The startling graph (see below) from the Tri-year ABS study into wealth puts in plain graphics what we have always known,that people on below average incomes need to borrow to survive. They survive while those in the top twenty percent live off of their efforts. We have a society that has the bottom 40% supporting the top 10%. The wealthy have become dole bludgers feeding off the poor.
In Australia we hate a dole bludger but love an interest bludger. We support the people in helicopters flying to the Melbourne cup, they are the ones in Marques, they are not you, and they are not me.
They are not bad people but they are welfare recipients. We support them with interest and dividends so they don’t have to work. We get poorer they get richer.
After earning about 100k a year the amount you can consume disappears. You cannot consume more income no matter how much caviar and Krug you imbibe. You have left over income, left over money and this is given willingly to banks and investment houses who will lend it to the poorest of people who do NOT have enough to survive. This is not a GIFT. They expect the capital back as they morally can. They also want more… lots MORE. They charge interest on this loan and expect the least able to pay it back promptly and without argument for they have signed a contract.
Do we have a choice about survival or not? Do we have a choice to borrow or not? Do we have the choice of a noose or NOT? No we never have any choice; we are the poor, the hamstrung, the indebted.
We support the dole bludgers with their finery and freedom, we support the CEO’s with their hubris and QANTAS callousness, we support the unknown ennui of many an interest bludger. We should stop! They can afford to look after themselves.
David J Campbell