This might have been the most recent https://youtu.be/BmXacpkd_P0 🧡✨
GM
GN Nostriches.
Thanks for sharing this pic nostr:nprofile1qqsyqwj2h4d36zkldqda857h60uxez8lxygdw9e2q76keqe7cjrtghqpzamhxue69uhhyetvv9ujucm4wfex2mn59en8j6gprpmhxue69uhhyetvv9ujuumwdae8gtnnda3kjctvu9ssaw 🧡✨
GM
Interesting figures below.
Try it for your own country in ChatGPT.
The most interesting part is the conclusion at the very end, with the last question I asked. 🧡✨
To determine if every Australian giving 100% of their wealth and income each week would pay off all of Australia's debts and cover government spending, let's break this down into a few components:
### 1. **Australia's National Debt**
- As of 2024, Australia's national debt is estimated to be around **$1 trillion AUD** (this figure varies over time as governments borrow more).
### 2. **Total Wealth of Australians**
- According to recent estimates, the total household wealth in Australia is around **$14 trillion AUD**. This includes real estate, superannuation, and other assets.
### 3. **Australia's Government Spending**
- The Australian government spends roughly **$600 billion AUD** per year on various programs, including healthcare, education, defense, infrastructure, and social services.
### 4. **Total Income of Australians**
- The total income of Australians is harder to pinpoint precisely, but it's estimated that Australians collectively earn around **$1.5 trillion AUD** annually (including salaries, wages, and business profits).
### Hypothetical Scenario: **100% of Wealth and Income Given to the Government Each Week**
#### - **Paying Off the National Debt:**
- If every Australian gave 100% of their wealth ($14 trillion AUD total) to the government, that would cover the national debt of $1 trillion AUD multiple times over. Specifically, it would pay off the national debt **14 times** (because $14 trillion is about 14 times the national debt).
#### - **Covering Government Spending:**
- If every Australian gave 100% of their annual income ($1.5 trillion AUD), that would provide enough to cover **2.5 years** of government spending (since annual spending is around $600 billion).
### Conclusion:
If every Australian gave 100% of their wealth and income each week, it would indeed be more than enough to pay off all of Australia's debts and cover several years of government spending. However, this scenario is purely theoretical and impractical in reality, as it assumes that people would give up all their personal wealth and income, which would be devastating for the economy and individuals' livelihoods.
If Australia were to hypothetically maintain a situation where everyone contributed 100% of their wealth and income each week, it would certainly be a short-term solution to the national debt and government spending. However, sustaining this level of financial contribution would be impossible in the long run, as it would fundamentally disrupt the economy and the lifestyles of Australians. Let’s explore a few factors that would influence how long Australia could maintain this scenario:
### 1. **Wealth and Income Redistribution**
- **Short-Term:**
- In the initial phase, with Australians giving 100% of their wealth, the government could eliminate the national debt almost instantly and have a huge surplus. This would likely allow the government to fund future projects or maintain social spending for a few years with no debt burden. But once people have no wealth left (since they’ve given it all), the government would need to rely purely on annual income contributions, which would only cover government spending for around 2.5 years.
- **Long-Term:**
- Without any personal wealth or income to support their daily lives, people would not be able to contribute productively to the economy. There would be no labor force, no consumption, and no private sector. People would have no savings for retirement, and businesses would collapse because their workers would be unable to participate in economic activities. Over time, this would lead to an economic collapse as the flow of income and wealth stops entirely.
### 2. **Economic Collapse and Quality of Life**
- **Initial Boost:**
- If we assume that for the first few years, wealth and income redistribution allow the government to operate without worrying about debt or spending, the government could perhaps invest in infrastructure or services to stimulate growth. But once Australians run out of wealth and income to contribute, they would need to rebuild their livelihoods from scratch.
- **Deprivation and Stagnation:**
- Over time, the lack of personal wealth and income would severely limit economic activity. People wouldn’t be able to buy goods or services, leading to a massive reduction in demand and a collapse of businesses. Companies would shut down, and there would be widespread unemployment. The population’s quality of life would plummet as there would be no resources to invest in healthcare, education, or other essential services without external financial contributions.
