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Economic illiteracy

Written By: - Date published: 4:21 pm, December 16th, 2009 - 7 comments
Categories: economy, Media - Tags:

More economic illiteracy from our old friend:

Certainly given the rhetoric from the finance minister of late I’d thought the numbers would be worse than the Budget, not better.

Um, everyone knew they would be better. We’ve known for months. The recession was over earlier than expected and that improves all the numbers.

what was a stretch was [David Cunliffe] claiming National should allow ordinary Kiwis to “share the dividend” from the recovery when Labour for years refused tax cuts even when sitting on an enormous surplus.

I’ll forgive the fact that sentence is lifted almost directly from Tracy Watkins’ piece in the Dom this morning. But, um… Working for Families? Tax cuts? Health spending? Cullen Fund? Kiwisaver? Student loans? And if ordinary Kiwis shouldn’t “share the dividend” who should get it?

We’re still in debt, remember, it’s just that the debt isn’t quite as big as we thought.

Oh, so the need to pay down debt is an argument against National “sharing the dividend” with job creation schemes but wasn’t one against tax cuts when Labour was in power?

Partial asset sales should give the sharemarket and the economy in general a lift. It makes sense on so many levels

What levels would those be?

If you wonder where the media get such poor economic understanding from, you need look no further than the Finance Minister. Yesterday, Guyon Espiner was humiliated when he repeated figures from Bill English that didn’t add up and had to apologise live on air. Today, English told Parliament that wealthy people hadn’t got a tax cut under Labour, only the poor had – fail.

7 comments on “Economic illiteracy ”

  1. Herodotus 1

    I am sorry Marty but al your list dispalys is that money was taken aout of 1 pocket then shifted to the other with the middlemens cuts. There was tax creep, increase in power prices, other taxes either increased or introduced, interest rates sky rocketed compared with other OECD countries. Sure some needy families were assisted by WFF, but is that not what any Lab govt should do (Assist the needy). Pensioners suffered, beneficiaries and the middle. All that really happened with wealth was that the rick became filthy rich.
    But you are placing a large amount of spin to push what Lab achieved??

    • Marty G 1.1

      “is that not what any Lab govt should do (Assist the needy)”

      yes. And they did it.

    • gitmo 1.2

      Rick became filthy rich ?

      • Herodotus 1.2.1

        clumsy fingers … Rich became filthy rich.
        Also Marty were is there ever any mentuion to a livable wage and what value this is. As how can we have a tax and welfare system when no-one knows how much it costs to live?

  2. Greg 2

    Mate that title is a little hypocritical. Even you must agree there are few economists that would agree with your ideology?

  3. roger nome 3

    Greg – in what country?

  4. Greg 4

    Clearly you know something that I don’t. I would have said the world over, but enlighten me?

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