Essential Research and Resolve Strategic offer further numbers on budget polling, both tending to support Newspoll’s impression of a lukewarm response to the budget, and one — or possibly two, with Resolve Strategic to be confirmed — also supporting its finding of no discernible impact on voting intention.
What we have so far from Essential Research is a report in The Guardian relating that its 2PP+ measure of voting intention has Labor steady on 53% and the Coalition up one to 42%, with the remainder undecided; Anthony Albanese up three on approval to 54% and down two on disapproval to 35%; and Peter Dutton steady on approval at 36% and up one on disapproval to 45%. For primary votes will have to wait for the pollster’s publication of its full results later today.
The poll found 24% expecting the government would be good for them personally, which presumably had a corresponding result for bad that will also have to wait for the full report. Only limited numbers felt it would create jobs (33%), reduce debt (29%), reduce cost-of-living pressures (26%), whereas 46% felt it would “create long-term problems that will need to be fixed in the future”. Respondents were most likely to rate that the budget would be good for people receiving government payments and least likely to younger Australians and “average working people”.
There was also a forced response questions on the Indigenous Voice and a republic, the former finding the margin from yes in to 59-41 from 60-40 a month ago, with small state sub-samples finding recording big leads in New South Wales, Victoria and South Australia, but an even balance in Queensland and Western Australia. The republic question, which apparently left the devil undetailed, broke 54-46 in favour. The poll was conducted Wednesday to Sunday from a sample of 1080.
The Resolve Strategic poll in the Age/Herald, which will presumably follow up with voting intention results fairly short, seemingly produced the most favourable results for the budget, with 31% saying it would be good for them and their household compared with 26% for bad; 44% good for the country with 17% for bad; 36% good for the health of the economy with 15% for bad; and 39% good for “rebuilding a healthy budget” with 17% for bad. Similarly to Essential Research, it found respondents were most likely to see the budget as good for the less fortunate and disadvantaged, with 56% for good and 14% for poor, but it substantially more positive results for both older people (48% good and 17% bad) and younger people (39% and 17%).
Respondents were asked about twelve specific items in the budget, finding majority support for all but two: limiting growth in NDIS spending to 8% a year, which still recorded a net positive result with 37% in favour and 17% opposed, and facilities for the Brisbane Olympics and Tasmanian AFL, which were supported by 27% and opposed by 37%. The most popular measure was the spending on Medicare to encourage bulk billing, at 81% in favour and 5% opposed, with funding for a wage increase for aged care workers, energy bill relief and doubling of medicine prescription periods recording between 73% and 75% support. The poll was conducted Wednesday to Saturday from a sample of 1610.
UPDATE (Essential Research): Essential Research voting intention numbers are here and the full report here. The former’s primary votes are very strong for Labor, suggesting the static 2PP+ numbers relied on a change in respondent-allocated preferences: Labor are up two 35%, the Coalition are down one to 31%, the Greens are steady on 14%, One Nation are steady on 5% and the United Australia Party is down one to 1%. Further, the report allows comparison of the budget response with five budgets going back to 2020, which makes the numbers look better than at first blush. Twenty-four per cent for “good for you personally” is about par for the course; the 41% and 37% for “good for people on lower incomes” and “good for older Australians” are comfortably the strongest results out of five budgets going back to 2020; 46% for “place unnecessary burdens on future generations” is the best result of the five.
Not just Tories:
Get married, have babies: how China is tackling population decline
https://www.thetimes.co.uk/article/get-married-have-babies-how-china-is-tackling-population-decline-53b55f00j
Pretty good polling for Albo and Labor.
Clearly many haven’t woken up to him yet. They will though, as Morrison found out.
No Integrity: folk have woken up to ‘but Labor, boo!’ flogs like you.
Cut n’ pasting that silly table of Grog’s. It’s just deceptive as it diverts attention away from the fact that folk earning between 0-$18,600 in ‘taxable income’ pay zero tax, and for folk earning 45,000 in taxable income they only pay 19 cents in the dollar for the earnings between $18,601 and $45,000 (an effective rate of tax of 11.3%).
