<< There is absolutely nothing in the definition of GDP that requires it to only include activity that, in your quaint phraseology, is "taking the economy forward". >>

You don’t say Pericles!

And therein lies the great flaw in GDP!

It includes ALL economic activity, even that generated by disasters, completely regardless of whether it is taking us forward or producing an improvement for the nation in economic terms... or however you would like to say it.

What are you doing here Pericles?

Where have I stated that the definition of GDP only includes activity that is taking the economy forward… or anything of the sort?

You know that my argument is just the opposite!

You’re being very devious. You are attributing things to me that you know are not part of my arguments.

So….. who’s feeling backed into a corner here?

Go to bed. You obviously need a good night’s sleep!

Saltpetre

You may be happy with a govt that universally misrepresented its intentions prior to the election - there are a growing cohort of people who are not. As I''ve said before I could abide a "Liberal" govt.....but I protest when confronted with an Oz version of the US Tea Party.

It's interesting that you can't see a problem at all with the LNP backward somersaulting on 99 percent of their election commitments......." We will keep the commitments we made - not the ones people thought we made." Excellent ethics in that sentiment from Mr Abbott, I'm sure you'll agree, Saltpetre, since you seem to be enamoured of your elected representatives bald-faced lying to you and your countrymen.

Never mind, you'll find some excuse, such the diddums govt had no idea of such and such, Or so and so.....ad nauseam.....despite the Costello instituted PEFO

So if you believe that I have integrity on other matters, why would you assume that I don't have any regarding my criticism of the Abbott govt? I resent a fraudulent govt of this degree......if they were a product, we'd be able to return them under the trade descriptions act.

Oh, and, yes..... The Abbott govt have just topped $70 billion in 8 months in borrowings - way ahead of the rate Labor were borrowing......( rather a strange way to carry on when we're so hard up.)

When I read this I despair for the country. How much of a pinhead do you have to be to post drivel like this?

The deficit under the coalition has not doubled, the realistic projection of deficit in 4 years has doubled from the pre-election estimate based on Labor's wildly optimistic figures, to the more realistic figures a few months later.

As nearly all the expenditure is based on Labor legislation, and will be so until the next financial year all the the blame for the expenditure rests on Labor's shoulders.

The replacement of the funding for the RBA is not expenditure, but simply fixing the stupid fiddling of the books by Labor.

Still squirming I see, Ludwig.

>>Where have I stated that the definition of GDP only includes activity that is taking the economy forward… or anything of the sort?<<

You have stated that it should. On numerous occasions. Like here, for example:

>>...all the economic activity generated by these bad things, which is just countering or repairing the damage and not at all improving the pre-damage economic situation, gets ADDED to GDP... It absolutely SHOULDN’T be! It should be left out of the GDP calculation, or perhaps be subtracted from the total.<<

So you might like to retract this:

>>You know that my argument is just the opposite! You’re being very devious. You are attributing things to me that you know are not part of my arguments.<<

Which part of your argument is this not part of?

This morning they said on Sunrise that the deficit is at 24 billion. I suppose at the budget speech we'll be told differently again.

Salpetre,

I've been up in the big smoke for Mother's day..but just noticed your spray earlier in the thread.

"This is just such a total beat-up, typical of welded-on socialist hypocrites."

"The first, the Pre-Election Economic and Fiscal Outlook (PEFO), was released in August by Treasury. It was based on a "no policy change" scenario, using assumptions and fiscal rules underpinning medium-term projections adopted by the former Labor government."

"The second, the Mid-Year Economic and Fiscal Outlook (MYEFO) was released in December by the Government. It was based on assumptions adopted by the Coalition, following advice from Treasury."

Note key words:

1. PEFO was delivered by "Treasury"

2. MYEFO was delivered by the "Government".

Here you go. Instead of distorting Chris Bowen's points, here's the actual document.

http://www.chrisbowen.net/media-centre/media-releases.do?newsId=6789

"Labor commissioned the Parliamentary Budget Office (PBO) to independently cost the medium term budget figures had the Coalition not committed to nearly $14 billion in new spending and if Labor’s medium-term fiscal strategy been maintained.

We have understood for some time that the government’s first budget update included a number of cynical decisions that painted a distorted picture about the future state of the budget. But the scale of the dodgy accounting is breath-taking."

"The PBO report shows that:

· Net debt would be a whopping $260 billion less than the $370 billion projected in MYEFO.

· Gross debt would be $270 billion lower by 2023-24 – a huge 40 per cent decline on the $667 billion figure in MYEFO.

· The budget would be in surplus by $34 billion by 2023-24 – a $46 billion swing from the $12 billion deficit in MYEFO."

"This analysis confirms that the government’s secret decision to drop Labor’s fiscal rules dramatically inflated the current debt situation, painting a doomsday picture to build support for its ideological drive to deliver massive cuts in the upcoming budget.

Labor will not stand idly by as the Abbott government sets out to deliberately mislead the Australian community about the true state of the Budget."

Your acidy little narrative is a beat up to cover Hockey's MYEFO crock.