Barbara Cassidy

THE BULLSHIT NARRATIVE OF THE RIGHT The Opposition, the MSM and their chorus of economically illiterate goons. Greg Jericho: Greg Jericho has published an excellent piece exposing the increasingly tiresome narrative being peddled by the Coalition, much of the mainstream media and the usual collection of political cheerleaders. You know the one: LABOR IS SPENDING TOO MUCH! GOVERNMENT SPENDING IS CAUSING INFLATION! JIM CHALMERS MUST RESIGN! Oh, do give it a rest, petals. Jericho's article, "The RBA is waging class war, and the Press Gallery are its spin doctors," dismantles much of this convenient little fairy tale. Here are SIX important points worth understanding: 1. AUSTRALIA IS NOT A BIG-SPENDING COUNTRY. Compared with other advanced OECD economies, Australia is a relatively low-taxing, low-spending nation. The hysterical narrative that government expenditure is spiralling into some unprecedented fiscal catastrophe doesn't survive an international comparison. 2. GOVERNMENT SPENDING HAS INCREASED FOR GOOD REASONS. We now have the NDIS. Supporting Australians with disabilities costs money. Apparently, according to some economic geniuses, providing essential services is now evidence of reckless financial management. 3. CUTTING SERVICES IS NOT THE ONLY OPTION. Jericho calculates that if Australia collected taxation revenue at Canada's level, we would raise approximately $141 BILLION MORE ANNUALLY. Enough to double spending across several major public services and income-support programs, with money left over. But heaven forbid we discuss raising more revenue when cutting services for ordinary Australians is so much more fashionable. 4. THE RBA IS MAKING WORKERS PAY THE PRICE. The Reserve Bank is prepared to tolerate rising unemployment to contain inflation. Yes, the institution whose responsibilities include maintaining full employment is comfortable with more Australians being unemployed. Funny how the economic medicine always seems to be prescribed to those least able to afford it. 5. PRIVATE INVESTMENT GETS A FREE PASS. Jericho highlights the enormous resources being directed towards data-centre construction, contributing to economic capacity pressures. Yet where are the endless demands to rein THAT spending in? Apparently, government spending is inflationary, while private investment gets a considerably more sympathetic hearing. 6. THE MAINSTREAM MEDIA HELPS SELL THE STORY. Rather than rigorously interrogating the economic evidence, much of the Canberra Press Gallery simply reinforces the accepted narrative. Government spending BAD. Public services TOO EXPENSIVE. Workers must ACCEPT THE PAIN. And the wealthy? Well, we wouldn't want to inconvenience them, would we? THE POINT? Jericho is not writing a love letter to Labor. Indeed, he criticises the Albanese government for its approach to NDIS spending. What he IS doing is challenging the economic assumptions behind the Coalition's relentless attacks on government expenditure. And THAT is what makes the article worth reading. Before swallowing another sermon from Angus Taylor, Tim Wilson or the Murdoch commentariat about Labor's supposedly reckless spending, take a few minutes to read an economist who actually examines the underlying numbers. READ GREG JERICHO'S FULL ARTICLE. The RBA is waging class war, and the Press Gallery are its spin doctors. LINK IN REPLIES. 👇 Because apparently, even sharing an article on 𝕏 comes with its own economic consequences. 🤭