The is a debate of substance to be had here. But you bring no substance at all to the table. As is your intent.
“ That is why the claim by shadow treasurer Angus Taylor and shadow finance minister Jane Hume that a “drover’s dog” could deliver a budget surplus is absurd. If it was so easy, why didn’t the last Coalition government deliver a surplus over nine years? The achievement is so significant that the Coalition has to undermine it.”
In his article, Troy Brampton, surprisingly, certainly cut the legs out from under Angus Taylor showing his claims to be facile.
https://www.theaustralian.com.au/commentary/chalmers-on-a-mission-to-bury-the-coalition-as-better-economic-and-budget-managers-writes-troy-bramston/news-story/63b6dd7812efec54022e103c7d02531d?amp
Labor partisans will deflect, cover, excuse and apply layer after layer of lipstick on this pro fossil fuel, right wing economic Govt, but people eventually see through it.
When Albo said not waste a day in govt what was he referring to ?
Ven 8:09 am
“ Indeed priceless!
They already knew he was a shady operator. One shady operator says no another shady operator. What an irony.
I thought there is unwritten rule between shady operators. You scratch my back and I yours.”
—————————-
That’s a real slap in the face when a dodgy company with a trashed reputation won’t take on an Ex-PM because of his reputation.
I understand Joe Biden is making concessions to Congress to get the debt cap raised.
https://www.axios.com/2023/05/14/biden-debt-ceiling-talks-republican-leaders-tuesday
Also, he is only planned to go to Sydney – so no address to APH
I can’t understand why this Noelle Dunphy took the job working for the slime ball anyway.
“he told Ms. Dunphy that her pay would have to be deferred and her employment kept “secret” until the divorce proceedings finished.”
RED FLAG! RED FLAG!
If you can get anywhere near a 1 million a year salary why are you accepting this kind of shit, long before the abuse?
And if the answer is because you know you are never getting paid near that much anywhere else, that in itself ought to be a red flag that you’re being scammed.
I have very little difficulty believing the allegations are true even before seeing her recorded evidence, and she’s not at fault for the scumbag being a scumbag. It’s just an object lesson in not falling for scams in the first place.
“ Labor partisans will deflect, cover, excuse and apply layer after layer of lipstick on this pro fossil fuel, right wing economic Govt, but people eventually see through it.”
Again no substance. Only smear. Such Integrity.
UK Cartoons:
Another day on which tens of thousands of homeless people, people escaping domestic violence and Indigenous people go without social housing.
Why?
Because that is core business for Dutton, Littleproud and Hanson.
And that other heartless bastard.
I see Minister Madeleine King is in Adelaide today hosting a fossil fuel oil and gas meet and greet.
One big happy family gathering…
“ Labor partisans will deflect, cover, excuse and apply layer after layer of lipstick on this pro fossil fuel, right wing economic Govt, but people eventually see through it.”
or maybe, Labor partisans can understand the concept incremental change, and can see that one budget does not a term of government make.
The danger of changing everything in one big hit, is that if it comes across a roadblock, stumbles, or fails completely, it ruins the concept/ideas behind the change for a generation of voters. The government is a big ship, and big ships take a while to turn around. Yanking the wheel hard to the left does nothing if your inertia has you already going hard right. you have to slow down, wind it up, then pull to the left.
”
Mostly Interestedsays:
Tuesday, May 16, 2023 at 9:05 am
Ven @ #43 Tuesday, May 16th, 2023 – 8:53 am
USA!
”
The US central bank’s rapid-fire rate rises, combined with the turmoil in US regional banks, is setting the stage for a credit crunch, writes Karen Maley.
https://www.afr.com/companies/financial-services/how-the-fed-is-helping-to-fuel-a-vicious-credit-crunch-20230515-p5d8dd
”
The world should detach itself from US Dollar as world’s reserve currency. The world cannot afford another GFC.
