<transcript><audio_10>redistribute wealth from one part of the economy to another and of course they can influence our behavior and for instance we have sin taxes or pigouvian taxes on things like tobacco and alcohol where we put a price on something that we don't want people to do in order to</transcript><transcript><audio_11>modify their behavior but none of those things is about spending and it's not just me saying this it's well it was first talked about in 1946 by the then chairman of the Federal Reserve in the United States Beardsley Rummel who wrote a speech that</transcript><transcript><audio_12>was then published called taxes for spending are obsolete so let's deal with this government household budget analogy which is completely fictitious and erroneous right now Australia has about two hundred and eighty six billion</transcript><caption><image_13>The image is a black and white photograph of a man sitting at a desk with a microphone in front of him. He is wearing a suit and glasses and appears to be speaking into the microphone. On the left side of the image, there is a text that reads "Beardsley Runl, Director of the New York Federal Reserve Bank between 1937 and 1947". On the right side, there are two pages of text. The text on the left page reads "Tales for Revenue Are Obsolete". The text is in black font and is centered on the page. The background is white.</caption><transcript><audio_14>dollars in debt that debt has not been paid off since 1911 so that debt is a hundred and seven years old can you go to your local bank and get a mortgage out for a hundred and ten years I don't think so</transcript><transcript><audio_15>between 1949 and 1987 Australia ran budget deficits for 38 consecutive years so imagine going down to your local bank and saying I would like to get a mortgage out please can we make the terms of this mortgage let's say 120 years and for 38 of those years in a row</transcript><caption><image_16>The image is a line graph that shows the Federal government deficits from 1901-2014. The x-axis represents the years, and the y-axis is divided into three sections.

The first section, representing the federal government deficits, shows a decrease in the number of federal deficits over the years. The second section, represented by a red line, shows an increase in the percentage of federal deficit over time. The third section, labeled "35 year deficit: still not broke," shows a decline in the amount of federal debt over time, with a yellow line representing the percentage. The graph also has a legend at the bottom that explains the meaning of the colors used in the graph.</caption><transcript><audio_17>I'm not even going to pay any of it off you can't do that because you use the currency the Australian government can and did do that because they issue the currency Australia's national debt is about 286 billion dollars</transcript> redistribute wealth from one part of the economy to another and of course they can influence our behavior and for instance we have sin taxes or pigouvian taxes on things like tobacco and alcohol where we put a price on something that we don't want people to do in order to modify their behavior but none of those things is about spending and it's not just me saying this it's well it was first talked about in 1946 by the then chairman of the Federal Reserve in the United States Beardsley Rummel who wrote a speech that was then published called taxes for spending are obsolete so let's deal with this government household budget analogy which is completely fictitious and erroneous right now Australia has about two hundred and eighty six billion dollars in debt that debt has not been paid off since 1911 so that debt is a hundred and seven years old can you go to your local bank and get a mortgage out for a hundred and ten years I don't think so between 1949 and 1987 Australia ran budget deficits for 38 consecutive years so imagine going down to your local bank and saying I would like to get a mortgage out please can we make the terms of this mortgage let's say 120 years and for 38 of those years in a row I'm not even going to pay any of it off you can't do that because you use the currency the Australian government can and did do that because they issue the currency Australia's national debt is about 286 billion dollars
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