As it is the end of the working week many people are likely in need of a good laugh. With the budget due out next month it’s worth reviewing the words of well known comedian and magician (able to make economic growth disappear before your eyes) Bill English.
Minister English cracked this opening joke during his 2010 delivery:
“the across-the-board personal income tax cuts more than offset the rise in GST. This is fair and leaves the vast majority of New Zealanders better off”
Following that opening gag, he went on to have the audience in stitches with this line:
“The Treasury is now forecasting real GDP growth of 3.2 per cent in the year to March 2011. The projections now show fairly steady growth at about 3 per cent over the next four years.”
Finally, Bill closed with this prediction that had people rolling in the aisles:
“The Budget shows an improved fiscal outlook over the forecast period, with both Crown debt and Budget deficits better than forecast in Budget 2009. We now expect the deficit to peak at just over 4 per cent of GDP next year.”