Labour suffer an IQ deficit. A memory deficit. And an integrity deficit.

If Labour’s Grant Robertson is the next Finance Minister he will ditch the new ambitious net debt target set by Steven Joyce as part of the 2017 Budget or the current target.

The current target of reducing net debt to 20 per cent of gdp by 2020 will be replaced by getting it down to 10 to 15 per cent by 2025, Joyce recently announced.

“We believe there are infrastructure deficits and social deficits that are going to need some investment before we can get to the 20 per cent target,” Robertson said.

That had been written into its fiscal responsibility code with the Greens, potential coalition partners.

“We will review and revise those targets once we are in Government and we’ll see where we get,” said Robertson.

“The last time Labour was in office we got debt down close to zero so of course we are in favour of reducing debt.”

So, after nine years of criticising National for debt levels after the GFC and three earthquakes, Labour decides to forget all their rhetoric and want to now ignore debt.

Instead they use weasel word and call it Social deficit….which really means more money for bludgers.

Worse still he calls it an “investment”.

Well Robbo, if it is an investment then what is the rate of return to the taxpayer?

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