Power Raid
We Exist To Win Premierships
And this is where democracy falls down.
The majority will not vote for austerity, no matter how much its needed.
People vote to spend public money in a way they would never spend their own. The problem has never been revenue its always spending.
yep but eventually it all collapses and the rich get richer and the poor poorer. we have just seen that in Greece where Citibank flew in their best bankers to rape the nation. so by not dealing with the issue pre collapse, not dealing with the issue during or after the collapse was essentially a vote to be bent over the barrel. this is the failing of democracy where people (and completely understandably) vote for what they want, or what they want to hear rather than what is sustainable.
that is why I believe revenue should be stripped from government control (like the RBA does with interest rates) and that way governments can not pander to the electorate. At the end of the day, revenue is now capped by globalisation forces so it is no great change. the only addition would be the additional constraint of capping borrowings as determined by the new "RBA" entity. by defualt revenue + borrowings - debt repayment = total expenditure. governments would then only decide where and how it was spent as the bucket is finite.