Thursday, October 13, 2016

"Fiscal prudence"

In their time in office, National has tripled New Zealand's debt from $31.4 to $93.9 billion. So naturally, when they get a whiff of a surplus, they're planning tax cuts for the rich:

Tax cuts could soon be on the way with the Government opening up its books today revealing Crown accounts are tracking along nicely.

"We've always said, if economic and fiscal conditions allow, we will begin to reduce income taxes," Finance Minister Bill English said.

Surplus is currently sitting at around $1.8 billion which is up from $414 million on the previous year.

If National gives away the surplus in tax cuts, the debt Bill English built up will never be reapid. But I guess that's just what National calls "fiscal prudence". Meanwhile, with Housing New Zealand virtually bankrupt due to National's privatisation efforts, it looks like next year's election will be a choice between a functioning state housing system or tax cuts for the rich. Hopefully voters will choose the former.