Treasury has opened the New Zealand Government's books, revealing the country is set for a massive $30 billion deficit over the next 5 years... if the programme set down by the Labour-led minority coalition isn't altered.
Finance Minister Michael Cullen seemed rather proud of the grim figures, with the Government's operating balances predicted to enter the red for the first time since 1994, hitting $3.2 billion in the 2012/2013 financial year.
It has taken the Labour-led administration almost a decade of putting on hundreds of brakes, but they have finally succeeded in sending the country into high speed reverse, after hard work by previous administrations to put New Zealand on the right path.
That is the big problem New Zealand faces, even if the National Party succeeds in leading the next Government. Under Johnboy Key, National have agreed to continue Labour's crazy spending spree, and have shown little interest in slashing Government spending to much more prudent levels.
The ACT Party and the Libertarianz have both suggested lists of government departments that could be easily closed, without affecting how the country runs. (ACT's policy under Roger Douglas is unfortunately far less ambitious than the Libertarianz, but at least it's a start).
This weekend PM Hillin Cluck revealed her utter arrogance and lack of understanding that it is other people's money she is recklessly spending, as she visited the Auckland markets.
Cluck has presided over some of the largest increases in state spending since the Muldoon era, and has very little to show for the extra billions her administration has stolen from ordinary kiwis.
* No Minster has a good post and a summary of the mood of the blogosphere here... (albeit with some false hope that the TV media will actually understand the real problem, and "explain tonight how Liarbour got us into this mess". Fat chance!)
* NZ Herald: Government set for $30b deficit over next five years
* The Libertarianz have a great Tax Calculator that will simultaneously shock you and make you cry at the unnecessary wasting of your hard-earned money... Just enter your annual income, and click "Pillage" to find out exactly how Liarbour First are wasting your own money!!
(The Libertarianz note that the 3rd largest category in Government spending (after Social Security/Welfare and Core Govt Spending) is described as 'No Functional Classification'... which covers such things as 'Provision for Retirement and Long Service Leave' by the Department of Conservation, and 'Acquisition of Textphone Equipment' by the Ministry for Economic Development...)
* A GAME for the Whole Family: Whack both Hillin Cluck and Johnboy!...
Posted at 4:14 pm