Today, Kiwibog reported:
What a load of rubbish! When the fifth Labour government gained power in 1999 government debt was around 17% of GDP. They paid this down until it was 9.4% of GDP in 2008.
Then National gained power and started borrowing extensively to fund tax cuts for the rich and roads of little significance. Government debt to GDP is now well over 30%, which is the level at which countries usually start to struggle to meet their commitments.
In fact this debt clock shows National debt at an alarming 38% of GDP. Total debt is even worse at around 130% of GDP, all thanks to Nationals financial mismanagement.
Many of Labour's policies actually pay for themselves. Couple this with an effective capital gains tax and the oppositions policies are far more likely to get New Zealand back in the black again.
If the current borrowing regime continues, National will turn New Zealand into another Greece.
Great to hear a Labour MP blast fiscal irresponsibility and raise the alarm on debt. I can only presume Lianne will not be voting Labour at the next election then, as their policies are for more spending and more debt.
What a load of rubbish! When the fifth Labour government gained power in 1999 government debt was around 17% of GDP. They paid this down until it was 9.4% of GDP in 2008.
Then National gained power and started borrowing extensively to fund tax cuts for the rich and roads of little significance. Government debt to GDP is now well over 30%, which is the level at which countries usually start to struggle to meet their commitments.In fact this debt clock shows National debt at an alarming 38% of GDP. Total debt is even worse at around 130% of GDP, all thanks to Nationals financial mismanagement.
Many of Labour's policies actually pay for themselves. Couple this with an effective capital gains tax and the oppositions policies are far more likely to get New Zealand back in the black again.
If the current borrowing regime continues, National will turn New Zealand into another Greece.
