynesian blockheads like Summers, Krugman, and Satyajit Das...and ABC 'finance' journalists... claiming we have this huge government debt which must be repaid.

Hopeless.

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Frank

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Re: A wealth Tax Should Be Introduced In Australia
Reply #273 - Feb 12^th, 2022 at 9:56am

thegreatdivide wrote on Feb 11^th, 2022 at 1:43pm:

Frank wrote on Feb 11^th, 2022 at 11:30am:

Australia eradicated absolute poverty around the 1790s.

Of course. But owing to your vicious obsolete economic orthodoxy, in 10 years time there will be more relative poverty in Oz than in China.

Ludicrous attempt at a switcheroo, Mr Pong.

You have been howling about eliminating absolute poverty in China - redefined dishonestly by the CCP as living on less than $2 a day - and when that cheating is caught out you now sing of relative poverty.

Also, China's crippling poverty was the result of... er.... CCP policies under Mao and the Gang of Four, the stupid, ruthless commie bastards. See also the difference between Taiwan and China. Taiwan's per capita gdp is almost 3 times that of China's.
https://countryeconomy.com/countries/compare/china/taiwan?sc=XE34

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« Last Edit: Feb 12^th, 2022 at 2:04pm by Frank »

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #274 - Feb 12^th, 2022 at 12:43pm

Frank wrote on Feb 12^th, 2022 at 9:56am:

Ludicrous attemot at a a switcheroo, Mr Pong.

You have been howling about eliminating absolute poverty in China - redefined dishonestly by the CCP as living on less than $2 a day - and when that cheating is caught out you now sing of relative poverty.

Oh dear, I mentioned relative poverty because I knew you would claim there is no poverty in Oz relative to poverty in China!

No "switcheroo" at all. In fact there is now no absolute poverty in China (or Australia). And as for your "$2 a day":

" Based on information about basic needs collected from 15 low-income countries, the World Bank defines the extreme poor as those living on less than $1.90 a day.

So not the CCP's "redefining" at all.

Quote:

Also, China's crippling poverty was the result of... er.... CCP policies under Mao and the Gang of Four, the stupid, ruthless commie bastards.

Er...the collapse of the Qing dynasty at the hands of the West resulted in China being the poorest country in the world.
Mao, half a century later, was confronted with the task of lifting 700 million people out of that baleful condition. In fact it took Deng in the 80's to begin to achieve the upward growth momentum in the Chinese economy which is now regarded as miraculous.

Quote:

See also the difference between Taiwan and China. Taiwan's per capita gdp is almost 3 times that of China's.
https://countryeconomy.com/countries/compare/china/taiwan?sc=XE34

Taiwan has been receiving US assistance since the 1950's.

"The situation in the Strait deteriorated in late 1954 and early 1955, prompting the U.S. Government to act. In January 1955, the U.S. Congress passed the “Formosa Resolution,” which gave President Eisenhower total authority to defend Taiwan and the off-shore islands".

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« Last Edit: Feb 12^th, 2022 at 2:32pm by thegreatdivide »

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Frank

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Re: A wealth Tax Should Be Introduced In Australia
Reply #275 - Feb 12^th, 2022 at 2:16pm

thegreatdivide wrote on Feb 12^th, 2022 at 12:43pm:

Frank wrote on Feb 12^th, 2022 at 9:56am:

Ludicrous attemot at a a switcheroo, Mr Pong.

You have been howling about eliminating absolute poverty in China - redefined dishonestly by the CCP as living on less than $2 a day - and when that cheating is caught out you now sing of relative poverty.

Oh dear, I mentioned relative poverty because I knew you would claim there is no poverty in Oz relative to poverty in China!

No "switcheroo" at all. In fact there is now no absolute poverty in China (or Australia). And as for your "$2 a day":

" Based on information about basic needs collected from 15 low-income countries, the World Bank defines the extreme poor as those living on less than $1.90 a day.

So not the CCP's "redefining" at all.

Quote:

Also, China's crippling poverty was the result of... er.... CCP policies under Mao and the Gang of Four, the stupid, ruthless commie bastards.

Er...the collapse of the Qing dynasty at the hands of the West resulted in China being the poorest country in the world.
Mao, half a century later, was confronted with the task of lifting 700 million people out of that baleful condition. In fact it took Deng in the 80's to begin to achieve the upward growth momentum in the Chinese economy which is now regardless as miraculous.

Quote:

See also the difference between Taiwan and China. Taiwan's per capita gdp is almost 3 times that of China's.
https://countryeconomy.com/countries/compare/china/taiwan?sc=XE34

Taiwan has been receiving US assistance since the 1950's.

"The situation in the Strait deteriorated in late 1954 and early 1955, prompting the U.S. Government to act. In January 1955, the U.S. Congress passed the “Formosa Resolution,” which gave President Eisenhower total authority to defend Taiwan and the off-shore islands".

That "lifting 700 million people out of poverty" is a great big fat typical Chinese distortion and propaganda slogan. They lifted them out of absolute poverty into mere poverty, from less than $2 a day to the princely some of what? $4 a day?
Meanwhile, the great lifting out of poverty and shared prosperity BS produced more billionnaires than Europe, Australia and Canada put together.

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #276 - Feb 12^th, 2022 at 2:58pm

Frank wrote on Feb 12^th, 2022 at 2:16pm:

That "lifting 700 million people out of poverty" is a great big fat typical Chinese distortion and propaganda slogan. They lifted them out of absolute poverty into mere poverty, from less than $2 a day to the princely some of what? $4 a day?

Well, in 1960 the entire population of 700 million lived in absolute poverty (total GDP c. $60 billion).

Today the total population is 1.4 billion people, GDP is c.$18 trillion, per capita GDP c.$12,000, and no-one less than $1000 a year (absolute poverty according to the world bank).

Middle class is 400 million people, larger than the entire US population.

Quote:

Meanwhile, the great lifting out of poverty and shared prosperity BS produced more billionnaires than Europe, Australia and Canada put together.

But not more than the US......but yes, the CCP is now cracking down on the excesses of free market capitalism in China, on its way to create a "prosperous socialist society in all respects" by 2035.

Meanwhile those ghettos will still scar US cities, in 2035.

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #277 - Feb 12^th, 2022 at 3:19pm

As far as a wealth tax is concerned:

"Money doesn't grow on rich people".... as wittily asserted by Stephanie Kelton, leading MMT advocate and author of The Deficit Myth'.

Unfortunately covid didn't keep the economy locked down long enough to reveal to one and all that the central bank of a sovereign currency-issuing government can simply type some numbers into the bank accounts of citizens so they can pay for the essentials while the non-essential part of the economy was locked down.

Note: in Oz and the US, central banks made the mistake of pumping borrowed funds into bank accounts of citizens over and above what was needed to pay essential bills during the lock-down, leading to excess spending capacity into supply constrained economies, which is now causing inflation (especially in the US).

So we are back to square one, with mainstream New Keynesian blockheads like Summers, Krugman, and Satyajit Das...and ABC 'finance' journalists... claiming we have this huge government debt which must be repaid, and urging the central bank to lift interest rates, as if this will help to create more truck drivers or stop omicron infections.

Hopeless.

http://bilbo.economicoutlook.net/blog/?p=49191

Covid-specific inflationary pressures are dominant and are transitory.

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« Last Edit: Feb 12^th, 2022 at 3:27pm by thegreatdivide »

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