April 2, 2009
Did anybody else notice that the size of the federal government just increased by more than 20%?
As the IPA’s Julie Novak said in The Australian on Tuesday, Kevin Rudd has increased Commonwealth Government spending from 24% of GDP last year to 28% this year.
But that’s dwarfed by the massive increase in the government’s contingent liabilities – possible future costs from its bank guarantees, RuddBank, state borrowing guarantees, and so on.
It was nice to see Barack Obama’s announcement this week that he was going to harness the full power of the US government to manage the extremely important issue of… car warranties? (Obama’s announcement is here)
“If you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired, just like always. Your warranty will be safe … because starting today, the United States government will stand behind your warranty.”
You see – that’s the problems with bailouts. It’s not just the billions and billions of dollars of taxpayers’ money being splurged. It’s the fact that the government gets to run everything.
And in a new IPA research paper Professor Sinclair Davidson asks the question everybody asks once a year: “Should Australian Taxpayers Lodge Annual Tax-Returns?”
The New York Times has a long profile of one of the world’s most famous scientists, the theoretical physicist Freeman Dyson, and why he is a climate change sceptic.
The last word has to go to the South Park team, who in this 1 minute video completely take apart bailouts.
In The Age, Chris Berg asks why young “leaders” have such stupid ideas: “Generation Pepsi all froth and bubble on leadership“.
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