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Labour = More debt + more tax + borrow and hope

by Whaleoil on July 8, 2011

After saying their tax changes would fill the hole from their reckless promises – Labour has now confirmed they plan to borrow more – tax more and pray.

Labour has admitted it would borrow more than National in the short term to help fund new policies but is confident its plans, including a capital gains tax, would cut debt over the long term.

Labour are stuck stealing underpants.

Leader Phil Goff this week said Labour’s tax policy would provide a long-term solution to New Zealand’s debt problem. Yesterday, however, party sources acknowledged the plan would see a Labour government borrow more in the short term.

They said that was necessary because it would not generate revenue from the sale of shares in state-owned assets as National planned to do.

Out of time, out of ideas and out of power. Labour should now change strategies to one of STFU and creating as small a target as possible.That way they can attempt to limit the damage this election.

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  • rouppe

    Wasn’t it quite recently that Labour (might have been Duck on Red Alert) said that it was Labour that paid back the national debt, and National that have lumbered the country with massive unnecessary borrowing?

    Well if they were so good at it then why won’t the same policies work again? Why do they have to borrow even more massively in the short term before a NEW tax starts to produce new money to pay for their new social bribes.

    Seems like the good times in the first decade of the 21′st century really were just good luck for Labour

  • royaloaks

    Labour spends, borrows , wastes and taxes the country into ruin, then National has to come and take a couple of terms sorting labours mismanagement out and thats the way it is and thats the way it always will be. Labour loves spending other peoples money!

  • abjv

    Wasn’t aware it was John Key’s birthday today. There’s a reason Treasury Debt Management Office has been borrowing more than NZ needs to borrow, and that is because the number of lenders willing to lend against sovereign debt at low rates is going to dry up real soon. About the time the lenders realise the Greek austerity package isn’t going to work (as austerity means less GDP and less GDP means less ability to service debt) then add Ireland, Portugal etc. Soon it will be only the Arab and Chinese government funds willing to lend. Is that who Phil promotes us selling our country out to? And will they lend, if they can’t later call their loans in, in exchange for say, some of our land?

    Labour now can’t go around criticising Bill for the rate he is borrowing, if they are going to borrow faster and more.

    • abjv

      I get it. It is an “underpants” plan by some of Labour, to lose enough votes that would otherwise have been theirs, to keep Andrew Little out.

  • paranormal

    @royaloaks you are correct in that is what is normally expected.

    However this National government seems to prefer smiling and waving rather than sorting out the problems. They’ve just carried on Liarbores tax, spend, borrow and hope policies.

    Admittedly they’ve tidied some stuff up around the edges but overall we’re still stuck in the same spiral Clark & Cullen left us in.

    • royaloaks

      Paranormal, Yes I am afraid that I have to agree with you on this one. As Chopper from Australia would say to Key and Co, ” Harden the F*** up!

  • devlsadvocate

    If you’re looking for some explanation as to how Labour can keep coming up with this daft bullshit, play this drinking game: Check out the 2011 LP List at http://www.scoop.co.nz/stories/PA1104/S00194/labour-party-list-2011.htm, crack open Wikipedia, and take a hit every time you find a fuckwit who’s never held a real job.

    There. I’ve done what Labour’s failed to do: Ensure a flawless election victory, albeit by getting rid of all of you by way of alcohol poisoning…

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