Now some homework - can someone repeat the same formula used here to illustrate the US debt to the Australian situation?
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Friday, 25 January 2013
Fiscal Cliffs
OK you most likely to have seen this one in an email someone has sent you but I believe it illustrates very clearly to a household level just what is the size of debts that governments can rack up on our behalf.
Now some homework - can someone repeat the same formula used here to illustrate the US debt to the Australian situation?
Now some homework - can someone repeat the same formula used here to illustrate the US debt to the Australian situation?
8 comments:
Welcome to a place that has a focus (but not exclusively) on regional and rural Australia open for anyone living anywhere to read, learn and interact. Please feel free to make a comment.
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[Click Here] for a link to another site where there is a very good simple explanation.
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Testing to see if I can do a live link using HTML code
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Dale, I wouldn't have believed it if I wasn't looking at the link, slack - jawed, with my own eyes! it works!! I didn't realise you had become a Genius Nerd, on top of all your other accomplishments. Next you'll be posting an Oz Day Youtube clip! Then, who needs ning?
ReplyDeleteOops, perhaps getting a little carried away. Just because YOU can do it doesn't mean the rest of us will be able to simply follow suit. Afterall, merely registering here with your own avatar can be a testing enough process.
Cheers al
PS - Maybe in that Top Bar (Home, PRA etc), a new "How To" feature could be added?
DeleteCheers al
Using this fiscal cliffs post to climb a technology cliff.
ReplyDeleteLook below the comment box for a short meassage about the use of HTML codes when making comments.
It looks like Blogger won't allow the use of the blockquote cose so we will just have to use "italics"
Olympus4You!
DeleteThere is now a Help page sourced from the tabs at the top of any page.
ReplyDeleteThe explanation for using HTML code in comments had to be in a roundabout method as I couldn't turn off the code formatting to allow a simple demostration.
Back to the topic of this discussion; Alan Jones interviewed Senator Barnaby Joyce and amongst a lot of other topics the current figure of Australia's debt was discussed.
ReplyDeleteInterview Transcript
"Senator Joyce: Most definitely. Think of it logically. The last time we had a debt like this the Labor Party left us, it was $105 billion gross about $96 billion net. It took us 10 years to pay off and we had a little asset called Telstra which paid off half of it.
Alan Jones: Where’s that debt now- miles beyond that?
Senator Joyce: $262 billion as we’re speaking.
Alan Jones: When you were Shadow Finance Minister you warned that we should be worrying about debt when it got to $100 billion. Now it’s heading towards $300 (billion).
Senator Joyce: It’s a trajectory. If you have a debt accelerating at this rate, a static debt level then line a will intersect line b and if you don’t extend your credit card or overdraft, your cheques will bounce. That was the first one. We went through the $75 billion ceiling and then the $200 billion debt ceiling then the quarter of a trillion dollar debt ceiling. Now we’re between $37 and $38 billion away from our final debt ceiling of $300 billion. You can bet your bottom dollar if this crowd hangs around they’ll want another extension. They’ll have another excuse and you’ll have another 10 years trying to pay it off."
Meanwhile they rabbit on about how we have the best debt level among OECD countries, our credit rating is top flight etc. But they have no plans of trying to curb it or reign it in.
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