Countries are trying to do that by trying to link their monetary system with BRICS.
The how is the hard part.
According to some estimates the USD makes up 60% of global currency reserves, anywhere between $3t and $8t in actual notes and coins (wild that estimates are so varied). Some nations dont even use their own currency anymore as they’re so devalued and only trade in USD so their economies would tank. Having a baseline currency is also considered useful for all global trade to measure value against.
What are the alternatives? Move to a different currency, same issues occur. Move to a world currency, lets just say a difficult thing to implement. BRICS, I guess its a way to diversify risk, but the countries that make up BRICS are, well just lets say problematic. The Euro would have to figure in there somewhere.
What are your thoughts on the matter?
”
MI
Currently 3 of the top 5 economies in the world are Asian economies.
As far as I know 2 of those economics offer transactions in their currencies to other countries till a better system is designed. Quite a few countries took up that offer. Maybe that is answer till the world moves to a better system.
But the world has to decouple from the arrangement where US Dollar is the reserve currency. The world cannot afford another GFC due to credit crunch in US. The consequences will be unimaginable.
With the first GFC the world economies especially in the West raked up backbreaking debt. And then came the COVID, which almost killed the camel.
Yeah, and there are energy plans where the retailer will subsidise your battery – so long as they control it (with some fine print protections for you).
I would prefer to buy an EV and use its battery for me and to help the grid rather than buying two batteries.
The peeps around here use their batteries for themselves. They are lazy – they can afford to be. So it is just a set and forget. However, there are ToU plans out there that will give you a sliding scale FiT to encourage you to feed the battery back in to the grid during peak times. However, the rates arent attractive enough for these people to bother. There is risk in those plans – if you feed your battery back into the grid you dont know if you may need that the next evening if it is an overcast day. So the rate needs to be tempting.
One problem I see is that both generators and retailers (and transmission?) have a baked in profit margin that is restricting competition. This baked in algorithm has created a fairly standard pricing per year per household (unless you can afford to beat the algorithm) across the retailers. So no matter how you dice and splice – the price per year is the same.
TK
In the broad, what are the policy settings you would recommend? I was talking to a rellie who was wondering whether to install roof panels. I told them that I would prefer 6,000 panels in a single farm rather than 6 panels on 1,000 roofs. Better economics for the nation.
For those of you who used the student financial supplement scheme (SFSS) there may be a class action brewing. I used it for two years and it took me about 20 years to pay off, it is quite hard to find on the ATO site how much real dollars I paid back.
https://www.theguardian.com/australia-news/2023/may/14/australians-who-lost-welfare-under-1990s-student-loan-scheme-have-cause-for-class-action-expert-says?
BK @ #21 Tuesday, May 16th, 2023 – 7:32 am
A veritable feast of good news today!
Sure, carbon capture and storage has never worked in the past, and it is extremely doubtful it will ever work in the future … but our government’s global warming policies are so bad it is our only hope …
But while carbon capture and storage may be our only hope, that doesn’t mean government should actually invest in it – no indeed! Instead, they should remove those pesky regulations and let the market do its thing! …
But that doesn’t mean governments should do nothing – no indeed! They should also subsidize!
Then Australia could become a carbon capture and storage SuperPower!
And if we do all that, surely we can afford just an eensy-weensy teeny-weeny new mine here or there? Sure, we don’t actually need any more, but given the rest of the world is going to hell in a shopping trolley, who is even going to notice?
Sure, approving any new fossil fuel extraction is a form of slow suicide … but this is a good death, so we should all just stop moaning!
