The difference between a surplus and landing a 747 on a pinhead

Written By: - Date published: 11:55 am, April 14th, 2015 - 16 comments
Categories: budget 2015, Economy, john key, Minister for International Embarrassment, national, same old national, tax - Tags:

The difference is that they are completely and utterly different.

But John Key yesterday drew this comparison and would have us think that they are like each other and that this is why the National Government is reneging on promises made repeatedly over the past six years.  I listed a few of these promises recently.  If you go to John Key’s website and google “surplus” then you can see that John has been very interested, some would say fixated on the subject.

Realistically, modest budget deficits do not matter.  It is better to keep the machinery of state operating than to cut good programmes just to make the books look better.  But John Key and Co have made such a big deal about getting to surplus that they should be punished for their failure to do so.  And standing there and saying repeatedly and repeatedly and repeatedly that a surplus will be achieved in the 2014-15 year is so stupid and dishonest that he should be castigated for doing so, even if in reality it is no big deal if Aotearoa does not reach this milestone.

Anyway here are a few differences between a budget surplus and landing a 747 on a pinhead:

  1. Landing a 747 on a pinhead is utterly impossible whereas achieving a budget surplus is not too difficult.  Just ask Michael Cullen who posted 9 of them.
  2. John Key has never promised to repeatedly, repeatedly land a 747 on a pinhead.
  3. Landing a 747 on a pinhead, if it was possible, would require rapid deceleration coupled with rapid descent.  Achieving a surplus would require something as basic as not giving stupid tax cuts to the already wealthy.

The take away line?  Those 2010 “fiscally neutral tax cuts” (another lie) that National implemented are the reason that the country’s books are still in the red, despite Key’s many promises that surplus nirvana would be reached.

16 comments on “The difference between a surplus and landing a 747 on a pinhead ”

  1. b waghorn 1

    I expect fisiani along at any moment to tell us that if key really wanted to he could aksully land a 747 on a pin head.

  2. vto 2

    Yes well it is easier for a camel to fly a 747 through the eye of a needle than it is for John Key to be honest, at least that much we know.

  3. Melb 3

    “Just ask Michael Cullen who posted 9 of them.”

    Incorrect Mickey. Cullen’s final budget (2008/09) was already in deficit in Aug 2008, at the PREFU. Post-election the situation had already worsened to the stage that if NZ had kept Cullen’s budget track we would have gone into structural deficit – not the cyclical one we are coming out of.

    From your link, the fiscal strategy report:

    “Running lower operating surpluses over the next 10 years ensures consistency with our long-term fiscal objectives. ”

    22nd May 2008. Only three months later we were looking at the “decade of deficits”.

    • One Anonymous Bloke 3.1

      Too funny, here’s a dupe who still believes the decade of deficits lie, based on the witless conceit that Labour would simply not have responded to the GFC.

    • mickysavage 3.2

      Cullen’s 2008 budget predicted an OBGAL of +$1.3 billion (http://www.treasury.govt.nz/budget/2008/execsumm/b08-execsumm.pdf). According to the completely artificial promises made by Key this is all that is required.

      And we have been dancing on a pinhead many times on this subject. So Cullen was responsible for the GFC and not Wall Street?

    • freedom 3.3

      And just what are those long term fiscal objectives?

      Here’s one National prepared earlier:
      In Budget 2013, Bill English announced the longer term fiscal target of reducing net government debt to 20% of GDP by 2020.
      In Budget 2014 he repeated the statement and has often referred to it when answering questions in the House.

      In 2008 net government debt was 16% of GDP. Then the GFC happened and ChCh got busted and there was that run on publicly owned utilities and now net debt is currently (and conservatively) 26 % of GDP. Let me remind you it was after all of this that Bill English announced the longer term fiscal target of reducing net government debt to 20% of GDP by 2020.

      If, as according to you, what is said in a Budget is some sort of gospel of what must be, then how upset you must be that Bill missed pretty much every target he himself set. He was never going to achieve an honest surplus and even after every tax fiddle, fee hike or law shift the government could slip past the slumbering hobbits, they have to date decidedly and emphatically failed their principal fiscal objectives.

      Do you expect this government to reduce the net debt to GDP ratio by 6% in only 5 years,
      when in a mere six years they themselves oversaw an increase of 10%?

      (btw, external debt liabilities are 60% of GDP and climbing at around 2 billion a quarter, but who cares right? They’ll all be shuffling around their gated retirement villages by the time the real shit hits the fan)

  4. tc 4

    Any half decent journo could drive a fleet of trucks through keys latest stream of BS.

    What we have in the MSM is shills and sycophants lapping up whatever crap herr leader throws at them.

    • emergency mike 4.1

      Quite right tc. Here we have John Key after years of going on about how they were going to achieve surplus as the big measure and proof of their awesome economic management, now calling it an artificial target which is impossible to achieve by design.

      Hello? Any journos out there?

  5. Coffee Connoisseur 5

    Well, the only way to really interpret that comment from Key is that National can’t do it. On that basis, I’d expect his next step to be to resign and call for an early election.

  6. Dorothy Bulling 6

    No journos touching this one. The few decent ones left are being shut down very quickly by Key and Joyce.

    • tc 6.1

      Aided by their little helpers at mediaworks and maori tv, tvnz was always in the bag with Ellis recycling mikey boy back to woo the masses with his ‘not a journalist’ shtick.

  7. Rob 7

    Key probably will go before the next election
    His puppet masters, including Joyce who had
    His hand up his anus on TV news tonight will
    Probably want him to get out with grace as I’m sure
    he doesn’t like losing
    Also Key is probably just past his use by date
    for this crowd
    They are very clever at dumbing all of us down but are really
    helped by the likes of Hosking et al
    Unfortunately the land that has given opportunity to so many of
    us in the past will be unlikely to allow that aspiration in the future

  8. sirpat 8

    I appreciate it is good to balance the books but why is it that everyone bangs on about Bills supposed surplus and nothing is said about the 70billion the nats have borrowed…..why is this?

  9. SMILIN 9

    Landing etc is like getting the right wing to stop pulling the plane to the ground by paying its dues to the country’s debt instead of making it heavier
    As for the pinhead well its a prick anyway turned up

Links to post

Recent Comments

Recent Posts

  • Transforming how our children learn to read
    Structured literacy will change the way New Zealand children learn to read - improving achievement and setting students up for success, Education Minister Erica Stanford says.  “Being able to read and write is a fundamental life skill that too many young people are missing out on. Recent data shows that ...
    BeehiveBy beehive.govt.nz
    1 hour ago
  • NZ not backing down in Canada dairy dispute
    Trade Minister Todd McClay says Canada’s refusal to comply in full with a CPTPP trade dispute ruling in our favour over dairy trade is cynical and New Zealand has no intention of backing down. Mr McClay said he has asked for urgent legal advice in respect of our ‘next move’ ...
    BeehiveBy beehive.govt.nz
    3 hours ago
  • Stronger oversight for our most vulnerable children
    The rights of our children and young people will be enhanced by changes the coalition Government will make to strengthen oversight of the Oranga Tamariki system, including restoring a single Children’s Commissioner. “The Government is committed to delivering better public services that care for our most at-risk young people and ...
    BeehiveBy beehive.govt.nz
    5 hours ago
  • Streamlining Building Consent Changes
    The Government is making it easier for minor changes to be made to a building consent so building a home is easier and more affordable, Building and Construction Minister Chris Penk says.      “The coalition Government is focused on making it easier and cheaper to build homes so we can ...
    BeehiveBy beehive.govt.nz
    10 hours ago
  • Minister acknowledges passing of Sir Robert Martin (KNZM)
    New Zealand lost a true legend when internationally renowned disability advocate Sir Robert Martin (KNZM) passed away at his home in Whanganui last night, Disabilities Issues Minister Louise Upston says. “Our Government’s thoughts are with his wife Lynda, family and community, those he has worked with, the disability community in ...
    BeehiveBy beehive.govt.nz
    22 hours ago
  • Speech to New Zealand Institute of International Affairs, Parliament – Annual Lecture: Challenges ...
    Good evening –   Before discussing the challenges and opportunities facing New Zealand’s foreign policy, we’d like to first acknowledge the New Zealand Institute of International Affairs. You have contributed to debates about New Zealand foreign policy over a long period of time, and we thank you for hosting us.  ...
    BeehiveBy beehive.govt.nz
    22 hours ago
  • Accelerating airport security lines
    From today, passengers travelling internationally from Auckland Airport will be able to keep laptops and liquids in their carry-on bags for security screening thanks to new technology, Transport Minister Simeon Brown says. “Creating a more efficient and seamless travel experience is important for holidaymakers and businesses, enabling faster movement through ...
    BeehiveBy beehive.govt.nz
    24 hours ago
  • Community hui to talk about kina barrens
    People with an interest in the health of Northland’s marine ecosystems are invited to a public meeting to discuss how to deal with kina barrens, Oceans and Fisheries Minister Shane Jones says. Mr Jones will lead the discussion, which will take place on Friday, 10 May, at Awanui Hotel in ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Kiwi exporters win as NZ-EU FTA enters into force
    Kiwi exporters are $100 million better off today with the NZ EU FTA entering into force says Trade Minister Todd McClay. “This is all part of our plan to grow the economy. New Zealand's prosperity depends on international trade, making up 60 per cent of the country’s total economic activity. ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Mining resurgence a welcome sign
    There are heartening signs that the extractive sector is once again becoming an attractive prospect for investors and a source of economic prosperity for New Zealand, Resources Minister Shane Jones says. “The beginnings of a resurgence in extractive industries are apparent in media reports of the sector in the past ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Ō-Rākau Remembrance Bill passes first reading
    The return of the historic Ō-Rākau battle site to the descendants of those who fought there moved one step closer today with the first reading of Te Pire mō Ō-Rākau, Te Pae o Maumahara / The Ō-Rākau Remembrance Bill. The Bill will entrust the 9.7-hectare battle site, five kilometres west ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government to boost public EV charging network
    Energy Minister Simeon Brown has announced 25 new high-speed EV charging hubs along key routes between major urban centres and outlined the Government’s plan to supercharge New Zealand’s EV infrastructure.  The hubs will each have several chargers and be capable of charging at least four – and up to 10 ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Residential Property Managers Bill to not progress
    The coalition Government will not proceed with the previous Government’s plans to regulate residential property managers, Housing Minister Chris Bishop says. “I have written to the Chairperson of the Social Services and Community Committee to inform him that the Government does not intend to support the Residential Property Managers Bill ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Independent review into disability support services
    The Government has announced an independent review into the disability support system funded by the Ministry of Disabled People – Whaikaha. Disability Issues Minister Louise Upston says the review will look at what can be done to strengthen the long-term sustainability of Disability Support Services to provide disabled people and ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Justice Minister updates UN on law & order plan
    Justice Minister Paul Goldsmith has attended the Universal Periodic Review in Geneva and outlined the Government’s plan to restore law and order. “Speaking to the United Nations Human Rights Council provided us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while responding to issues and ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Ending emergency housing motels in Rotorua
    The Government and Rotorua Lakes Council are committed to working closely together to end the use of contracted emergency housing motels in Rotorua. Associate Minister of Housing (Social Housing) Tama Potaka says the Government remains committed to ending the long-term use of contracted emergency housing motels in Rotorua by the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Trade Minister travels to Riyadh, OECD, and Dubai
    Trade Minister Todd McClay heads overseas today for high-level trade talks in the Gulf region, and a key OECD meeting in Paris. Mr McClay will travel to Riyadh to meet with counterparts from Saudi Arabia and the Gulf Cooperation Council (GCC). “New Zealand’s goods and services exports to the Gulf region ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Education priorities focused on lifting achievement
    Education Minister Erica Stanford has outlined six education priorities to deliver a world-leading education system that sets Kiwi kids up for future success. “I’m putting ambition, achievement and outcomes at the heart of our education system. I want every child to be inspired and engaged in their learning so they ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • NZTA App first step towards digital driver licence
    The new NZ Transport Agency (NZTA) App is a secure ‘one stop shop’ to provide the services drivers need, Transport Minister Simeon Brown and Digitising Government Minister Judith Collins say.  “The NZTA App will enable an easier way for Kiwis to pay for Vehicle Registration and Road User Charges (RUC). ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Supporting whānau out of emergency housing
    Whānau with tamariki growing up in emergency housing motels will be prioritised for social housing starting this week, says Associate Housing Minister Tama Potaka. “Giving these whānau a better opportunity to build healthy stable lives for themselves and future generations is an essential part of the Government’s goal of reducing ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Tribute to Dave O'Sullivan
    Racing Minister Winston Peters has paid tribute to an icon of the industry with the recent passing of Dave O’Sullivan (OBE). “Our sympathies are with the O’Sullivan family with the sad news of Dave O’Sullivan’s recent passing,” Mr Peters says. “His contribution to racing, initially as a jockey and then ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Speech – Eid al-Fitr
    Assalaamu alaikum, greetings to you all. Eid Mubarak, everyone! I want to extend my warmest wishes to you and everyone celebrating this joyous occasion. It is a pleasure to be here. I have enjoyed Eid celebrations at Parliament before, but this is my first time joining you as the Minister ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government saves access to medicines
    Associate Health Minister David Seymour has announced Pharmac’s largest ever budget of $6.294 billion over four years, fixing a $1.774 billion fiscal cliff.    “Access to medicines is a crucial part of many Kiwis’ lives. We’ve committed to a budget allocation of $1.774 billion over four years so Kiwis are ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Pharmac Chair appointed
    Hon Paula Bennett has been appointed as member and chair of the Pharmac board, Associate Health Minister David Seymour announced today. "Pharmac is a critical part of New Zealand's health system and plays a significant role in ensuring that Kiwis have the best possible access to medicines,” says Mr Seymour. ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Taking action on Fetal Alcohol Spectrum Disorder
    Hundreds of New Zealand families affected by Fetal Alcohol Spectrum Disorder (FASD) will benefit from a new Government focus on prevention and treatment, says Health Minister Dr Shane Reti. “We know FASD is a leading cause of preventable intellectual and neurodevelopmental disability in New Zealand,” Dr Reti says.  “Every day, ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New sports complex opens in Kaikohe
    Regional Development Minister Shane Jones today attended the official opening of Kaikohe’s new $14.7 million sports complex. “The completion of the Kaikohe Multi Sports Complex is a fantastic achievement for the Far North,” Mr Jones says. “This facility not only fulfils a long-held dream for local athletes, but also creates ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Diplomacy needed more than ever
    Foreign Minister Winston Peters’ engagements in Türkiye this week underlined the importance of diplomacy to meet growing global challenges.    “Returning to the Gallipoli Peninsula to represent New Zealand at Anzac commemorations was a sombre reminder of the critical importance of diplomacy for de-escalating conflicts and easing tensions,” Mr Peters ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Anzac Commemorative Address, Buttes New British Cemetery Belgium
    Ambassador Millar, Burgemeester, Vandepitte, Excellencies, military representatives, distinguished guests, ladies and gentlemen – good morning and welcome to this sacred Anzac Day dawn service.  It is an honour to be here on behalf of the Government and people of New Zealand at Buttes New British Cemetery, Polygon Wood – a deeply ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Anzac Commemorative Address – NZ National Service, Chunuk Bair
    Distinguished guests -   It is an honour to return once again to this site which, as the resting place for so many of our war-dead, has become a sacred place for generations of New Zealanders.   Our presence here and at the other special spaces of Gallipoli is made ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Anzac Commemorative Address – Dawn Service, Gallipoli, Türkiye
    Mai ia tawhiti pamamao, te moana nui a Kiwa, kua tae whakaiti mai matou, ki to koutou papa whenua. No koutou te tapuwae, no matou te tapuwae, kua honoa pumautia.   Ko nga toa kua hinga nei, o te Waipounamu, o te Ika a Maui, he okioki tahi me o ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • PM announces changes to portfolios
    Paul Goldsmith will take on responsibility for the Media and Communications portfolio, while Louise Upston will pick up the Disability Issues portfolio, Prime Minister Christopher Luxon announced today. “Our Government is relentlessly focused on getting New Zealand back on track. As issues change in prominence, I plan to adjust Ministerial ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New catch limits for unique fishery areas
    Recreational catch limits will be reduced in areas of Fiordland and the Chatham Islands to help keep those fisheries healthy and sustainable, Oceans and Fisheries Minister Shane Jones says. The lower recreational daily catch limits for a range of finfish and shellfish species caught in the Fiordland Marine Area and ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Minister welcomes hydrogen milestone
    Energy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Urgent changes to system through first RMA Amendment Bill
    The coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Overseas decommissioning models considered
    Overseas models for regulating the oil and gas sector, including their decommissioning regimes, are being carefully scrutinised as a potential template for New Zealand’s own sector, Resources Minister Shane Jones says. The Coalition Government is focused on rebuilding investor confidence in New Zealand’s energy sector as it looks to strengthen ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Release of North Island Severe Weather Event Inquiry
    Emergency Management and Recovery Minister Mark Mitchell has today released the Report of the Government Inquiry into the response to the North Island Severe Weather Events. “The report shows that New Zealand’s emergency management system is not fit-for-purpose and there are some significant gaps we need to address,” Mr Mitchell ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Justice Minister to attend Human Rights Council
    Justice Minister Paul Goldsmith is today travelling to Europe where he’ll update the United Nations Human Rights Council on the Government’s work to restore law and order.  “Attending the Universal Periodic Review in Geneva provides us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Patterson reopens world’s largest wool scouring facility
    Associate Agriculture Minister, Mark Patterson, formally reopened the world’s largest wool processing facility today in Awatoto, Napier, following a $50 million rebuild and refurbishment project. “The reopening of this facility will significantly lift the economic opportunities available to New Zealand’s wool sector, which already accounts for 20 per cent of ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Speech to the Southland Otago Regional Engineering Collective Summit, 18 April 2024
    Hon Andrew Bayly, Minister for Small Business and Manufacturing  At the Southland Otago Regional Engineering Collective (SOREC) Summit, 18 April, Dunedin    Ngā mihi nui, Ko Andrew Bayly aho, Ko Whanganui aho    Good Afternoon and thank you for inviting me to open your summit today.    I am delighted ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government to introduce revised Three Strikes law
    The Government is delivering on its commitment to bring back the Three Strikes legislation, Associate Justice Minister Nicole McKee announced today. “Our Government is committed to restoring law and order and enforcing appropriate consequences on criminals. We are making it clear that repeat serious violent or sexual offending is not ...
    BeehiveBy beehive.govt.nz
    1 week ago

Page generated in The Standard by Wordpress at 2024-05-02T03:22:02+00:00