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In New Zealand we are currently concerned about a downgrade from S&P. They want us to be running operating surpluses from 2014, and we aren’t quite sure how to do that in the face of a massive global recession. The suggestion I have is to increase GST rates from 2011. Now, if we believed that […]
Defective equilibrium points out that there has been little discussion about expectations for the budget around the NZ blogsphere. As a result, let me lay down some expectations here. These are the things I strongly suspect will be in there. Future tax cuts to be postponed into the indefinite future, Provisions for future spending to […]
(Source GWS) Remember, even during the Great Depression there were people that were better off than they would have been. There are always winners and losers. When prices are falling, and when relative prices change, there are people who benefit from that – as well as people that lose out. During such an event we […]
From a member of S&P, Mr Curry: It is hard to put a timing on it, but we would expect that over the cycle of the Government [it] would be recording operating surpluses within, I guess, the next three to five years. So that is the requirement to avoid a downgrade. From the government: Asked […]
Brad Taylor has an interesting post discussing how New Zealand pig farmers are using the issue of stall vs non-stall pigs as a way to increase protectionism in the New Zealand pork industry. Now if all that matters is how humans value the issue then Brad is right – the efficient solution requires no regulation. […]
Kiwiblog has an interesting post on the Credit Reforms Responsible Lending Bill. The post tackles the four main outcomes of the policy. I agree with what David Farrar has to say – and would only add that the maximum interest rate cap is very stupid, as it is the same as setting a lower than […]