So, to its impressive record of economic achievements - a stagnant economy, 154,000 unemployed, and record high inflation - National can now add a credit rating downgrade. Heckuva job, Bill. You've really earned your $250,000 this year. Do you want a bonus too?
Does it need to be spelled out any clearer? National is a failure at managing the economy. They've treated the country like a small business, tightened its belt, and so driven it into the ground. And contrary to their NeoLiberal dogma, the confidence fairy did not appear and make things better. Instead, the ratings agencies looked at the fundamentals of the economy and the direction National was driving it in, and reacted accordingly.
This will of course push up debt servicing costs. And you can guess what National will respond to this with: more cuts. Which will in turn deepen the death spiral, prolong the recession, and keep more kiwis out of work for longer.
This madness has to end. The only way of ending it is by throwing English and his mates out of office, and voting in someone with a clue. Sadly, this doesn't look likely. So, we'll have another three years of pain and austerity, while the rich get richer and the rest of us get ground further into the mud. Thanks, National!