Quote:
Originally Posted by theman23
Not that it’s a model necessarily for us to follow, but to act as a point of reference the prosperity gap we had with Australia has completely flipped against our favour over the last 10 years and I don’t think anyone expects that gap to narrow (let alone revert) within the next 10, 20, or even 30 years. Those OECD forecasts that predicted we’d be bottom of the barrel in GDP per capita by 2060 are very much tracking. These aren’t month to month variations - none of us are going to see things get better within our life times with the way things are going.
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There was a lot of "luxury belief" focus in the 2010s that unfortunately ran aground with covid and now the general negative geopolitical shift. Remember how many people said it was fine to run a deficit in 2019, which in retrospect now looks like an extremely good year?
It's hard for me to get away from simply viewing this outcome as Boomerism, as that generation has basically done fine the whole time with government policies totally tailored to them and they will check out before the bill is paid. It may not have been a nefarious plot but it can still be generationally inequitable.
I do also think JT set the tone somewhat and was a person who likely didn't have a lot of tough decisions around money in his life. This has the effect of causing people both to lose sight of the impact of spending and often makes them take on impractical social causes to assuage their guilt.
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