Tuesday, April 05, 2011

Key costs us another $300 million

Having undermined its revenue base with tax cuts for the rich, the government is now in structural deficit and threatening to slash and burn government services to balance the books. Meanwhile, its bailout of South Canterbury Finance has just cost us another $300 million. That's half our cuts right there, straight down the gurgler into the pockets of the rich.

Key has said that he was advised every week that South Canterbury Finance would fall over. Yet he repeatedly renewed its participation in the Retail Deposit Guarantee Scheme, ensuring that we would carry the can for the greed of its rich speculators. Just another example of how National looked after their own during the crisis. And meanwhile, the rest of us get to pay for it.