The worst days of Muldoonism return

[Imported from Whale Oil Beef Hooked on Blogger]

It appears that the worst days of Muldoonism are returning with a vengeance.

First up we have the nasty politics of personality that Muldoon practiced with such viciousness, this time however it is the Left that are carrying on in such a manner. If you don’t believe me check out the daily vitriol posted on Labours website by Maharey and Mallard.

Secondly we have the detiorating economic outlook which Labour is conveniently overlooking along with all their toadies in the MSM. Just so I don’t get accused by the Left of a beat up here is the summary, courtesy of Gman:

  • Inflation is up to the maximum legal limit and is maxed out. Inflation is expected to rise above 3%–the highest it has been since 1990! Both the Reserve Bank and the Treasury expect to have it go higher.
  • Interest rates are up, and are under enormous pressure to go up even higher.
  • Economic activity is down
  • Growth is down
  • Employment is down
  • Fuel prices at record highs.
  • Dollar expected to go down and trough at 55c by next year
  • Balance of Payments Deficit worst since 1976, Muldoon was PM!
  • Trade deficit is at historic high, highest since Muldoon was PM, again.
  • Imports up 2.4% in the last quarter.
  • Currency hemorrhaging
  • Business confidence is at historic low. Business confidence is now at a state of net pessimism (meaning ?most businesses now think that he economy is going to get worse, and are therefore not hiring). 34% more businesses expect the economy to get worse than those who expect it to get better – a record.
  • Consumer confidence is at historic low
  • Investment is down
  • Key commodity prices down
  • The Current account deficit is higher than it has ever been in the history of record keeping – ?7% of GDP.
  • Building consents are down 38% from this time last year.
  • Retail sales are low and are decreasing 0.6% in the last quarter, nominal core sales fell 0.7% in the last quarter. Domestic spending power is expected to deteriorate further as we head into recession.
  • Merchandise exports (important for NZ) are actually down 1.1%. This is actually a reversal of what was predicted in the Budget. There is now a record trade deficit, the highest it has been since they began recording it.
  • Household Energy prices are up 1.5% for the last 3 months, appliance costs are up 0.8% for the quarter
  • 11% MORE firms expect to make less profits
  • 10 out of the 24 retail industries reported a drop in sales, even when seasonally adjusted.
  • 70, 550 New Zealanders left the country with no intention of ever coming back last year.
  • All major banks expect the economy to get worse and are moving their assets accordingly
  • Most New Zealanders expect the economy to get worse over the next year

Thirdly we hear today that the Economic Development Ministry is preparing for Carless Days, more Government inspired Petrol rises and even Petrol Rationing.

Fourthly, we have a Prime Minister who behave with as much arrogance as Muldoon ever did, as is probably a bigger Socialist that him as well, which is a pretty damn hard thing to achieve. The arrogance know no bounds, shrugging off Forgery Charges as a “beat-up”, Spinning a newspaper about the top cop in order to get rid of him, letting un-popular and incompetent Ministers carry on dithering over their portfolios, and running around the countryside like an African Dictator in speeding motorcades.

Unknown to most New Zealanders who have been bribed into indifference this Labour government has presided over the destruction of the New Zealand economy and far from being prudent managers they have proven to be wastrels.

It is time for them to go, they cannot be trusted.

 


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