In the hands of thieves and loonies

Economic ignorance beyond the superhuman. These people are certifiably insane but we elected them. You just have to see the numbers: Victoria’s budget John Cain/Joan Kirner to a new dimension.

Victoria’s debt bill will skyrocket to $154.8bn over the next four years even as the Andrews government bets that it can avoid a third wave of COVID-19 and kickstart a rapid economic recovery.

Tim Pallas’s sixth state budget reveals the sea of red caused by the coronavirus crisis, with Victoria a whopping $23.3bn in deficit as the economy shrinks by 4 per cent this year after almost three decades of uninterrupted economic growth.

They must have already sold the State to the Chinese because there is zero means for these people to fix the books and pay these debts. And do let me add this:

The budget papers also reveal Victoria’s public service wages bill has soared almost 10 per cent this year – and will blow out by $6bn over the next four years.

Mr Pallas defended the massive increase in borrowing, saying it had been recommended by the Reserve Bank and the federal government, and that interest charges – averaging 4.4 per cent of revenue a year – were manageable.

I want every Victorian politician’s retirement super to be discounted by five percent a year until the deficit is gone. And if this has been endorsed by Morrison, I want to hear him say so. None of them know a thing about managing an economy.

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65 Responses to In the hands of thieves and loonies

  1. The not very bright Marcus

    Just the ground work for the great reset.

  2. Delta

    I think you may be right Marcus.

  3. ArthurB

    The people of Victoriastan have voted for the Hunchback and his maaaates twice, they deserve what they are getting.

  4. Roger

    And if this has been endorsed by Morrison, I want to hear him say so.

    I doubt that.

    But the bailout at Commonwealth -i.e. the other states – expense certainly would be.

    “Too big to fail.”

  5. MPH

    Brisbane flood levy redux inbound….

  6. thefrollickingmole

    after almost three decades of uninterrupted economic growth.

    PONZI.
    POPULATION PONZI.

    Cant import enough new consumption units to borrow $500,000 for a grolcon dog box and it all collapses.

  7. Lee

    The people of Victoriastan have voted for the Hunchback and his maaaates twice, they deserve what they are getting.

    Not this Victorian, ever.
    I have been maintaining for years that this Victorian government is as crooked, dishonest, and corrupt as they come.
    What makes it even worse, it is utterly incompetent as well.

  8. rickw

    Do any of these shitheads make their own decisions?

    “Just following the advice of the Reserve Bank”

    If you’re not going to make your own decisions, let me have a crack at it you arseholes.

  9. Exit Stage Right

    Oh dear,

    No Government on this planet gives a shit about public debt or trying to balance the books. They have all used the China Flu pandemic as an excuse to open the taps, with no possible future way to pay any debts. Interest rates are low, so let’s go for it. Let’s print more money.
    If only the family budget could be adjusted so easily. But hey, who needs a personal budget? Big Government are the role model, let’s all put it on the never-never. Fuck it anyway, over 50% of the populace is on some sort of Govt handout. Let’s hope inflation doesn’t take hold with all the money printing..

  10. The not very bright Marcus

    To be fair I am sure that no one in Andrew’s govt can “recall” who made any decisions

  11. Bruce of Newcastle

    MMT is a helluva drug.

  12. Shy Ted

    China’s gonna look after Dan & Tim good, real good.

  13. Win

    Victorians may not have voted for the most peculiar Premier ever to grind a state into poverty and into the arms of a foreign country, like wise Queensland. How ever it is suggested that Queensland electoral office uses Dominion voting machines which would explain the 20 year stints of corrupt and or incompetent CFM EU glove puppets.

  14. Spurgeon Monkfish III

    I couldn’t give a rodent’s backside what those disgusting squandermonkey imbeciles get up to in Disasterstan, as long as I can isolate myself from the effects of it.

    That is now effectively impossible, thanks to that infuriating spineless pillow Morristeen.

    Just about tax strike/emigration time.

  15. Roger

    How ever it is suggested that Queensland electoral office uses Dominion voting machines which would explain the 20 year stints of corrupt and or incompetent CFM EU glove puppets.

    We use pencil and paper, thank you very much.

    Although that does leave us with no excuses.

  16. Chris M

    Just leave, Steve. Get out while you can get some value for your property. It’s a failing Communist state now.

  17. Roger

    I have been maintaining for years that this Victorian government is as crooked, dishonest, and corrupt as they come. What makes it even worse, it is utterly incompetent as well.