- **Loss of Human Capital:**
- A significant issue is the loss of human capital: skilled workers, professionals, and entrepreneurs would have no incentive to remain in Australia if their efforts were fully confiscated. Emigration would likely increase as people left for countries with more favorable economic conditions, further depleting the country's resources.
### 3. **Sustainability of Government Spending**
- **Sustainability Issues:**
- Even with the national debt paid off, the government would need to find sustainable sources of income and wealth generation. Long-term reliance on individuals giving up all their wealth and income would be unsustainable. The government would need to find a way to reintegrate wealth into the economy, either through taxation or other means, to fund its operations without depleting individual resources.
- **Global and Market Impact:**
- A system where the population has no wealth and income would also harm Australia’s position in the global market. With no capital, the country could no longer engage in international trade, attract investment, or remain competitive globally. Australia’s economy would become stagnant, and its people would face significant hardship.
### 4. **Timeframe for Collapse**
- In reality, Australia would likely collapse within a few years of such a scenario, as the country would be unable to maintain the necessary balance between government spending and private sector productivity. The exact timeline depends on how quickly wealth and income are depleted, but within 3-5 years, the economy would begin to experience severe contraction.
### Conclusion:
In a hypothetical scenario where all Australians give up 100% of their wealth and income each week:
- **In the short term (a few years)**, Australia could potentially eliminate its national debt and cover government spending for multiple years, but the economy would be unsustainable.
- **In the medium to long term (2-5 years)**, the system would collapse due to the depletion of individual wealth, unemployment, and the collapse of economic activity. There would be no capital to support businesses, and living standards would plummet.
- **Sustainability**: Such a scenario is ultimately unsustainable, as it requires constant productivity and economic exchange, which can’t exist without individuals retaining some level of wealth and income.
Thus, this trajectory wouldn’t maintain current lifestyles for more than a few years and would ultimately lead to economic collapse and the end of the system.
To determine what percentage of income tax and wealth contribution would be necessary to maintain current lifestyles and ensure a debt-free government in Australia, let's break this down in a structured way, taking into account Australia's national debt, government spending, and the income and wealth of its citizens.
### 1. **National Debt and Government Spending**
- **National Debt:** Approximately **$1 trillion AUD**.
- **Government Spending:** Approximately **$600 billion AUD** per year.
### 2. **Total Income and Wealth in Australia**
- **Total Annual Income (estimated):** Approximately **$1.5 trillion AUD**.
- **Total Household Wealth (estimated):** Approximately **$14 trillion AUD**.
### 3. **Key Assumptions for the Calculation**
We’ll calculate two contributions:
1. **Income Tax Contribution:** How much of their income Australians would need to pay to cover both the national debt and annual government spending.
2. **Wealth Contribution:** How much of their total wealth Australians would need to contribute annually to keep the government debt-free while maintaining current spending levels.
### 4. **Income Tax Contribution Calculation**
If we want to eliminate the national debt and cover government spending using only income tax, we can break it down into the following steps:
#### **A. Paying Off National Debt:**
- National debt = **$1 trillion AUD**.
- Total annual income = **$1.5 trillion AUD**.
- The required **income tax rate** to pay off the national debt in one year is:
\[
\frac{1 \text{ trillion AUD}}{1.5 \text{ trillion AUD}} \times 100 = 66.67\%
\]
So, Australians would need to pay **66.67% of their annual income** in taxes to pay off the national debt in a single year.
#### **B. Paying for Government Spending:**
- Government spending = **$600 billion AUD** per year.
- The required **income tax rate** to cover government spending is:
\[
\frac{600 \text{ billion AUD}}{1.5 \text{ trillion AUD}} \times 100 = 40\%
\]
So, Australians would need to pay **40% of their annual income** in taxes to cover the annual government spending.
#### **C. Total Income Tax Rate:**
To cover both national debt and government spending in one year, the total **income tax rate** would be:
\[
66.67\% + 40\% = 106.67\%
\]
This means that **106.67%** of Australians’ annual income would need to be collected in taxes in the first year to eliminate the national debt and cover government spending. This scenario is impossible because taxes can’t exceed total income. Therefore, spreading this out over multiple years would make more sense.