”
sprocket_says:
Tuesday, May 16, 2023 at 9:35 am
I understand Joe Biden is making concessions to Congress to get the debt cap raised.
https://www.axios.com/2023/05/14/biden-debt-ceiling-talks-republican-leaders-tuesday
Also, he is only planned to go to Sydney – so no address to APH
”
Sprocket
Stuart Robert will skip US President Joe Biden’s address to federal parliament and will not return to Canberra to deliver a farewell speech. There he goes, disrespecting the institution of parliament right to the very end. I hope the review into certain contract placements initiated by Bill Shorten bears fruit.
https://www.smh.com.au/politics/federal/stuart-robert-to-skip-biden-s-visit-to-canberra-will-not-return-to-parliament-20230512-p5d829.html
Andrew_Earlwood says:
Tuesday, May 16, 2023 at 9:37 am
“ Labor partisans will deflect, cover, excuse and apply layer after layer of lipstick on this pro fossil fuel, right wing economic Govt, but people eventually see through it.”
Again no substance. Only smear. Such Integrity.
中华人民共和国
Just wait until he rabbits on about “The Cartel”.
Ven, you could be right as to Uncle Joe’s itinerary- somewhat fluid
Is there anyone here who still believes Rex genuinely cares about any position he espouses on this site besides shitting on Labor? (if even that)
I mean, nath trolls constantly but there might be a grubby little soul under there somewhere. If P1’s Simon-pure activist lark is an act at least it is a pretty consistent one. And Taylormade and Lars are at least consistent in their clumsy Coalition-boosting shit, like giant malevolent puppies who haven’t been house trained. But Rex will say anything to get a rise out of people. Personally I still recommend ignoring the whole pile of them.
Presumably one day the value of class actions to injured or wronged persons will be the subject of inquiry along with returns to overseas funders and their lawyers.
Andrew Gretch is irrepressible
https://amp.theage.com.au/national/cbd-melbourne-the-return-of-the-grech-20191114-p53ar4.html
Boerwar @ #67 Tuesday, May 16th, 2023 – 9:18 am
I dont know. The system is too complicated for me to venture into except that the current policy settings are not working.
Personally, I would love to see disruption with government intervention different to caps and subsidies (I am with you on those). Not nationalisation but perhaps retailer or even generation competition. The theory has been that the market will be more efficient at both of these than government. Well…. lets test that out. When the transition is well under way – the government could then sell off their ventures.
But I say that knowing that I know very little.
Ven @ #43 Tuesday, May 16th, 2023 – 8:23 am
Careful what you wish for. Yes, the US stink with the way they rule this space. Yes, the threat of losing it may force them into being more responsible. But……
”
sprocket_says:
Tuesday, May 16, 2023 at 9:35 am
I understand Joe Biden is making concessions to Congress to get the debt cap raised.
https://www.axios.com/2023/05/14/biden-debt-ceiling-talks-republican-leaders-tuesday
”
From the article:
But, but, but: McCarthy offered a less optimistic assessment of the situation on Monday, telling reporters in the Capitol that the two sides remain “far apart” in negotiations.
“It doesn’t seem to me yet they want a deal, it just seems like they want to look like they are in a meeting but they aren’t talking anything serious,” he said.
McCarthy added that a deal would need to be done by this weekend in order to have time to have enough time to pass it through Congress.
C@tmomma says:
Tuesday, May 16, 2023 at 6:43 am
“Also, I imagine Dandy Murray or Socrates may be able to answer this question…
Why does South Korea have any right to object to Australia, where the minerals come from, developing an EV Battery manufacturing industry!?!
Just because they have one already, doesn’t mean we can’t have one as well, surely!?!”
Sorry I missed this earlier. Yes South Korea’s position on this is absurd. Australia is the world’s largest exporter of battery rare earth elements. Why shouldn’t we make batteries out of them? Does South Korea expect us to stay a mining pit with no value adding forever?
Battery production is one of the worlds’ largest, fastest growing industries. There is lots of unmet demand. Why should a country with obvious natural advantages in it not enter the market?
We cheerfully import a lot of cars including EVs from South Korea with zero tariff. This is not a reasonable response.