    ]If they are as crooked as you claim – which I see little reason to doubt – at least their incompetence puts some limits on the damage they can do.

  18. Chris M

    their incompetence puts some limits on the damage they can do.

    Not anytime soon. Dan will buy Dominion voting machines and like his uncle xi his term will run forever.

  19. egg_

    They must have already sold the State to the Chinese because there is zero means for these people to fix the books and pay these debts.

    Most likely, but nutters like Pyrmonter seem to think there’s a cost benefit analysis for chicken sh1t lockdowns.

    Let the OBOR bloom – VIC might leave Scomoron in its wake.

    Aren’t we already leasing out the Port of Darwin to Chi-ner?

  20. 1735099

    What is the US federal debt, Steve?
    Is Trump a their or a loony, or both?

  21. Cassie of Sydney

    “1735099
    #3669826, posted on November 24, 2020 at 7:51 pm”

    Must be nearing the racist’s bedtime.

  22. Arthur B:

    The people of Victoriastan have voted for the Hunchback and his maaaates twice, they deserve what they are getting.

    Just curious, but did any of the Dominion software get used in tabulating Victorias past election results?

  23. Rex Anger

    What is the US federal debt, Steve?
    Is Trump a their or a loony, or both?

    What’s that got to with Victoria, Jack Hunt?

    Or Vietnam?

  24. EllenG

    I believe prof Kates has a PhD in hyperbole.

  25. Infidel Tiger

    What is the US federal debt, Steve?
    Is Trump a their or a loony, or both?

    The USD is the world’s reserve currency. Their debt is almost irrelevant.

    Very different matter here.

  26. Bruce of Newcastle

    What is the US federal debt, Steve?

    LOL. You do know Numbers don’t you that spending is a matter for the House and the Senate?

    And that the House has been controlled by the Democrats and budget bills have been passed repeatedly by the two parties voting together with veto-proof majorities?

    That’s why the GOP elites dislike Trump so much: he stands in the way of all that lovely pork, and he, unlike them, actually represents Republican voters.

    I’m tickled that by asking your question you’ve actually demonstrated and proved Steve’s thesis.

  27. Cassie of Sydney

    “EllenG
    #3669843, posted on November 24, 2020 at 8:09 pm
    I believe prof Kates has a PhD in hyperbole.”

    You’re projecting again Da Ellen G.

  28. Lee

    What is the US federal debt, Steve?
    Is Trump a their or a loony, or both?

    Funny how debt is never a problem when the left is in government, only when it is conservatives or the right.
    Instead they’ll often tell us debt is good when it is a left wing government.
    Obama almost doubled U.S. debt, something you’ll never hear from his sycophants or Numbers.

  29. Neil

    The USD is the world’s reserve currency. Their debt is almost irrelevant.

    Very different matter here.

    Plus the USA has vast overseas assets that can cover their foreign debt.

  30. Ceres

    Half the population of Victoria on retirement benefits, pensions, public service salaries are deadly Dan supporters no matter what. I see it today in the streets with Victorians still wearing masks in open areas outside, so terrified by Dan’s message of the deadly virus which doesn’t discriminate, despite not now being required. They’ve agreed to be ignorant and/or lazy. Makes the other half of Victorians, despair.

    When up for re-election in 2 years time, Vic’s economy may not yet be Venezuela like so he’ll probably be re-elected cause the dopes love nanny state.

  31. Squirrel

    In the interests of finding the distant glimmer of a small silver lining in a supercell storm cloud, one of the themes we see emerging is States reasserting their role in a number of areas which have been the subject of Commonwealth encroachment – not just health, as a justification for closing borders.

    If this trend was managed cleverly from the centre (i.e. The Bubble) it would be an opportunity for some serious clarification of federal/state roles, with useful savings to be made in administration costs and reduction/elimination of regulatory embuggerances.

  32. min

    It seems that the way Andrews is going to save the Victorian economy is by building lots of schools and infrasructure etc just wondering where all the tradies are coming from to do it, The hard hat recovery not too many jobs for travel agents,pilot s cabin staff though..

  33. proeng

    Someone above had the right suggestion. The Federal government should give income taxation back to the states. Company tax can stay with the federal government to pay for defense etc. There should be no tax money going back to the states. Give all expenditure on health and education back to the states. Give nothing to universities. Do away with the superannuation heist. As in Europe charge everyone (including state public servants and politicians) a levy and pay every retired person a minimum level pension. There will be some failed states but then as in USA people can move to successful states. Maybe there is a need to make more states (say have three states in Qld where one based on Cairns may have no Greens and be economically OK)

  34. PB

    I’ve always believed that you run up this kind of debt if you actually believe that you will never have to pay it back. That’s been the state of play in the West since the GFC years.

