ONE of the few “father and son” subjects, indeed about the only one, that my father raised with me was his injunction “to get as much education as you can as fast as you can”.
At the time, as a teenager, hell bent on just getting a job and “settling down”, this was frustrating advice, to say the least. As with so many pieces of parental advice, it was only with time that I came to understand the wisdom of that advice.
Survey results released this week by a researcher at the Australian Bureau of Statistics confirm that university graduates have been achieving about a 20 per cent return on their lost wages and education costs involved in earning a four-year degree, which has proven to be a better investment than either property or the share market. And the benefits are better for women than for men.
So Dad was a good investor as well!
As it turns out, Dad was also one of the early “Greenies”. He obviously understood all about climate change and energy efficiency, as well. He was always threatening to belt me for not turning out the lights as I left a room!
On this Father’s Day weekend, perhaps we should all stop and reflect on the wisdom of our fathers. I know with my own kids, I was essentially dispensed with as something of a “dubbo” or “nerd” as they entered their teenage years, but as they reached their late teens and moved into their early 20s they were apparently amazed at just how much I had learned! Enjoy the weekend.
US ends combat in Iraq
The US announced this week the termination of its combat involvement in Iraq.
Forgive me for seeing this as a disgraceful farce. This was an illegal war, which cost the lives of nearly 4500 Americans, injured tens of thousands of Americans, killed and injured hundreds of thousands of Iraqis, and reportedly cost some three trillion US dollars, when all costs of post combat trauma etc are included.
And for what? The aim was to “free” Iraq and Iraqis, to establish “democracy” and economic and broader security, to fight terrorism, and so on.
Yet, Iraq is left with no real government and what there is, is hardly democratic. Unemployment is endemic, basic necessities such as electricity are almost a luxury, and the US still “occupies” the country, leaving some 50,000 troops behind in a “non-combat” role of mentoring and training Iraqi security forces, etc.
The country teeters on the brink of civil war, which seems inevitable once US troops are finally withdrawn, and the country is always in danger of an expanded involvement by Iran.
Not surprisingly, Obama didn’t celebrate this week’s ungraceful exit, as he dressed up the exit (should I say “defeat”) as meeting an election commitment to “end the war in Iraq”.
The US is also losing another dishonest war in Afghanistan. This time, Obama can’t blame it on Bush, as he has made it “his war”.
It is only a matter of time before the US has to face this defeat as well. Decency and humanity would say, sooner rather than later, please!
Hanging on
While the independents are wallowing in their newly found importance and time on the national stage, exploiting the “balance of power” they now enjoy in the parliament, they should realise that they can push these antics only so far.
Of course, they still have some time until the final votes are counted, but soon thereafter, they will be judged as to just how sensible and responsible they have been.
So far, we have seen very little to encourage us!
Dr John Hewson is an economist, investment banker and former leader of the Federal Liberal Party. He can be contacted via jhewson@globaldc.biz
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