Meet the Jones family from Canberra. They are university educated and work for the government (where else?).
Last week, family patriarch John Jones went to the local club and spent half his income on the pokies and beer. Once intoxicated, John started buying beer for everyone he could see, regardless of whether he knew them or even if they drank beer. When John’s wife, Jane Jones, challenged John his profligate spending, John replied that it wasn’t spending; it was investing. There is no spending in Canberra, only investing.
Last week also, the Jones’ oldest son, Jack Jones got in trouble at school. Jack accosted another boy and forcibly took half of the other boys’ money. When the school challenged Jack about using force to take money from other people, Jack replied that he wasn’t taking other people’s money, but rather that he was achieving a “save” to his personal budget. Jack said that, in Canberra, taking money from other people is not theft, but rather a saving.
Tomorrow the Jones family matriarch, Jane plans to have a discussion with her boss; a discussion about her salary. She is unsatisfied with her salary and her 15% superannuation. The Jones’ family spending has increased faster than their income, so by simple arithmetic, Jane Jones has determined that her salary has been cut. In Canberra, the lack of an (pay) increase is a cut. Or otherwise, under investment in the future.
Welcome to the Canberra School of Economics.