A lot of older Australians online complain that young people
are having their HECS* debt cancelled. But many of these same older people have profited greatly off the young with massively artificially inflated house
prices.
No amount of HECS debt being cancelled will come even close
to the society wide tax that inflated house prices have put on the shoulders of
the young, and inflation is a tax in effect and many of you have gleefully
collected it.
Prime Minister Anthony Albanese has cut 20% of HECS debt. But even if all of it
were cut, and university was free (to the user) again like it was when many of these older
people were growing up, still this would not even come close to the burden on
young people that paying for the retirement of the elderly is, through both
housing prices and taxes to pay for generous welfare.
The housing market will likely crash before these young
people are ready to retire**. But before that happens most older Australians will
have cashed in their homes, to live large in the final stages of life. Young
people will have in turn purchased them at inflated prices and likely won't see the
continued house price growth we have seen over the last 30 to 40 years, because
no bubble lasts forever. New Zealand's similar housing bubble has burst,
Australia's bubble will have its day too.
So, if you have profited off the immoral heights housing
prices have reached, don't begrudge the young getting some of their own back.
And also remember that you will be eligible for a pension that no younger
Australians will get, and far more is spent on the pension each year than on
HECS debts. Indebting and greatly taxing the young to profit the retiring
generation is bankrupting this country. Student debt doesn't even begin to come
close to that.
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