”
shellbellsays:
Tuesday, May 16, 2023 at 9:58 am
Presumably one day the value of class actions to injured or wronged persons will be the subject of inquiry along with returns to overseas funders and their lawyers.
Andrew Gretch is irrepressible
https://amp.theage.com.au/national/cbd-melbourne-the-return-of-the-grech-20191114-p53ar4.html
”
Shellbell
Australian government reaches $132.7m class action settlement with landowners over Pfas contamination
Class action suit alleged commonwealth did not adequately prevent toxic chemicals from firefighting foam contaminating soil and groundwater
https://amp-theguardian-com.cdn.ampproject.org/v/s/amp.theguardian.com/environment/2023/may/15/australian-government-reaches-1327m-class-action-settlement-with-landowners-over-pfas-contamination?amp_gsa=1&_js_v=a9&usqp=mq331AQIUAKwASCAAgM%3D#amp_tf=From%20%251%24s&aoh=16841954212607&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Fwww.theguardian.com%2Fenvironment%2F2023%2Fmay%2F15%2Faustralian-government-reaches-1327m-class-action-settlement-with-landowners-over-pfas-contamination
List of class actions in Federal court
https://www.fedcourt.gov.au/law-and-practice/class-actions/class-actions
My query is are class actions filed only in Federal court? If not, how can each one of them be subject to inquiry?
Gov owned community batteries is of interest. But will it force significant retail rate changes?
Team Katich
“Yeah, and there are energy plans where the retailer will subsidise your battery – so long as they control it (with some fine print protections for you).
I would prefer to buy an EV and use its battery for me and to help the grid rather than buying two batteries.”
Fair enough. The SA battery scheme was government run and aimed at overall grid stability so we were happy to go in that. I can’t comment on the situation in other states.
For philosophical/environmental reasons (not financial) we have now electrified everything at home – 13 kWhr solar PV, 10 kWhr home battery, electrical AC and hot water heat pump, induction cooktop, gas connection removed, roof insulation, double glazing and EV. This cost a fair bit (>$40K excluding EV) but we wanted to be net zero as a household.
We could afford to do this and did most of it before subsidies came in. Ironically since we did it before the recent upsurge in prices, it has worked out a great investment. So now we have no power bill (net rebate), no gas bill and no fuel bill (we deliberately got extra PV so we could recharge an EV at home). The house is really comfortable to live in thanks to the insulation and double glazing. We like it a lot.
We should have laws making all new homes 100% electric. You would be mad to put in gas anything in a new build.
Mostly Interested
“ What are the alternatives? Move to a different currency, same issues occur. Move to a world currency, let’s just say a difficult thing to implement. BRICS, I guess its a way to diversify risk, but the countries that make up BRICS are, well just lets say problematic. The Euro would have to figure in there somewhere.”
———————————-
I agree with the conundrum and I don’t see the BRICS as being sufficiently stable or capable, particularly over the long term, to ensure reliability.
Lib/nats propaganda media units propaganda Unemployment levels are expected to stay at record lows, which will likely result in interest rates continuing to rise
are not consistent with Dutton and his cronies getting the unemployed into work, other wise the unemployed payment rise will result in interest rates continuing to rise
Rex Douglassays:
Tuesday, May 16, 2023 at 9:24 am
“Pretty good polling for Albo and Labor.
Clearly many haven’t woken up to him yet. They will though, as Morrison found out.”
Well Rex
You can vote for Morrison at the next election as it seems he can’t get a job and as is his want, will remain the Member for Cook.
Good luck with that
Lars Von Triersays:
Tuesday, May 16, 2023 at 9:31 am
“When Albo said not waste a day in govt what was he referring to ?”
Listening to people like you.
Late Risersays:
Tuesday, May 16, 2023 at 7:17 am
#weatheronPB
“Damp, blank, and complete,
an even grey wraps its arms,
wetly unwarming.”
That pretty much outlines Dutton’s LNP leadership!
Arky @ #73 Tuesday, May 16th, 2023 – 9:56 am
Much easier than actually trying to defend your policies.