    Its all about the reset (and who controls the reset).

  35. PB

    But…doesn’t Victoria still have the Pyramid levy?

    Queensland has the “traffic improvement fee” which they tack onto the registration bill, as a fee they “collect on behalf of Treasury who then decide its use” (their words).

    Recovery won’t be paid for with taxes, it’ll be paid for with fees, levies and fines and they’ll go to elections saying how they didn’t raise taxes.

  36. Russell

    Public service wages bill blowout of $6B inside a $154.8B total budget blowout.
    They found the perfect way to hide “cash for the boys” … and it’s only 3.9% of the total debt.
    See the logic of making the C19 cost as high as possible to mask this mates-rates stuff?
    I can hear ’em “Oh yeah yeah we must have a high debt to save the punters from C19.
    So what else can we hide inside that Trojan horse?”
    CFMEU have nothing on these guys.

  37. flyingduk

    And Bitcoin is nudging $26k AUD today …

  38. Arky

    They’ll inflate the debt away.
    All Australians are about to lose their savings through inflation theft.
    A great reset indeed.
    Good luck figuring out where to put it so they can’t steal it. There is nowhere to hide.

  39. flyingduk

    Good luck figuring out where to put it so they can’t steal it. There is nowhere to hide.

    BTC is nudging $26k AUD today

  40. maree

    Things Fall apart. The centre cannot hold. Mere anarchy is unleashed upon the world. W. B. Yeats, one of my favourite poets, from Easter 1916, the Second Coming. We need to have good look at our civilisation. I love it, but it is vulnerable at present, and the alternative is a long way worse.

  41. tombell

    the children can pay…

  42. Rabbi Putin

    The people of Victoriastan have voted for the Hunchback and his maaaates twice, they deserve what they are getting.

    Get fkd mate. I didn’t vote for him. And what state do you live in?

  43. Up The Workers!

    Five %?

    Make it 55% and you are starting to make sense.

    Sixth budget? same as the number of huge “Labor surpluses” that the comically innumerate “Goose”, Wayne Swan bequeathed us.

    Regarding the number of times that “The Hunchback” has risen from the dead, the people of Mogadishu-By-The Yarra never elected him…we was Bidened!

    Labor(sic) Red Shirts, Labor(sic) White Shirts, Labor(sic) Head-stomping and Granny-Bashing Black-Shirts, Dominion vote-cheating machines, Labor Party-affiliated Electoral Office Union-goons – just different ways of spelling exactly the same thing.

  44. iamok

    The people of Victoriastan have voted for the Hunchback and his maaaates twice, they deserve what they are getting.

    Not me, and did they win anyway.

    Meanwhile the CFMEU/Construct lead “recovery” in Danistan moves along apace. The teachers union is on steroids despite plummetting educational outcomes, the UFU rolls along with their only approved way to manage emergency services trouble makers being to relocate them. Public servants toil away diversity and inclusiveness, as their numbers soar like lice on a rancid head of hair.

    Melbourne is dead, having ridden the housing inflation bubble for decades, and the only way it will recover is via importing prosperity.

    Gladly I am out of here.

  45. yarpos

    “reveals the sea of red caused by the coronavirus crisis”

    No, its caused by the Andrews govenments incompetent handling of hotel quarantine. None of this would be required if they had just done their job.

  46. flyingduk

    The people of Victoriastan have voted for the Hunchback and his maaaates twice, they deserve what they are getting.

    I wonder if they did .. or those in Canada, or France, or …. I rather suspect a Dominion style ‘buy your seat’ system has been used for the last decade or 2 in quite a few areas of the world, and on BOTH sides of politics. Thats why I suspect, in the end, despite clear forensic evidence, there will be enough ‘Republican’ politicians and judges (but i repeat myself) to ‘certify’ the results for sleepy Joe in the US.

  47. Mark M

    Japan, where they have a 101% mask wearing conformity, is now suffering a second or third wave worse than the last wave of CCP flu.

    Masks dont work.

  48. Dot

    In other economic news, lunatic Janet Yellen to be Creepy Joe’s Treasury Secretary.

