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Intergenerational Report – the past is catching up with the government and the game is up

It’s Wednesday, and I have been filming most of the day some of the material that will appear in the next set of course material offered by – MMTed. We hope to offer some new courses later in September. But progress is slow (see below). Today, I provide some brief comments on my response to the Federal government’s latest – 2021 Intergenerational Report – which is one of the ridiculous, smokescreen-creating exercises that allow the government to avoid political responsibility for its fiscal surplus obsession. They come out every five years and are usually jam-packed with scaremongering about unsustainable fiscal deficits and the need for spending cuts. The only difference this time is that the damage caused by the years of following the austerity path – to health care, to aged care, to skills development, etc, have changed our attitudes. We have also seen that the government can spend what it likes without taxes going up and without bond markets declaring the government insolvent. We have now lived with large deficits as a result of the pandemic and the game is up on the deficits are bad and the sky will crash down story line. Our changing view on what we now demand from the Government is reflected in this latest effort.

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