If we spread this over, say, **10 years**:
- **Debt pay-off**: The annual income tax rate to pay off the national debt would be:
\[
\frac{1 \text{ trillion AUD}}{10 \text{ years}} = 100 \text{ billion AUD/year}.
\]
\[
\frac{100 \text{ billion AUD}}{1.5 \text{ trillion AUD}} \times 100 = 6.67\%
\]
So, in **10 years**, Australians would need to pay **6.67%** of their income to cover the debt over time.
- **Government spending**: The annual income tax rate to cover government spending remains **40%**.
Thus, over **10 years**, the total tax rate to cover both the national debt and government spending would be:
\[
6.67\% \text{ (debt pay-off)} + 40\% \text{ (government spending)} = 46.67\%
\]
So, a **46.67% income tax rate** would be needed over **10 years** to pay off the debt and maintain current government spending.
### 5. **Wealth Contribution Calculation**
Next, we’ll determine the percentage of total wealth that would need to be contributed annually to maintain a debt-free government and fund spending.
#### **A. Wealth Contribution to Pay Off National Debt:**
- National debt = **$1 trillion AUD**.
- Total household wealth = **$14 trillion AUD**.
- The required **annual wealth contribution** to pay off the national debt in one year is:
\[
\frac{1 \text{ trillion AUD}}{14 \text{ trillion AUD}} \times 100 = 7.14\%
\]
So, Australians would need to contribute **7.14% of their wealth** annually to pay off the national debt in one year.
#### **B. Wealth Contribution to Cover Government Spending:**
- Government spending = **$600 billion AUD** per year.
- The required **annual wealth contribution** to cover government spending is:
\[
\frac{600 \text{ billion AUD}}{14 \text{ trillion AUD}} \times 100 = 4.29\%
\]
So, Australians would need to contribute **4.29% of their wealth** annually to cover the annual government spending.
#### **C. Total Wealth Contribution:**
To pay off both the national debt and cover government spending, the total **annual wealth contribution** would be:
\[
7.14\% + 4.29\% = 11.43\%
\]
So, Australians would need to contribute **11.43% of their wealth** annually to both eliminate the national debt and cover government spending.
### Conclusion
To maintain current lifestyles and have a debt-free government, Australians would need to contribute the following:
- **Income Tax:**
- **46.67%** of their annual income over 10 years to pay off the national debt and cover government spending.
- **Wealth Contribution:**
- **11.43%** of their total wealth annually to pay off the national debt and cover government spending.
These are the theoretical figures for maintaining a debt-free government and funding government spending while preserving current living standards. Both of these scenarios would require significant sacrifices, and in reality, such high contributions would be unsustainable and highly disruptive to the economy.
GN
I like that, "...if Disney would just accept their past and make new movies…why the heck are remaking snow white? Let's not try to reframe the past…embrace it and move on".
Particularly "not reframing the past". Negating history or burying it does not serve us in building a greater future, IMHO.
"When you know better, you do better." -Maya Angelou
I grew up with the old Snow White, and rejecting or denying my past is not an option. Through the 60s, 70s, 80s, 90s, 00s and through to today, I have transformed my thinking many times.
From the days of the first TVs in the home to now owning Sats and being here on Nostr, I'm pretty proud of the leader I've become of my own life as well as continuing to build a 'love story' with my husband.
For the following reason it's still important to preserve all the pieces of history, even if it's in the form of entertainment...
"There is nothing like returning to a place that remains unchanged to find the ways in which you yourself have altered." -Nelson Mandela
Oops. Didn't mean for such a lengthy response. I guess something in the conversation triggered me. 😂🤣🫣
I'll still choose post it and own it. 🥴😆
If they're real eggs then that's an awfully big cup of coffee and super sized Brezn. 😂🤣
?width=568
Really? Me too. Though I can't stand Vegemite. My husband loves it. I grew up in Holland, so that's likely the difference. 🤣Sad how we want to be secretive about being an Aussie these days. 😄🥴
Listening to https://youtu.be/vP7rSIuBtCU 🧡✨
