A must read: Steve Kates' piece in 'Catallaxy Files' re report about the "misconceived" waste of money, damaging the economy, that was Rudd's public spending response to the GFC.

One long time critic of the simulus has written a report saying it was a waste of money.
Why do you assume his conclusion to be correct?

Folks we are just starting the slid into the financial mire of recession.
Interest rates will head north led by the banks.
Foreclosures and bankruptcies will skyrocket.
The cash economy will boom.
The unions will become more militant as pay-packets shrink.
Crime rates will rise exponentially.
Energy prices will break the home bank.
The dole will be cut.
Pensions will be sliced.
Superannuation will become a weekly pay packet for most.
Revolution will become a distinct possibility.
Have a good Christmas it might be the last one you can afford.

Chris,

Good summary of our future. I've just had notice of how much of my part pension will go in January next year. Perhaps they will give it to foreign backpackers for picking fruit. They will pay only half the tax Australian workers do, but our politicians do seem to favour blow-ins over their own people. No doubt politician's ill-gotten gains and million dollar super, paid out at 55, will continue increasing. Not to mention the $30 billion per year going to no-hopers IDENTIFYING as Aboriginal.

ChrisGaff and ttbn I am with you both. Mind you there is always a chance that among the savings, when things are tight, is reducing or limiting public service pensions. Could always make them taxable as is done in Europe.
What really irks me are the ex-pollies who go back on to a secret gravy train. I noticed that ex-treasurer Kerin the other night on TV. Lurking behind Albanese in Canberra. First thing is to enact rules to take off any pay or expenses they earn from their pensions. As is done to the rest of us.

ttbn, while i am against 457 holders taking our jobs, the fact is they will now pay 15% of every dollar earned, and many will not go far past what would be the tax free wage for locals, $18,200 i belive.

In fact, they will have to earn a substantial wage before they pay less tax than locals.

As for a receccion, we have been there for years, its just that BS economics and the past mining boom fudged the figures.

The dog has finally caught its tail and the rich will now have an oportunity to get richer. You just want to hope they leave the likes of negative gearing alone, otherwise we may see a depression instead.