Dr Cullen said yesterday - after confirmation the country was in a technical recession - there is "quite significant deterioration" in the books compared with the Budget in May.
As the economy deteriorates and we are 'insulated' from the international sub-primes by his own word, Mickey now says that borrowing is OK to fund his tax cuts.
'Drivers' are
- Higher uptake in KiwiSlaver - all chasing the government bribe
- 20 hours of ECE costs are actually higher than budgeted - Free does cost more
- Treaty gravy train handouts are larger than expected
I would say I'm beyond my comfort zone on Monday week. So it's going to be important over the next three years for government to very carefully manage its accounts and not add to those fiscal pressures.
Really? No mention that the purse has been plundered with false promises and bribes to retain control, now the true cost is being sheeted home. And nothing of the wasted government spending on an ever expanding bureaucracy.
Dr Cullen had revealed he would already be going over 20 per cent
Different story now that your worst scenario has eventuated and the economy bubble has burst as long predicted. All chickens are now in the roost, time for you and your corrupt government to go.
1990, here we come again. Mother of all budgets Mk II by Christmas?
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2 comments:
But...but didn't Cullen claim recently that NZ was "insulated" against the effects of the world economic problems?
But of course the MSM won't call him on that, nossir! There's an election to win for Labour after all....
Yes, kg, just like the long foretold pricking of the housing bubble. But the deluded developers, finance companies and Joe Blow continued on without restraint like there was no tomorrow.
The economic party for the rich prick has fast ended and someone has to pick up the pieces.
But, a glimmer on the horizon. Soon it will be time for those of us who have been, shall we say, more frugal, with spare cash to pick up some bargains.
A new government will certainly assist whilst the current players disappear into oblivion.
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