The $10 billion deficit for the first nine months of this year confirms, if confirmation was needed, that the last government made bad choices. At a time of plenty it chose to buy popularity rather than to save and invest for the future. Worse still, it created an expectation that the bounty would continue to flow in bad times as well as good.
The passage above pretty much exactly articulates my problem with the last government's economic policies.
Michael Cullen suppose to be this big time economic historian with mega brain power. When Cullen introduced his complex web of government entitlements my primary concern at the time was the difficulty with rolling them back when the proverbial hit the fan.
Well, it did hit the fan, & the entitlements are New Zealand equivalent of lead shoes.
Surely there must have been a more simple way to distribute the spoils of the booming economy?
Regardless, the Labour opposition needs to be reminded of this & held to account for their economic policies so that future Labour governments, or any government, don't make the same mistakes.
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