THE VIEW FROM MY GARDEN

As a committed advocate of Modern Monetary Theory and one who thinks it should be renamed, Modern Monetary System, for reasons I will explain, there have been occasions when I have felt a sense of futility, trying to explain something so simple, but finding myself unable to convince even those who should know better.
Firstly, MMT should be referred to as MMS because it is no longer a theory. It is the way our fiat economy was set up to operate and does operate today. Its implementation took place in 1983 and the fact that it has never been used as it was intended, does not mean it is theoretical.

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Regardless of how Treasurer Scott Morrison might try to sugar-quote the numbers with his breathtaking rhetoric, be assured at least some of his forward projections are based, not on hard numbers, but on aspirational and ambitious expectations.

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My question is directed to the Prime Minister. Your treasurer has just brought down your 2018/19 budget laced with tax cuts to woo the low paid. Some of it will be delivered in a year’s time when everyone files their tax return. The rest over the next seven years.

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It’s hard to recall the last time we saw Barrie Cassidy take a blowtorch to a government minister on Insiders, but that’s what happened this morning.
And it was obvious that his target, Kelly O Dwyer, never saw it coming, either.

The first thought that came to mind while watching the interview was, can you believe the hypocrisy? After calling Bill Shorten’s announcement in 2016 that Labor would set up a royal commission into the financial services industry, reckless and ill-conceived, very dangerous, and bad for the economy, here she was trying to take credit for this week’s revelations.

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Economists tell us it could replace all government spending on welfare, as well as housing, health and education. Even if that were true (it isn’t), it would still be a very bad idea.

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Bill Shorten can smell blood and is becoming bolder by the week. His announcement last week that the cash payments tied to the dividend imputation scheme would end, was just the beginning.

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Bill Shorten and the Labor party are beginning to demonstrate true grit. The latest policy announcement that will see an end to a welfare handout to the rich, otherwise known as the Dividend Imputation Scheme M2, is a masterstroke.

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