National paying down debt... yeah right! | The Jackal

30 Apr 2012

National paying down debt... yeah right!

Today, the NBR reported:

Prime Minister John Key has restated the government's confidence it can run a Budget surplus in the year to June 2015, just days after Finance Minister Bill English questioned its achievability.

"Budget 2012 will show we are on track to return to surplus – as we promised – in 2014-15," Mr Key said in a speech to the National Party's Otago regional conference yesterday.

That's an advance on Mr English's commitment three days ago, in a pre-Budget speech to the Wellington Chamber of Commerce, that ministers "remain focused on staying on track to surplus"

Clearly National doesn't know its arse from its elbow.

With his party riding high in the polls despite months of decisions judged miscalculations by both pundits and Opposition MPs, Mr Key said many New Zealanders were supporting the government's careful fiscal approach.

"One of the lessons from last year’s election was that New Zealanders expect their government to do what they’ve been doing – tightening its belt, paying down debt and spending carefully," he said.

National paying down debt... yeah right!

Now that they've shown themselves up for the economically bungling fools that they are, John Key is resorting to blatant lies.

Government debt has grown to around $80 billion since National gained power in 2008, making our debt mountain over 33% of GDP*. They've completely failed to pay down any government debt at all.

Corporate debt on the other hand has fallen slightly, decreasing by only 3%. Thats in comparison to an increase of 200% in government debt under National.

It's therefore safe to say that John Key wouldn't know the truth if it kicked him in the head.

* CIA Factbook 2011 est.