Over the past two months there has been an amazing muting of Right Wing Neo-Liberals (low tax, small government and let capitalism do its thing via competition and survival of the fittest)
Hello ! Where have all these advocates gone? I guess such extremests hit the blankets when there is a crisis in Capitalism because the current Socialist bandaid is so unpalatable but unavoidable
The question for us all now is this Morrison new found come to Jesus Socialism saving Neo-Liberalism or are we flogging a dead horse.
We imagine that all will be hunky dory want the CV-19 is gone but that is wishful thinking, IMO.
Just look at what happened ireland in the 2008-2010 economic collapse:
-Small businesses devasteted with commercial property value droppong 60% -unemployment to 12% & up to 30% for youth -Domestic housing 60% drop in value. -Banks & Insurance companies go broke and are nationalised -Government Bond rates double requiring a Government bail out by the EU, ECB & the IMF. -massive tax increases on the PAYE working class ( increased VAT, increased PAYE tax, a new Social Charge & new Taxes) -mass emigration of the young and well educated
Twelve years later, Ireland has not yet fully recovered with NAMA ( The Bad Bank) still operating.
Are we prepared for such a scenario? I dont think so.
We have not been in recession for 29 years but we've managed to rack-up a $Trillion of Government debt (Comm+State+ Muni) rather than accrueing a healthy surplus to fight the imminent recession/depression.
We simply have to wake up and devise a new political/economic system to suit the 21st C needs; not to rely on an antiquated system that is not fit for purpose particuluarly in times like this.
I just listened to Mr Morrison defending the massive Socialist handouts on the basis of defending Australia's National Security. The Liberal Party had no compunction of repealing the MRRT in 2013 which was designed to make Foreign Miners* pay more to ensure that we had a nestegg for a rainy day. Not alone have the Libs denied Australia of that National Security safeguard, it racked up 6 successive years of national debt at a time when we were not in recession and supposedly clear of the GFC.
