Compulsory superannuation was an important initiative of the ALP and it has been with us ever since. By making superannuation compulsory, growing flows of contributions have been channeled into the financial sector fuelling collateral for the leveraging of debt growth relative to GDP growth, amplifying financial disorder, misallocating scarce resources and concentrating wealth. Compulsory superannuation is an example of what is known as the fallacy of composition ...what is beneficial on an individual level can lead to negative consequences when made compulsory at a national level.
Even worse. It was the Labor party (left wing?) that introduced the first Neoliberal initiatives and even today, journalists and economists praise Keating for superannuation, HECHS, mass privatisations. For example, here is Peter Hartcher from the SMH Feb. 2024
I know. I was peripherally involved with the ALP when the shift to Neoliberalism began: I helped the AMWU (Australian Metal Workers Union) draft “Australia Ripped Off” and “Australia Uprooted”, which both argued for a then Scandinavian approach to industrial policy. Instead we got the full First Year Economics textbook.
Its obvious that they (the general populace, the politicians and the oligarchy) are unaware of a true third alternative and/or in the case of the oligarchy...they don't care. And that includes the "economists" who are overwhelmingly neo-classically orthodox and so re-inforce the continual fail.
Its not just the ego involved neo-classicals. You have to develope a mass movement showing the un-astute general populace paradigm changing policies that don't make their eyes glaze over and that benefits the bourgeosie even more than the present mess. We, the oppressed are many, those opposing full paradigmatic change are few.
Compulsory superannuation was an important initiative of the ALP and it has been with us ever since. By making superannuation compulsory, growing flows of contributions have been channeled into the financial sector fuelling collateral for the leveraging of debt growth relative to GDP growth, amplifying financial disorder, misallocating scarce resources and concentrating wealth. Compulsory superannuation is an example of what is known as the fallacy of composition ...what is beneficial on an individual level can lead to negative consequences when made compulsory at a national level.
Totally agree. That and HECS were two of the ALP's worst ideas.
Even worse. It was the Labor party (left wing?) that introduced the first Neoliberal initiatives and even today, journalists and economists praise Keating for superannuation, HECHS, mass privatisations. For example, here is Peter Hartcher from the SMH Feb. 2024
https://www.smh.com.au/politics/federal/in-power-keating-was-a-gift-now-at-80-he-s-a-tragedy-20240222-p5f75e.html
And this was AFTER it took the Australian dollar off the US dollar peg!
I know. I was peripherally involved with the ALP when the shift to Neoliberalism began: I helped the AMWU (Australian Metal Workers Union) draft “Australia Ripped Off” and “Australia Uprooted”, which both argued for a then Scandinavian approach to industrial policy. Instead we got the full First Year Economics textbook.
Its obvious that they (the general populace, the politicians and the oligarchy) are unaware of a true third alternative and/or in the case of the oligarchy...they don't care. And that includes the "economists" who are overwhelmingly neo-classically orthodox and so re-inforce the continual fail.
Its not just the ego involved neo-classicals. You have to develope a mass movement showing the un-astute general populace paradigm changing policies that don't make their eyes glaze over and that benefits the bourgeosie even more than the present mess. We, the oppressed are many, those opposing full paradigmatic change are few.