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Any ideas why Nine wouldn't publish my following comment on this piece? />2 https://www.smh.com.au/business/markets/we-ve-mortgaged-our-children-s-future-to-protect-health-of-ageing-parents-20200414-p54jny.html
It is tellingly observed that "When the government decided to introduce the Superannuation Early Release Scheme (SERS) it had not decided to introduce the JobKeeper legislation and the storm of COVID-19 had just started. />3
It was trying to protect a budget balance and fiscal conservatism. Now as Treasurer Josh Frydenberg has said philosophy is out the window and economic survival is front and centre." />4
While said philosophy still ruled, it would have been consistent and appropriate for the government to liquidate its Future Fund and gold bullion before issuing more "debt" (treasury securities). />5
Assets "saved for a rainy day" might have, one would have thought, been resorted to in a historic deluge.
But since said philosophy no longer rules, and the financial capacity of the federal government is no longer doctrinairely obscured, ... />6
But since said philosophy no longer rules, and the financial capacity of the federal government is no longer doctrinairely obscured, ... />6
... it would be good if the government would treat struggling Australians' super fund balances with the same solicitude that it treats its own savings. />7
Now, having furiously agreed with Mr Carnegie, I need to furiously disagree about the value of compulsory tax-advantaged super. />8
The regressive aspect of the tax advantaging is not just unfair as between citizens but also a government subsidy to the unproductive parasitic funds management industry. />9
And the partial privatisation of retirement income represented by the compulsory aspect of super - a further industry subsidy - is based on the myth that a currency issuing government can run out of money to pay a decent pension and provide adequate services. />10
What it can run out of is the real resources that pensioners will need to purchase or otherwise avail themselves of. And the more sequestering of present prosperity into super, the less likely will be the development of those resources. 11/11.
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