“Finance Minister Bill English says the govt deficit for the year is likely to be about $16 billion to $17 billion - the largest deficit New Zealand has ever had.”
And this government wants to run with Bill English’s handling of the economy as a “core” election issue!
This is the largest deficit any New Zealand govt has ever run. Ever. And they think it give them economic credibility.
That they do is one more reason to damn them.
Make no mistake, this economic disaster is not the result of a natural disaster. Things were already well out of control well before half of Christchurch was destroyed. It is not the result of things beyond this government’s control. It is precisely because this grossly irresponsible govt has made some very, very bad choices:
- To swallow the dead rats that have now come back to bite us.
- To smile and wave instead of knuckle down and do the right thing.
Roger Douglas is right. This sort of result is what happens when you put off dealing with problems in your first term for fear of scaring the horses.
But big as this deficit is—big enough even for ratings agencies and the IMF to notice—there is an even bigger deficit here, and that is the ability deficit of this Finance Minister and his Master—and of their opposition counterparts in Hard Labour. Hard Labour’s David Cunliffe is right that Key’s men have no economic plan. But neither does Silent T. Nothing at all. Frankly, it’s beyond him too.
But it’s frankly not hard to know what has to be done. Not hard at all. It’s precisely the same recipe now as it was in 2008, only more so:
At this dangerously destructive point, you’d be stupid not to.