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The Forum > Article Comments > Too clever by half and not clever enough > Comments

Too clever by half and not clever enough : Comments

By Graham Young, published 9/5/2012

Electoral bribes only work when they are seen as dividends rather than alibis.

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Answer: The ball doesn't pass from Left to Right (or vice versa) until the Global Umpire has blown the whistle.
Posted by Lorikeet, Thursday, 10 May 2012 9:09:00 AM
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The $4 a week increase to welfare receipients (less than 2%) will not cover the increased cost of living once the effects of the carbon tax are realised (companies/landlords will pass this on to consumers) along with this they will have decreased job opportunities as more these will go overseas they dont have the system.
Workers will be additionally slugged with increased fuel costs they cannot avoid. The wealthy (politicians) will live/invest overseas and avoid the tax.
Superannuation funds which are largely governed by the sharemarket will decrease forcing you to continue working.
We need a ONE TAX party, but you would be horrified to discover the average worker pays over 65% of their income in taxes when added cumulatively.
Posted by phooey, Friday, 11 May 2012 4:01:14 AM
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Yes, phooey, and both the USA and Australia are cited as being amongst the 6 lowest taxing nations on earth. One has to wonder if all of the indirect taxes, tolls, fees and charges are included here:

http://www.businesspundit.com/12-countries-with-the-highest-lowest-tax-rates/

In my view, compulsory superannuation has just been part of a ploy by greedy bankers to empower themselves financially and redistribute wealth according to their own dictates.
Posted by Lorikeet, Friday, 11 May 2012 4:55:28 AM
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Yes, superannuation funds are used to prop up the sharemarket to be syphoned off by politicians and their mates (business high enders and those paying bribes) for insider knowledge of upcoming policies which will effect the share price (eg mining tax or handing down a ruling restricting growth)usually for the worst (easier to destroy rather than create). And now with the advent of short trading (selling shares before you acquire them hoping for a price drop) this has become a very powerful tool for them to make quick money while solving the ageing population problem (which for some reason they dont mention anymore - maybe because the problem is solved)in one fowl swoop by making people work longer and not be reliant on welfare.
You have to admit it is quite a clever system, but they're not fooling me & you at least.
Posted by phooey, Friday, 11 May 2012 6:47:46 AM
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That's right. I was instantaneously suspicious as soon as Paul Keating made superannuation compulsory for everyone some 20 years ago.
This made it very hard for small businesses to survive and empowered large corporations, most of which seem to be owned by greedy bankers.

Superannuation contributions started out at 3% and have gradually crept up to 12% over time, with employer groups now calling for the 12% to be deducted from workers' wages.

At the same time, many workers have either had:

1. their hours cut by 20%; or
2. a workload increase of 20% for the same money (productivity increase).

Injured workers are also being fired and/or landed with the responsibility of paying for their own medical treatment, placing increasing pressure on the public hospital system.

This morning I heard that Wayne Swan has agreed to give another $5 billion to the IMF to bail out Greece, on top of the $7 billion he gave only a few days ago.

At the same time, the UK gave $10 billion, which is certainly less on a per capita basis than the amount paid by Australia. Yesterday the UK was refusing to give any further bailout moneys to other nations and the economic status of several EEU countries has become even more compromised.

Observers are predicting the collapse of the Euro and the worst global economic crash the world has ever known.

The western nations seem to have a choice between shelling out enormous amounts of money in bailouts, or losing their economic base at both government and individual levels in other ways. I guess it is the equivalent of a Catch 22.
Posted by Lorikeet, Friday, 11 May 2012 7:06:28 AM
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I just worked out (online calculator) if I started working today earning 50,000 and assuming 12.5% superannuation contributions invested at 5.5% (roughly todays rates) with inflation at 2.5%, after only 20 years the principal would then be worth $3,314,366.27.
Now this is only 20 years and I realise that money would not be worth as much as it sounds now but it just shows how much they plan to steal off you in the meantime.
Ps for 45 years (roughly a working lifetime) the amount is $21,420,734.78 (this is not a misprint).
Posted by phooey, Friday, 11 May 2012 8:03:27 AM
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