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Thursday, February 26, 2009

We won’t borrow for super, but we will borrow for tax cuts? COME ON!


I’ve always felt a wee bit queasy about putting the future retirement needs of the country into the stock market, it seemed to me like Uncle Cullen may as well pop down to the racetrack and punt it all on a hose called’ Muldoon-likes-to-think-big’ and blow the lot so I have a certain amount of sympathy for holding off on payments, but sweet Christ folks, if we are looking to hold off payments for something as crucial as the retirement of an entire generation, a situation that will force us to pay more later (English quips there ain’t no free lunch when he makes that point) then we sure as hell should stop the April Fools Day tax cuts immediately. If borrowing for a retirement scheme isn’t sustainable in the current economic meltdown then tax cuts that benefit the wealthy sure as hell aren’t sustainable either.

Drop the tax cuts that benefit the wealthy first and then let’s discuss suspending the super.

UPDATE:
Key not guaranteeing ongoing tax cuts
Prime Minister John Key "believes" tax cuts for 2010-11 and will go ahead, but he stopped short of guaranteeing them today. Mr Key made the comments while being asked about Air New Zealand chief executive Rob Fyfe's comments earlier questioning whether tax cuts were the best way to stimulate the economy.

Good to see National are listening to Tumeke, dump the April Fools Day Tax cuts as well Mr Key - be honest with NZers and tell them how bad it really is going to be, they need to hear that the bed of debt they've made with their consumer consumption culture has to be addressed, no matter how painful the reality for some.

19 Comments:

At 26/2/09 1:46 pm, Anonymous dan said...

I've yet to hear the defence of borrowing for tax cuts from our friends on the right yet.

 
At 26/2/09 1:55 pm, Anonymous Anonymous said...

Simple. What is a tax cut? Its the government taking less of my money!! Wheres the borrowing? How is the government funding the super contributions. Oh thats right, they are having to borrow $2billion.

 
At 26/2/09 2:03 pm, Anonymous Anonymous said...

That's ridiculous, the Government is in the red, money they don't get from you they have to borrow to cover costs. Your arguement is fine when they are in the black, but they aren't, thus these tax cuts are being borrowed for.

 
At 26/2/09 2:04 pm, Anonymous Dan said...

The tax cuts are bing borrowed for because the Government can't cover it's costs, you did read the bit where we are now in deficit right anon?

 
At 26/2/09 3:21 pm, Anonymous Anonymous said...

Tax cuts provide a stimulus and a reduction in debt. Both are needed now

 
At 26/2/09 3:30 pm, Anonymous Anonymous said...

stimulus
Trickle down? Wasn't that right wing myth killed off decades ago, an increase to the min wage would provide a stimulus.

and a reduction in debt
If we are borrowing for tax cuts how do they reduce debt? Savings reduce debt, more kiwisaver incentives, not less.

 
At 26/2/09 4:01 pm, Anonymous Anonymous said...

So do those on the left still think we should be borrowing to fund the super fund? Phil clearly does

 
At 26/2/09 4:09 pm, Anonymous Anonymous said...

An increase in the minimum wage would increase the strain on business. The left want this because they are celebrating the economic meltdown (even though they caused it)

Never trust a lefty on economics

 
At 26/2/09 4:39 pm, Anonymous dan said...

So do those on the left still think we should be borrowing to fund the super fund? Phil clearly does

Do the right still think borrowing for tax cuts that benefir the wealthy is a good idea? Bill English does

 
At 26/2/09 4:40 pm, Anonymous Anonymous said...

An increase in the minimum wage would increase the strain on business. The left want this because they are celebrating the economic meltdown (even though they caused it)

I'm sorry, which unregulated clusterfuck caused the melt down in America? I don't recall a left wing government in power over there for almost 8 years now.

 
At 26/2/09 4:52 pm, Anonymous Anonymous said...

Dan - Yes I do think we should be giving tax cuts to offset the effect of wage freezes and put some money back to the poor bastards that have been overtaxed for the last 8 years. Now you answer the question, should we be borrowing $2b to invest in the super fund?

 
At 26/2/09 5:04 pm, Anonymous Anonymous said...

Anon - it was the Clinton regime, who encouraged the banks to lend to people who couldnt afford it. That is the genesis of this crisis.

 
At 26/2/09 5:11 pm, Anonymous dan said...

Yes I do think we should be giving tax cuts to offset the effect of wage freezes and put some money back to the poor bastards that have been overtaxed for the last 8 years
No, those taxes paid for the super fund you want raped now, and it prepared us for the rainy day that is hitting us now, an increase in the minimum wage would be a better way to offset wage freeze rather than borrowing for tax cut that targets the wealthy

 
At 26/2/09 5:13 pm, Anonymous Anonymous said...

Anon - it was the Clinton regime, who encouraged the banks to lend to people who couldnt afford it. That is the genesis of this crisis.

bullshit fox news Propaganda - the modest changes Clinton started to get the poor into homes was nothing compared to the totally reckless and unregulated monster Bush feed it into becoming.

 
At 26/2/09 6:26 pm, Anonymous Anonymous said...

The solution is simple - Scrap govt financial privilege for Maori and keep tax cuts for all working Kiwis.

 
At 27/2/09 7:12 am, Blogger Bomber said...

Well, well, well - looks like your John Key doesn't agree with handing over tax cuts beyond this year as well.

Key not guaranteeing ongoing tax cuts

 
At 27/2/09 9:12 am, Anonymous Anonymous said...

Well, well, well - looks like your John Key doesn't agree with handing over tax cuts beyond this year as well.

Only because of the reccession.
But good to see John Key takes other peoples advice, the same can't be said for the elitist Labourites.

 
At 27/2/09 10:24 am, Blogger Bomber said...

cough, cough

http://tvnz.co.nz/politics-news/labour-offers-support-if-tax-cuts-deferred-2506082

 
At 28/2/09 1:04 pm, Anonymous Anonymous said...

National listening to tumeke?

Haha - I doubt Key knows what tumeke is

 

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