There were celebrations all across Thailand last night. A feeling of relief mixed with joy for the vast majority of Thais who supported the Opposition. At Democracy Monument in Bangkok, thousands gathered to wish the expected incoming Prime Minister good luck and to celebrate the end of nearly a decade of Military or Military backed rule.
Thailand still however has 15 year old kids locked up indefinately under Section 112 (Insulting the Royal Institution) but Move Forward Leader – and probable new Prime Minister, Pita Limjaroenrat, said the release of Political Prisoners will be a priority if he can form Government.
Here is the the timeline going forward with the former Military backed Government Acting as caretaker:
1. 13 July is the deadline for the Official Endorsement of the Election Results by the Electoral Commission
2. The House will then meet within 15 days to appoint a Speaker
3. Within 30 of the official announcement 0f results and objection to the results must be filed with the EC
4. After the Election of the Speaker the Senate (250 appointed) will join with 500 Elected Lower House MPs to elect a new Prime Minister who must get 376 votes in the joint sitting (the Opposition has 31o votes in the Lower House)
5. The newly Elected Prime Minister will then present themself to the King, who, if endorsed by the King, is able to form a Cabinet and Government. This is expected early August.
There are some scenarios where the Senate and now Opposition MP’s just don’t show up and 376 votes can’t be achieved – or the remaining 190 Lower House Opposition MP’s get at least 186 Senators to back a minority Government. This would cause chaos in Thailand and lead to massive protests across the Kingdom. My sources tell my this is very unlikely but as they say in Thailand “Same but different Mister”.
Another day in Paradise.
The Sun’s shining and the “born to rules” are running for cover.
1972 was great, 2022 better and some glimmering lights at a tunnel too far away.
Search…
Special prosecutor recommends no new charges in Russia probe Trump called ‘crime of the century’
Associated Press story
https://m.dailykos.com/stories/2023/5/15/2169525/-Special-prosecutor-recommends-no-charges-in-final-report-on-Trump-Russia-investigation
“Cut n’ pasting that silly table of Grog’s.”
How far to the ‘fighting for tories’ side to you need to be to start slagging off Greg?
Arky
“a grubby little soul under there”
I suspect that this poetic phrase is perhaps attributable to some others (perhaps myself) at various times.
It is a lovely line.
Team Katich says:
Tuesday, May 16, 2023 at 10:12 am
Gov owned community batteries is of interest. But will it force significant retail rate changes?
中华人共和国
The Theodore Labor Government set up Government owned batteries in Queensland after the Great War.
One was in Charters Towers and one in Chilligoe. They were much cheaper than the commercial ones, ran at a profit and returned a dividend to the taxpayer.
Small miners could take their ore to the said batteries for crushing thus enabling the extraction of Gold, Silver, Tin and Copper.
bless – rhetorical flourishes from the gollmeister and arky.
Too funny!
Cronus says:
Tuesday, May 16, 2023 at 10:14 am
Mostly Interested
“ What are the alternatives? Move to a different currency, same issues occur. Move to a world currency, let’s just say a difficult thing to implement. BRICS, I guess its a way to diversify risk, but the countries that make up BRICS are, well just lets say problematic. The Euro would have to figure in there somewhere.”
———————————-
I agree with the conundrum and I don’t see the BRICS as being sufficiently stable or capable, particularly over the long term, to ensure reliability.
中华人共和国
The Vietnamese Dong?
Barney would I am sure agree. Haven’t seen him much lately – I think he is in the Land of Smiles somewhere.
“The danger of changing everything in one big hit, is that if it comes across a roadblock, stumbles, or fails completely, it ruins the concept/ideas behind the change for a generation of voters. The government is a big ship, and big ships take a while to turn around. Yanking the wheel hard to the left does nothing if your inertia has you already going hard right. you have to slow down, wind it up, then pull to the left.”
