One more promise I couldn’t keep

Written By: - Date published: 9:13 am, May 21st, 2012 - 14 comments
Categories: budget 2011, budget2012, debt / deficit, economy, jobs - Tags:

Last Budget, National promised 36,000 jobs in the year to March 2012. We got 20,000. They promised 1.8% growth. We got 1.1%. They promised a $9.8 billion deficit. Now, it’s heading for over $12  billion.

I can’t wait to hear National’s promises on Thursday.

English will say last year’s failures were all someone else’s fault. Key will grin and make some weak jokes, the beakbenches will hoot and holler.

But will anyone outside National be smiling this time round?

14 comments on “One more promise I couldn’t keep”

  1. ghostwhowalksnz 1

    They are now lauding the 0.1% growth in each of the last 11 quarters as an ‘achievement’. But of course when you include population growth its effectively zero.

    Zero budget Zero growth

  2. immigant 2

    I think it’s a miracle the country is still afloat after how Uncle Helen fucked it just before the recession.

    • Deano 2.1

      yeah, I remember how fucked it was – 4% unemployment, zero government debt, 9 years of surpluses, 440,000 jobs added in 9 years, a closing gap between rich and poor.

      thank goodness we got rid of all of that.

      • infused 2.1.1

        Before National were in power, Treasury had already predicted a decade of deficits. Pull your head out of the sand.

    • happynz 2.2

      Ignoring your misogynist dig, I’d rather focus on your apparent claim that the current government has saved New Zealand. How do you come to that conclusion?

    • Lanthanide 2.3

      Oh, you mean how treasury put out that bullshit report about “decade of deficits”?

      • ghostwhowalksnz 2.3.1

        When you make unsustainable tax cuts , lo and behold there is a decade of deficits.

        • Bob

          Tax cuts = decade of deficit.

          Wow. To think that all the economists and politicians in the history of the world have been blind to this simple causation. It’s genius!

          No, seriously, great gag. Haven’t laughed so much for ages. Keep it up.

          • Colonial Viper

            Unsustainable tax cuts = decade of deficit.

            Please quote correctly, Bob.

          • Georgecom

            sad thing Bob is that some economists and around half (the blue lot anyway) of our politicians in government think that somehow tax cuts is the magic panacea. But yeah, a terribly botched ‘tax switch’ will contribute to a ‘decade of deficits’.

            Unless somehow you believe that the tax ‘switch’ was a resounding success, has bolstered economic growth and closed the budget deficit. If you believe that you’d be better off writing Tui slogans.

            Looks like all Key et al have to offer is trying to contract their way to economic growth. Rumpel English busy spinning gold into hay.

      • Wonker 2.3.2

        Lanthanide – No the last set of fiscal projections Michael Cullen SIGNED off and submitted to the NZ public.

    • Immigrant,

      In that case you’ll be happy to know that your Johnny “Derivatives” Key has got us signed on to $ 112 billion in off the books Derivatives while the globe is facing the collapse of a $1.2 quadrillion (20x the global GDP) Derivatives bubble.

      • Bob 2.4.1

        Now that is interesting. The language used by Treasury is disturbingly vague and almost evasive. Is this a new phenomenon? (the derivatives, that is, Treasury has always been a bit vague)

        • travellerev


          The term Generally Accepted Accounting Practice is term expressing basically “everybody is doing it so we do too” but according to

          GAAP is only a set of standards. There is plenty of room within GAAP for unscrupulous accountants to distort figures. So, even when a company uses GAAP, you still need to scrutinize its financial statements. 

          Which according to the professor is exactly what they have done.
          The article mentions that

          “there has been a significant increase in the government’s activity in financial markets over the past decade, she said. However, the government’s accounts do not show that clearly.

          Which would imply that Labour also invested in the financial market. This should not surprise anyone because labour would have been advised to do so as is National by fraudulent entities such as Deutsche bank and wouls have done so well before finance institutions bean to blow up over their derivatives exposure. (John Key’s bank Merrill Lynch being one of them)

          What should worry everyone is that John Key who knows all about Derivatives and how dangerous they are (in fact here he actually says so on breakfast TV) he has done nothing to mitigate the risks for New Zealand by getting out of the Derivatives trade for example.

          In fact Bill English has continued and increased our exposure without informing the government and without oversight to truly ridiculous proportions. (Almost an entire annual GDP) And I don’t think English would have gone there without explicit say so of Mr. Wall street banker Johnny “derivatives” Key himself.

          Also he did not gamble (because that is what the current derivatives bubble is) with money NZ saved up but with money borrowed so when not if the trades go belly up we are still on the hook for that money.

          1 year before John Key got elected JP Morgan Stanley opened up in NZ not to do local banking but to manage big rich customers wealth.

          JP Morgan just lost $5 billion that we know of in just that Derivatives trade. Has JP Morgan been advising National in their purchases and will the debt like in Greece be used to be able to short New Zealand to smithereens.

          What I would like is someone from the press actually asking questions about all of this but I won’t hold my breath.

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