Recovery? What recovery?
Govt tax take drops - $1.1b below forecast
Government tax revenue was $1.1 billion or 8.2 per cent lower than forecast for the three months to the end of September. Publishing the Government's financial statements for the September quarter today, The Treasury said the figures showed the economy was recovering more slowly from recession than expected.
Treasury say the figures showed the economy was recovering more slowly from recession than expected? Really? Doesn't this news coupled with the fact that for the first time in 9 years the total amount of businesses in nz shrank suggest that the recovery isn't just slower than predicted, but is in fact sliding backwards? I don't wish to sound cynical, but aren't we facing a crises of capitalism? The never ending growth of consumerism with SUV's, plasma TV's and cosmetic surgery all on the credit card funded by property speculation wasn't in fact sustainable, who woulda thunk it?
I'm not sure implementing free market, low tax, deregulation dogma by the government to counter a global crises caused by free market, low tax, deregulation dogma is anything other than utterly insane. But don't you fret whanau, the wealthy are being looked after just fine, you stay quiet and aspirational now.