Cool metaphor bro, I’m sure those living in poverty will be able to make a fine meal of it at least once a week while houses on dual incomes totalling over 400k will be struggling with how to invest the 18k per annum extra.money forever.
Perhaps if there is a recession the wealthy can buy up more.homes on the cheap while the number in poverty increases.
As I said cool metaphor bro.
Getting down to the money issues in the ACT DPP vs AFP inquiry…
Police had a “bizarre approach” to the Bruce Lehrmann case, and Brittany Higgins‘s allegation of rape would have been ignored had it not allegedly taken place in parliament house, a lawyer has told an inquiry into Lehrmann’s trial.
Mark Tedeschi, acting for the Australian Capital Territory director of public prosecutions, Shane Drumgold, appeared this morning at an inquiry into how that trial was handled by police and prosecutors.
Tedeschi said a report had found ACT police were “undercharging” when it came to accusations of sex abuse.
Drumgold knew that, he said, and it was part of the reason his relationship with police was poor. Tedeschi said:
That’s one aspect, one of three aspects.
Step two is the other side of the coin, the attitude of the police to the DPP because they knew that he’d been responsible for this committee being set up and they were resentful of the fact that the DPP was in effect going back and looking at all of their decision making.
The third thing is that we anticipate making a submission at the end of the day that what we say is the bizarre approach of the police about whether Mr Lehrmann should be charged is just an example of a general attitude.
We want to prove that it’s true they did have this attitude to sex cases generally and this was just a classic example of it.
Guardian blog
“C@t, you were thinking of Dandy’s cooler older bludger cousin.”
Jeezus man! A honda jazz? And I thought my first-gen i30 was peak dad. Clearly you win!!
Debt ceiling hostage has days, not weeks left
https://m.dailykos.com/stories/2023/5/15/2169494/-Time-is-running-out-on-the-debt-ceiling
One of the interesting titbits is from the article:
While that drama plays out, NBC News went out to see what the voters think of it all, and determined that voters aren’t paying that much attention. At least that’s what the scant research shows right now. Research firm Engagious conducted a focus group and concluded that the nation defaulting is an “abstraction far removed from day-to-day concerns” and that “there are signs that a crisis-weary population wants to sit this one out.”
“If people have followed the issue at all,” NBC reports, “they’ve concluded that this is simply one more partisan fight in Washington that reinforces perceptions of broader dysfunction, political analysts from both parties said.” That could be because that’s exactly how the traditional media has been reporting it, “both sides” and all.
”
Possible Credit crunch due to Federal Reserve interest rate rises and Default on breaching the Debt ceiling limit could are 2 financial occurences that could shake world to the core.
”
On the other side, there are the people who hold the U.S. debt—meaning us, the larger public: “Debt held by the public is essentially U.S. Treasury securities—government-issued IOUs—held by the sovereign wealth funds, banks, insurance companies and other private investors, including individuals.” Those Treasury securities aren’t going to look like such a safe investment following a default; they’ve always been a sure bet because the U.S. government has always paid its debts. The loss of investors would probably ripple through the markets, and that in turn could hurt retirement savings other than Social Security—like 401(k)s and pensions.
The last time we came this close to a default was in 2013, and that near-brush with a default cost the U.S. 1% of GDP.
“
Mostly Interested @ #47 Tuesday, May 16th, 2023 – 9:05 am
Crypto. Just pick one of the many options available. Except bitcoin. The “work” is uses for its “proof-of-work” is just electricity-wasting nonsense. Pick a coin that requires useful work, or that uses an alternate consensus mechanism altogether.
And for bonus points, if you pick a coin that has a fixed maximum number of currency units that can ever be issued (like bitcoin, but not bitcoin), you’ve effectively revived the gold standard. Eliminate USD reserves and fiat currency in one fell swoop!
Ven @ #91 Tuesday, May 16th, 2023 – 10:39 am
The guy that Trump-appointee Barr appointed to protect Trump came to a conclusion that protects Trump. Yawn.