Contenders for World’s Biggest Idiots

A global search to uncover the World’s Biggest Idiots has succeeded almost before beginning. It’s barely dawn as these words are written and, already, it is mission accomplished! Take a bow, Australians, with a special nod to three thousand Herald Sun readers. The extent of our idiocy leaves the rest of the world not completely in the shade, yet somewhat humbled.

The article’s title:

“Federal election 2016: Voters deliver budget poll warning”

sounds serious. And, in a way, it’s true. A federal election is to be held on the 2nd of July and, as it happens, we idiots get to vote. Let that be a warning to everyone.

And what is our chief warning?

“Get the budget into surplus and reduce the debt.”

Why do we consider this to be a good idea?

We’re not altogether sure. Maybe it is because we have been reading the Herald Sun. Or the Age … Or the SMH … Or the Australian … Or the Guardian … Or the NYT … Or listening to, or watching, the ABC … Or the BBC …

How, in our view, is this surplus to be accomplished?

1. cutting taxes on businesses (supported by 71 percent)
2. opposing a carbon tax (86 percent)
3. prioritizing deficit reduction over spending on services (80 percent).

Now, only two of these methods have an effect opposite to the one we intend but, to be fair, all three are equally idiotic!

And what are our election priorities?

Most important election issues
Getting the budget back into surplus and reducing debt … 35 percent
Keeping Australia safe from terrorism … 23 percent
Protecting Australia’s borders … 14 percent
More funds for schools/health … 9 percent
Boosting employment … 9 percent
Improving roads and rail … 6 percent
Action on climate change … 3 percent
No answer … 1 percent

Considering we all went to school and many of us are now idiots, possibly we are correct to place such a low priority on schooling (9 percent).

But what about climate change? Health? Jobs? Infrastructure?

Please … How could any of those things be important? Protect us from the terrorists and boat people and, for the love of God, get the budget into surplus!

It’s nice, at least, to see that 1 percent of us are sufficiently self-aware to admit that we have NFI.

Perhaps it is churlish for anyone to single us out as the World’s Biggest Idiots considering that, in all likelihood, many of our opinions are more or less shared by large swathes of other idiots around the globe. But there comes a time when surely the most appropriate response is to take a good long hard look at ourselves, and then point and laugh. Either that or slit metaphorical wrists.

OMG. We are screwed, people.

Well and truly.

If it were not so tragic, it would be funny.

Well, actually, it is still kind of funny.

Why Deficit Phobia is Idiocy

What Everyone Should Know About Budget Deficits and Public Debt
Pain of Austerity Brings No Future Gain
Government Spending or Lending Logically Precedes Tax Revenue

Some Finer Points on Currency Sovereignty

Exercising Currency Sovereignty Under Self-Imposed Constraints
MMT 101 – Modern Monetary Theory on “Fiscal Sustainability”

Some Basic MMT

Fiat Money and its Social Significance
Budget Deficits and Net Private Saving
MMT in Simple Parables
Parable of a Monetary Economy