jetpack domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /mnt/stor08-wc1-ord1/694335/916773/www.tvhe.co.nz/web/content/wp-includes/functions.php on line 6131updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /mnt/stor08-wc1-ord1/694335/916773/www.tvhe.co.nz/web/content/wp-includes/functions.php on line 6131avia_framework domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /mnt/stor08-wc1-ord1/694335/916773/www.tvhe.co.nz/web/content/wp-includes/functions.php on line 6131Although I think that the 11 years of deficits statement is a bit much – that is only according to Treasury!
Personally I think that the responsible thing to do would have been to re-engineer this years (already implemented) tax cuts before they were put in place. At the time of the last election (not long after which the tax cuts were formalised) it was quite clear that things were going to be about where they are now – ie economy contracting a fair bit. It would have been a good time to reconsider the cuts instead of rushing them through parliament, at least if National were to keep its other promises about not cutting some flagship spending programmes like working for families. Some fiscal stimulus WAS appropriate to (combined with monetary policy) ensure that demand didn’t fail away too much, but perhaps slightly less generous tax cuts than were announced, particularly for higher income earners, would have been more prudent (again, if large cuts in social spending were off the menu). There are much more effective ways to stimulate an ailing economy than tax cuts for the rich.
I think that the Treausury and the Treasurer have been misleading the public about the possibility of a credit rating downgrade, although it was to be expected given the line they were pushing. So as expectable as that was, I am quite disappointed by the media’s lack of analysis on this issue (who seem to have just swallowed the Treasury’s line without analysis) and even more disappointed in the bloggers, who when the print media fall down I would expect to actually provide informed comment. Kudos to TVHE for being the only ones!
]]>However, on another thread on that site, in relation to the Austrian’s, Matt, you stated that they did not pay enough heed to market failure. Do you want to expand on that please?
]]>I think they’ve researched our banking sector and found that it is sound, and as a result wanted to take us off – they were just waiting for the right moment.
I get that impression as they have been blabbing about our banking sector. And also they should be rating us on “national debt” not government debt – and the banking sectors ability to deal with that debt is a top concern.
However, if this is the case I’m not very impressed with their pre-budget statements!
]]>Really – wow!!
Well that is good news – but it makes there pre-budget statements a bit silly!
]]>What. A bunch. Of clowns.
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