But we can pay this $700k over several years, right? Will I be invoiced when it's due?
You are paying it right now through GST. Soon you will be paying even more when the compulsory ponzi .. cough ... sorry.. Super contributions go from 9% to 12%, and the contributions tax goes from 15% to your marginal rate.
You will pay more each year in income taxes as the Fed Govt takes on an ever increasing debt burden (has gone from 50B to 200B, soon to be 250B) to pay for their idiotic fiscal ineptitude.
Your employer will pay more each year in payroll tax, workers compensation insurance, and corporate tax, forcing them to negotiate hard against any raise in salary for you.
You will pay more each year through inflation, as the cost of basic goods and services reaches comedic Argentinian proportions.
If you are in debt, you will pay more each year as interest rates go up.
Finally comrade, if you can't pay your share of the Boomer burden, you will be put in debtors prison, working for 35c per hour.
Wake up, wake up. How long? Not long, because what you reap is what you've sown.
You are paying it right now through GST. Soon you will be paying even more when the compulsory ponzi .. cough ... sorry.. Super contributions go from 9% to 12%, and the contributions tax goes from 15% to your marginal rate.
You will pay more each year in income taxes as the Fed Govt takes on an ever increasing debt burden (has gone from 50B to 200B, soon to be 250B) to pay for their idiotic fiscal ineptitude.
Your employer will pay more each year in payroll tax, workers compensation insurance, and corporate tax, forcing them to negotiate hard against any raise in salary for you.
You will pay more each year through inflation, as the cost of basic goods and services reaches comedic Argentinian proportions.
If you are in debt, you will pay more each year as interest rates go up.
Finally comrade, if you can't pay your share of the Boomer burden, you will be put in debtors prison, working for 35c per hour.
Wake up, wake up. How long? Not long, because what you reap is what you've sown.
There's unfortunately nothing you can do about. There's simply too much inertia in the system and the costs will continue to increase for the forseeable future. It's a burden the younger generations will have to bear.
As for jobs and home equity, you really have no idea what you are talking about: - GenX is the first generation for 100 years whose gross median income has DECLINED in real terms. - GenX now pays (through a consumption tax) a higher percentage of their income in taxes for the same part of the life-cycle than any generation for 100 years. This is a rough approximation of spending patterns over lifecycle ABS Lifecycle Spending Patterns Notice that couples with dependent children spend the greatest amount on CONSUMABLES, which are taxed by a CONSUMPTION TAX (GST). Also notice that the GST was introduced just as the BB generation were moving out of the dependent children life-cycle and into the higher INCOME life-cycle. Also note that the GST was accompanied by 3 INCOME tax cuts.
In case you don't quite understand the above, tax collection increased on CONSUMPTION and decreased on INCOME when GenX consumption was increasing , and BB income was increasing. And when income increases, the super guarantee also increases (which is taxed at 15% not the marginal rate). What occurred was a massive transfer of wealth from GenX to BB via the tax system, by the government, DELIBERATELY.
As for home equity, you only realize your equity when you sell.
Rubbish! You people have had the longest recession free run in history. You have had the best paying jobs ever and from a much earlier age than previous generations, cheaper housing in the 90's (your peak buying time for your age) than previous or since, much better education than before an cheaper than since and you were the first generation to benefit from cheap travel and consumer goods. As for being a so called BBoomer, I have lost 3 careers just on account of technical advancement, made made redundant 5 times (3 of them seriously, loosing mentioned careers) and had long periods of unemployment/retraining (at my expense) along with losing our house deposit money (no dole if you have big savings) and once I reached the age of 50 that was it, no more real jobs amd to top it off, I now earn in real terms around 1/2 of what I got at the age of 30 (which wasnt massive for what I was doing anyway). I know quite a few in similar circumstances. As for who is now holding the ball, GenX and Y together outweigh all other generations put together. Check out ABS stats re population in this easy to understand graph. http://www.abs.gov.au/websitedbs/d3310114.nsf/home/Population%20Pyramid%20-%20Australia
You want to bring back 1960's conditions, well so do I. Why do you think BBoomers dictated policy when they were younger? however you dont believe you dictate policy now? Truth is, none of us do, the goverment represents the rich, big business and the banks, end of. Start with that premis in mind rather than the simplistic, 'The baby boomers did it' The conditions that were in place for you today were organised by politicians that are in fact now in their 70's and 80's not BBers. Ask them why they did globalisation etc etc.
Rubbish! You people have had the longest recession free run in history.
Strange. Just as I finished High School the country had something I remember being referred to as 'The Recession We Had To Have'.
Quote:
You have had the best paying jobs ever and from a much earlier age than previous generations,
You understand the difference between nominal and real value right? If you are talking nominal, then those Indonesians are the richest people in the world, because a house costs 100 billions rupiah (seriously). If you are talking real purchasing power, X wages have been in decline in real terms for decades.
Quote:
cheaper housing in the 90's
See above.
Quote:
much better education than before an cheaper than since and you were the first generation to benefit from cheap travel and consumer goods
Agreed. You also benefited from it at the same time.
Quote:
I have lost 3 careers just on account of technical advancement, made made redundant 5 times (3 of them seriously, loosing mentioned careers) and had long periods of unemployment/retraining (at my expense) along with losing our house deposit money (no dole if you have big savings) and once I reached the age of 50 that was it, no more real jobs amd to top it off, I now earn in real terms around 1/2 of what I got at the age of 30 (which wasnt massive for what I was doing anyway). I know quite a few in similar circumstances.
I can point you at the members of your generation that did that to you, if you would like to go postal one day.
Quote:
As for who is now holding the ball, GenX and Y together outweigh all other generations put together.
If only we could WORK TOGETHER. WE COULD DO ANYTHING!!! BWA HA HA HA.
Quote:
...conditions...dictate policy...rich, big business...banks...politicians...globalisation
Lets work together. We need a simple test of 3-5 questions to separate out people like you from the thieving,imbecilic twats that make up the majority of your age group. Then we can work together for the future of Australia and all Australians.
You want to bring back 1960's conditions, well so do I. Why do you think BBoomers dictated policy when they were younger? however you dont believe you dictate policy now? Truth is, none of us do, the goverment represents the rich, big business and the banks, end of. Start with that premis in mind rather than the simplistic, 'The baby boomers did it' The conditions that were in place for you today were organised by politicians that are in fact now in their 70's and 80's not BBers. Ask them why they did globalisation etc etc.
Boomers did nothing about it, they just rode the gravy train and exacerbated it all. It all happened on the boomers' watch.
However gen x and y have been absolutely gutless and pitiful with political and social awareness. But we do have a pretty good excuse of being very young when it all happened.
stinkbug omosessuale Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments. Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck! See here Property will be 50-70% off by 2016.
Boomers did nothing about it, they just rode the gravy train and exacerbated it all. It all happened on the boomers' watch.
However gen x and y have been absolutely gutless and pitiful with political and social awareness. But we do have a pretty good excuse of being very young when it all happened.
Translation: most people are sheep, and can't see beyond the end of their nose.
Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.
Forum Rules:
The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.
Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.
Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.
This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.
Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ
Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy