The Pickering Post
Wednesday, 24th October 2018

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... and appeared to be economically responsible at the same time

Larry Pickering

Four-time Walkley Award winning political commentator and Churchill Fellow, has returned to the fray over concern that the integrity of news dissemination is continually being threatened by a partisan media.


Bill Shorten only indulges in the politics of opportunism and there are more serious issues afoot than his lousy poll figures compared to Albanese's. Treasurer Morrison and Turnbull should present a Bill (hidden among their omnibus of Bills) legislation that outlaws deficit spending. If passed, it will not immediately repair the debt but will stem further deficit blowouts that appear certain during this Parliament.

Of course it’s unlikely to pass but, because it would have so much community support, Shorten and his Greens would suffer substantial political damage. If they reject the legislation it would stamp Labor/Greens as having no future intention to repair the debt and deficit. We all know that is quite true, but at the moment they are hiding behind a veil of so-called “budget fairness”, yet Shorten would have trouble spelling the word “fairness”.

It’s a game of wedge politics and I doubt Turnbull has the wit to play it as cunningly as Shorten... or whether he actually wants to. Morrison is serious about debt and deficit and he can play the game with deft skill... but only if allowed. 

Outlawing deficit spending cannot be left to a regulation that an incoming Labor Government would quickly reverse. It must be enshrined in law and it must apply to Parliament. 

The law would save our triple A rating and put Australia at the forefront of international fiscal responsibility. If certain insolvent members of the EU had been made to pass a similar law in exchange for bailouts, the EU would look very different today.

The legislation would simply mean that government expenditure cannot by law exceed government income.That shouldn't be too hard! Of course Shorten would object, so what? Let him have a 10% overspend under certain economic conditions, that amount can be handled, but it will expose Labor/Greens as the spendthrifts they are, and will label the Libs as prospectively responsible economic managers, if only the profligate Left would allow them to be.

A ban on deficit spending could easily be amortised and aggregated over the four years’ forward estimates. And “off-budget” expenditure of tens of billions like that of the disastrous NBN, would not be permitted by dumb people like Rudd and Swan without domestic financial backing and/or partnering, thereby ensuring a degree of legitimacy and at the same time paving the way for a sell-off on completion.

A deficit spending ban forces governments including Labor/Green and crossbenches into cutting costs that have ballooned under both governments in the wake of a mining boom Labor thought would never end. 

And God knows cost-cutting right now is the most fertile area for savings in Australia’s history.

In the United States, every State, other than Vermont, has a balanced budget amendment, which prohibits deficits under normal economic conditions. The Federal Government has no such amendment, thus their $20 trillion blowout is not only an economic problem but has become a foreign policy problem, particularly in relation to China.

Australia has no such deficit restrictions on either State or Federal Governments.

In the final analysis, a balanced budget will actually cause Net Domestic Income to increase by an amount equal to the government spending! This will be the result regardless of the amount of the budget, or of the marginal propensity to consume. 

[Sorry if all this sounds a bit complicated but if you are interested in pro- or anti-Keynesian economics, search for “The Balanced Budget Theorem”. It’s theoretically fascinating.]

Shorten has made an art form of wedging the Libs, so here’s a chance for Turnbull to reverse the tactic while boosting his credibility, but will he take it?

Like all the other stuff that makes economic sense, it will get stuck in Turnbull's too hard basket. 


The sooner Shorten is Flicked the better for everyone including the ALP

Bruce, you mention "threft" what is "threft" ? Did you mean 'theft' and if so what was stolen ?

Neither I nor CS have ever said that YOU were the one that had Pauline and David jailed, it has only ever been said that you gave Sharples the members list, what he did with it was part of the issue that resulted in them going to jail Again you over emphasise the importance of your involvement, you were a bit player in a major production, a walk on - walk off part which was over in weeks.

Larry's article is all about Turnbull and Shorten, but you just cannot drag yourself away from your worn out record. Bruce, it is boring and most contributors are tired of your obsession/OCD....

