Do you remember back in the day when Bill English didn’t want to put any money into the Cullen Fund? Remember how we were smugly told that borrowing to save was foolish? Well, since then the Cullen Fund has made a fortune and, we know learn, the government has been borrowing to build up savings for the Christchurch rebuild.
Net International Investment Position is how much New Zealand owes foreigners and foreigners own of New Zealand assets minus the reverse.
This government’s got a real talent for manufacturing crisis to suit them. The debt disaster is a classic – in order to get out of debt we have to cut public spending to the tune of almost $1billion and sell assets.
The run up to the budget has all been about cuts. How many? How deep? Like lemmings we’re accepting National’s framing, and marching even faster to our economic doom. But, there is an alternative. Instead of slashing spending, we can raise government income. Here’s how.
The minor party debate on Q+A was very interesting. Rahui Katene was self-contradictory and vague, like the Maori Party always is. Peter Dunne was pathetic. Roger Douglas slammed the government’s borrowing as did Russel Norman, who pointed out the other three had all voted for National’s debt-increasing tax cuts for the rich.
Key’s pre-budget speech was hugely uninspiring and mis-leading.
Cunliffe rips his claims apart.
The same scenario of tax cuts, national debt, and public spending cuts is being played out in New Zealand, Britain and the USA. Here’s the right wing argument in a nutshell…
In the last Budget, National cut the corporate tax rate to 28%, which costs $400 million a year and comes into effect today. […]