  49. Mother Lode

    Mr Pallas defended the massive increase in borrowing, saying it had been recommended by the Reserve Bank and the federal government, and that interest charges – averaging 4.4 per cent of revenue a year – were manageable.

    I have no fondness for the Reserve Bank or the Federal Government, but I will wager that if there was such a recommendation it was part of some broader strategy – spend big now but…

    As for the interest, that must be his plan: Never pay it off. Just pay the interest forever.

  50. cuckoo

    I see it today in the streets with Victorians still wearing masks in open areas outside

    Exactly. I stepped out on Monday morning for my walk to the train station, glad to be maskless, but everybody I passed was still wearing a mask. Such that I thought I must have misheard the announcement. But no.

  51. Hugh

    Bruce of Newcastle is spot on.

    It’s all about the convenient lunacy of MMT

    Milton Friedman was wrong, apparently.

    There IS Such A Thing As A Free Lunch! (TISATAAFL)

    Party, party party!!

    Have you ever looked into the eyeball of a druggie? Or an anorexic? Scary. Demonic, even.

    We of Western Society are that close to tipping into cultural druggiedom, or anorexia.

    That close.

    Oremus.

  52. Fang

    So? How would a newly puritan elected government go about bringing Victoria back from the gulargs?

    We talk a lot about what they are doing wrong! I’d like to see ideas of what a small state government would do to get us Vics back to a very strong economic contented position?

  53. Rossini

    Mr.Kennet put a “[email protected] on all rateable property to assist in repayment of the Cain/Kirner debarcle.
    Dan the Victorian saviour will do the same! the difference is that the levy will last “forever”

  54. Dinky

    that it can avoid a third wave of COVID-19

    There was never a second wave, it was just an extension of the first wave due to the state government’s incompetence.

  55. Makka

    The lifespan of debt is much much longer than a Premier or state government . Andrews has no fks to give about the debt. That will be the problem of Victorians long after he is gone. Not that the majority have a clue about it. Yet.

  56. Iain Russell

    Suffer, Vics, you elected and reelected these econumpties!

  57. Jonesy

    Stand by for reintroduction of death duties and inheritance taxes, introduction of land tax on the family home and nationalisation of ALL super funds.

  58. RJH

    “I want every Victorian politician’s retirement super to be discounted by five per cent a year until the deficit is gone. ” Far, far too generous Steve., I would suggest a 33.3% minimum for Government members & 50% for Ministers. Like Company Directors, they need to know that there are personal consequences for their own ill-informed, negligent & dangerous decisions whose ramifications are felt by all citizens. I am sure this initiative would be welcomed & passed by all thinking taxpayers & electors

  59. Roger W

    For those of you who don’t go to Church, the last few weekly readings have been about the 5 wise and 5 foolish virgins, the use of talents, and separating the goats from the sheep based on their thoughts and actions.
    Given what is happening, food for thought?

  60. Lee

    The budget papers also reveal Victoria’s public service wages bill has soared almost 10 per cent this year – and will blow out by $6bn over the next four years.

    Particularly galling when so many Victorians have gone through very tough times this year, with lost jobs and/or lost or declining businesses.
    But hey, if you’re a public servant you’re all right, you even get a pay rise, when many others have lost everything!
    What an incompassionate POS for a premier.

  61. Neil

    Bruce of Newcastle is spot on.

    It’s all about the convenient lunacy of MMT

    I think this is wrong. Debt is still being funded by borrowing. I think MMT is something different. But the MMTers are just loving the mega govt spending so they can bring in their MMT theory

  62. Hugh

    Technically you may be right, Neil, … I’ll concede that to you.
    But it’s all about the bigger narrative.
    MMT is all the rage. It’s the “Get out of jail” card. It’s Keynes on steroids (doubtless way beyond what J.M.K. himself might have desired or envisaged, brilliant and affable weirdo that he was).
    “There are free lunches everywhere!” is the morning email. I feel it in the water. I feel it in the earth. I smell it in the air. The world has changed … much for the worse.
    Sad that the Venezuelan citizenry (e.g.) haven’t seen a cheap, let alone free, lunch for many years now.

  63. LBLoveday

    We elect them because we must elect someone. I would take a $100,000 job as, eg an IT programmer (or pretty well anything I am capable of) rather than $500,000 as PM, let alone $200,000 as an MP.

  64. Fair Shake

    Lives in Victoria, disaster coming..
    Must. Get. Away. Find. High. Ground. But. Strangely. Cannot. Look . Away.

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