George Soros Admits To Involvement In Migrant Invasiion

Here's a bit more about Soros that may be of interest Eunita.

George Soros-funded left-wing propaganda attack group targeting MassResistance in attempt to defend ‘safe schools’ czar Kevin Jennings.
A major left-wing propaganda attack group funded by billionaire George Soros has begun aggressively targeting MassResistance because of our exposure of Kevin Jennings, Obama’s “safe-schools” czar and his activities pushing homosexuality on schoolchildren.
Media Matters is headed by David Brock, an ex-conservative writer (and “out” homosexual) who now professes his hatred for conservatism and conservatives. Media Matters has a large staff and millions of dollars per year in funding.
The group’s purported mission is to be a “rapid-response” site that “informs” the mainstream media on bias. But more precisely, Media Matters’ true mission is to viciously discredit any non-liberal discourse with a flood of distortions, rumors, and outright lies. Their targets have ranged from Fox News to conservative news reporters and radio commentators.
How vicious and deceptive is Media Matters? Watch this powerfulO’Reilly Factor Fox Newsreport about them:CLICK HERE for VIDEO
More videos about Media Matters:
VIDEO: O’Reilly: Media Matters is far-left & an assassination site
VIDEO: Glenn Beck on Media Matters
George Soros and his connection to the Rothschilds
"....Soros is a Hungarian Jew (a Khazar), born in Budapest in 1930 as György Schwartz (in 1936 his parents changed their surname to Sorosz).He was educated in London and in 1950s he went to the USA.
An important role in his development was played by the famous Khazar Carl Popper, who approved Soros’s projects and was his guru.
George (Schwartz) Soros, the main agent of the Rothschilds...........

WOW Rin, thanks so much! I was trying to explain where GetUp fitted in with the NWO to my son in law who got himself on GetUps mailing list and cannot unsubscribe. I'm going to give this link to him. Perfect timing - thanks again!!

stepho...that was Plibersek who was in charge of handing over those units to the chinese students. She has an inner city electorate stuffed full of Asians, so what better way to hold onto your seat. Stuff the rest of the country and the people who paid for them..

You misunderstood. Correct, you may not have been invited. But the reference to it being a shame that you were not there was not because you were not invited, but more, because you had shown yourself to be a cantankerous, volatile old prick, likely to be an embarrassment. You wouldn't have come even if you had been invited. Had you been a reasonable individual and a team player history would have a different record of events. You made your bed, now lie in it grumpy. You became politically irrelevant and you still are....

Again your dementia distorts your memory and accuracy in what you say. I checked with the esteemed Mr Ettridge who assures me that neither he nor anyone else could 'con' the ECG to doing anything. They are very disciplined career public servants who follow the rules. He also said that you need to get over your hate and self damaging obsession with him. He reminded me that you resigned from the PHSM because you refused to accept that you could not speak for Hanson. When you left that committee meeting all your colleagues were pleased to see you leave. Ettridge said that at the launch night of the Party in Ipswich he sat next to your dear wife Iris and said it was a shame that you were not there. Bruce, even in this thread of discussion you have to return to your pet issue and hatred.....

Old knowledge ...

I'm just hoping Trump will remember who the GOP establishment is when he's elected. Nothing would make his supporters happier than to see the likes of Paul Ryan pilloried and run out of Washington as the corrupt scum that they are.

chinese triad gangs were behind the proposed Yorkeys Knob casino next to Cairns. For once the Fed. gov't saw it for what it was a blocked it. Can't say that about the Qld gov't though, they were duped...

A good man and great POTUS.. we need another just like him... hopefully Mr. Trump might just 'fill the bill'.

blackdogsbody. This behaviour in this news report is no better.

Very informative. Should be tought in schools.

M..yes..things could get very interesting..especially since Bill Shorten appears to have played a fundamental role in facilitating Soros influence..

pelican , yes as you say the name Sorros is missing from all MSN in Australia, Cory has really let the cat out of the bag this time.